Singapore's market regulator has lifted a nearly two-year ban on UOB Kay Hian Private Ltd, allowing the brokerage firm to resume its role as an issue manager and full sponsor for initial public offerings (IPOs) and reverse takeovers. The ban, initially imposed in December 2022, was linked to non-compliance with anti-money laundering and counter-terrorism financing laws.
The Monetary Authority of Singapore (MAS) had previously penalized UOB Kay Hian S$375,000 in August 2022 for its failure to meet regulatory standards. Since then, the brokerage has taken remedial actions to address the issues raised by the regulator.
Following the announcement, shares of UOB Kay Hian closed 0.6% higher at S$1.59 on Thursday, ahead of the regulator's decision.
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