MAS bans 10 over Lehman notes
Singapore's financial watchdog finds defects in sales practices and risk assessment at banks and securities companies
The Monetary Authority of Singapore (MAS) has banned 10 financial institutions from selling structured notes in the country for non-compliance over the sale of certain credit-linked instruments between April 2006 and July 2008.
ABN Amro, DBS, Maybank, DMG & Partners Securities and UOB Kay Hian received six month bans; CIMB-GK Goh Securities, Kim Eng Securities, OCBC Securities and Phillip Securities received one-year bans and Hong Leong Finance received a two-year ban.
The bans, which were
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