MAS bans 10 over Lehman notes

Singapore's financial watchdog finds defects in sales practices and risk assessment at banks and securities companies

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The Monetary Authority of Singapore (MAS) has banned 10 financial institutions from selling structured notes in the country for non-compliance over the sale of certain credit-linked instruments between April 2006 and July 2008.

ABN Amro, DBS, Maybank, DMG & Partners Securities and UOB Kay Hian received six month bans; CIMB-GK Goh Securities, Kim Eng Securities, OCBC Securities and Phillip Securities received one-year bans and Hong Leong Finance received a two-year ban.

The bans, which were

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