The Monetary Authority of Singapore has revoked the Capital Markets Services Licence of CT Bright Investment Pte Ltd because of numerous breaches of its rules and licence conditions and its failure to comply with a written direction from the regulator.

The firm is no longer permitted to carry on business in fund management in Singapore. CT Bright Investment did not commence fund management activity within six months of its licence being issued and also did not seek an extension from the regulators for the commencement of its fund management business, as required by the rules. It also failed to lodge numerous regulatory returns, despite repeated reminders.

In the course of its enquiries, the MAS then found out that the firm had contravened a condition of its licence by failing to inform it about the resignation of one of its two directors in early 2018. This also led it to shirk the "minimum competency requirements" (imposed by paragraph 3.7 of the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies) for licensed fund management companies.

The firm’s poor compliance track record and unresponsiveness culminated in a breach of a written direction that the MAS issued to its CEO. This ordered it to explain the reason for breaking its regulatory obligations and licence conditions; answer came there none.