Haha, reading this, sounds like this guy is a pro in reply to marcus chua's post...
but his drei blinde mause refer to 3 blind mice...
Here goes,
Francis Hayashi · Senior Rattenfallen at Drei Blinde Mäuse, Partnerschaftsgesellschaft
I really feels so stupid to post here again. But let me do this as a Free post to alert people on the streets on some facts.
"With Immediate Effect", "With Immediate Effect" and bleh bleh bleh. Closing Global Equities Business with immediate effect is just like I am closing my drink stalls in your school canteen with immediate effect. Your school will not stop me from doing so because your school did not regulate on whether can i close my shop or not, unless i have a contractual obligation to carry on my business for ....
Whereas "Providing custodial services for securities" is regulated under Securities Futures Act Chapter 289. You can check on Schedule two on whether I am speaking out of an empty tin can for this. Eh for example, I hold your water bottle for you when you go for your basketball practice. If i close my drink stall, the school might tell me not to throw your water bottle away. And again, am I am watching after it or did I hire someone else to do it?
Then please flip to section 104 and read read read. Well it is on handling of customer's asset. Under section 97 you will read read and read about insolvency. Well all the answers are in the act. So go read up. I got no answer for you.
Furthermore SCBS(L), they are Standard Chartered Bank Singapore Limited so it is SCBSL, are they Capital Market License Holder? I am not here to comment on this. Go ask them if you are interested.
Here is a spoon again, did someone uses Raffles Nominee to hold client's shares? I am not sure. Eh.... I don't know.
Anyway, the above can tell you that the title is a scaremongering tactic or previously i view it as an attention gathering article. However i am changing my view to the former.
Which means I will be reporting this to MAS this week and seek their view on allowing commentaries on spreading of false information that create market instability. Who are the authors of this blog again? Hope that you guys do not require any MAS clearance for your professional practice. I do not know if this will affect fit and proper status.
Thats all for me now. I need to heed my wife advise of not bring my mobile phone to the bed. I think I gonna get it this time.
Sorry and good bye.
Logging off.