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Singapore's crypto hedge fund, Three Arrows Capital co-founders Kyle Livingston Davies and Su Zhu, face a lengthy ban for violating national securities laws. The prohibition impacts their roles in financial firms.
Davies and Zhu are also prohibited from working as top executives at any financial companies in Singapore. The ban was handed down to the Three Arrows Capital co-founders this week by the Monetary Authority of Singapore (MAS), which will be in effect for nine years.
The central bank that also serves as the financial regulatory authority of Singapore issued the 9-year ban on Davies and Zhu over alleged non-observance of the nation's securities laws while they were still running their crypto hedge fund company. In particular, the two were said to have violated the following: Securities and Futures Act 2001 (SFA), Securities and Futures (Licensing and Conduct of Business), and Securities and Futures Regulations (SFR).
CoinTelegraph reported that MAS' prohibition period against the 3AC founders officially started on Wednesday, Sept. 13. From the said date, the central bank will not allow Davies and Zhu to act as a director, manage, or become a major shareholder of any capital market business in the country. Before the collapse of Three Arrows Capital, Davies was the chairman and director of the firm, while Zhu served as the chief executive officer and director.
"Following MAS' reprimand of TACPL in June 2022 for (i) providing false information to MAS; (ii) failing to notify MAS about changes to Mr. Zhu's and Mr. Davies' directorship and shareholdings, and (iii) exceeding the assets under management threshold allowed for a registered fund management company," MAS stated in its media release to explain the reasons for the ban.
The bureau's assistant managing director of policy, payments, and financial crime, Loo Siew Yee, further said, "MAS takes a serious view of Mr. Zhu's and Mr. Davies' flagrant disregard of MAS' regulatory requirements and dereliction of their directors' duties. MAS will take action to weed out senior managers who commit such misconduct."
