Singapore MAS Reprimands Fund Management Firm RVP One & CEO Viktor Panisch for Breaching Regulations by Failing to Submit Financial Information for 3 Years from 2020 to 2022, Annual Declaration for FY2023, Changes to Shareholding Structure & Updated Shareholding Structure, Resignation of Director, Location of Employees, Fund Management Business Information & Details of New Fund
31st July 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a reprimand to fund management firm RVP One & CEO Viktor Panisch for breaching regulations by failing to submit financial information for 3 years from 2020 to 2022, annual declaration for FY2023, changes to shareholding structure & updated shareholding structure, resignation of director, location of employees, fund management business information & details of a new fund. Singapore MAS (30/7/24): “The Monetary Authority of Singapore (MAS) has reprimanded RVP One Pte. Ltd. (RVP), a registered fund management company (RFMC), and its chief executive officer (CEO) and director, Mr Viktor Panisch, for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). RVP failed to submit the following information to MAS as required under the SFR: 1) financial returns for financial years 2020 to 2022 and annual declaration for financial year 2023; 2) changes to its shareholding structure and the resignation of a director; and 3) information concerning its fund management business, including the location of its employees, shareholding structure and details of a new fund. As RVP’s CEO and director, Mr Panisch was principally responsible for ensuring that RVP complied with MAS’ regulatory requirements. MAS found that Mr Panisch knew and agreed to RVP’s breaches, and that he had failed to take adequate measures to ensure that RVP complied with MAS’ regulatory requirements. RVP’s and Mr Panisch’s breaches occurred despite MAS sending multiple reminders to RVP to make the relevant submissions or furnish MAS with the required information. MAS takes a serious view of such egregious non-compliance with regulatory requirements. MAS expects all financial institutions to take their reporting requirements seriously. CEOs and directors must carry out the duties and functions of their offices effectively.”
“ Singapore MAS Reprimands Fund Management Firm RVP One & CEO Viktor Panisch for Breaching Regulations by Failing to Submit Financial Information for 3 Years from 2020 to 2022, Annual Declaration for FY2023, Changes to Shareholding Structure & Updated Shareholding Structure, Resignation of Director, Location of Employees, Fund Management Business Information & Details of New Fund “
Notes
- Paragraph 5(7I)(a) of the Second Schedule to the SFR states that a RFMC shall lodge with MAS a notice of change of particulars in Form 23A providing any change in the particulars in the notice lodged under paragraph 5(7) of the Second Schedule to the SFR, not later than 14 days after the date of the change.
- Paragraph 5(7I)(c) of the Second Schedule to the SFR states that a RFMC shall lodge with MAS an annual declaration in Form 25A within one month after the end of each of its financial years.
- Paragraph 5(7J) of the Second Schedule to the SFR states that a RFMC shall submit an auditor’s report in Form 25B, no later than 5 months after the end of each of its financial years.
- Paragraph 5(8) of the Second Schedule to the SFR states that an RFMC shall furnish to MAS at such time and in such manner as MAS may direct, all such information concerning its business in fund management as MAS may reasonably require.
Singapore MAS Reprimands Fund Management Firm RVP One & CEO Viktor Panisch for Breaching Regulations by Failing to Submit Financial Information for 3 Years from 2020 to 2022, Annual Declaration for FY2023, Changes to Shareholding Structure & Updated Shareholding Structure, Resignation of Director, Location of Employees, Fund Management Business Information & Details of New Fund
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