Singapore MAS Condemns Three Arrows Capital for Violating Regulations

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The Monetary Authority of Singapore (MAS) has issued a reprimand to Three Arrows Capital (3AC) for providing false information and exceeding the allowed threshold of assets under management.

According to the regulador, the company has violated the Securities and Futures Act of 2001 and the Securities and Futures Rules. The MAS has been studying the situation since June 2021.

The management company license obtained by 3AC in August 2013 meant restrictions in the form of working with 30 qualified investors with assets up to 250 million SGD.

In fact, 3AC has exceeded this threshold twice, from July to September 2020 and from November 2020 to August 2021.

On September 1, 2021, 3AC transferred management of the sole fund to an offshore company registered in the British Virgin Islands. In February, the company resumed managing part of the fund’s assets. On April 29, 3AC notified MAS of its intention to terminate the corporate entity in Singapore effective May 6, 2022.

Louis Adams https://www.satoshihodler.com

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