The Monetary Authority of Singapore (MAS) has imposed nine-year Prohibition Orders (POs) on the former CEO of Three Arrows Capital (3AC), Zhu Su, and Kyle Livingston Davies, former Chairman and 3AC Director. A PO is an action a financial or securities regulatory authority takes to prevent an individual or entity from engaging in certain activities within the financial industry.
These orders respond to multiple infringements of Singapore’s Securities and Futures Act (SFA) and Securities and Futures Regulations (SFR). These POs prevent Su and Davies from engaging in regulated activities and participating in managing capital market services firms governed by the SFA.
The POs issued by MAS stem from actions taken against 3AC in June 2022 for offenses such as providing false information to investors, failing to promptly report leadership changes and shareholdings, and lack of risk management framework for cryptocurrency and digital asset investments.
This issuance of these POs highlights MAS’s dedication to preserving the integrity of Singapore’s financial markets and its readiness to hold individuals accountable for their actions in leadership positions within financial institutions.