MAS warns against spreading false information

MAS warns against spreading false information

(Singapore)

THE Monetary Authority of Singapore (MAS) yesterday warned market participants against the dissemination of false or misleading information, which includes electronic communications such as emails, commentaries on online forums and blogs.

It reminded them that such an act, either knowingly or without considering the accuracy of the information, to induce the sale of securities or affect their prices, is an offence under the Securities & Futures Act (SFA). This offence carries a fine not exceeding $250,000 or jail term not exceeding seven years, or both.

‘Given the current uncertainty and volatility in the international financial markets, MAS reminds market participants to be responsible in disseminating information to the market,’ MAS said in a statement yesterday. ‘We will not hesitate to take action against any party that creates or spreads false rumours which cause disruption to our financial system.’

Meanwhile, following coordinated action from central banks in key jurisdictions on Thursday, US dollar borrowing rates in Singapore have eased significantly, according to MAS.

Source : Business Times - 20 Sept 2008

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