SUMMARY
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Singapore regulators said on Tuesday, February 2, they were closely monitoring market activities for signs of false trading and other misconduct, cautioning investors of risks related to trading in securities incited by online forums and social media chat groups.
The Monetary Authority of Singapore and Singapore Exchange Regulation said in a statement they noted investor interest in Singapore in recent activities in United States markets relating to stocks such as GameStop, AMC Entertainment Holdings, and BlackBerry.
Discussions in online websites and platforms suggest the possibilities for similar speculative activities in the Singapore stock market.
“The public should be aware that certain individuals may exploit this interest for their own benefit through ‘pump and dump’ activities that can amount to market misconduct under the Securities and Futures Act (SFA),” the regulators said.
Any conduct that intentionally, knowingly, or recklessly creates a false or misleading appearance regarding the active trading, market, or price of securities is prohibited under the SFA.
Restrictions may be placed on the trading accounts of those suspected of such misconduct and the relevant securities may be placed under designation or suspension, they added. – Rappler.com
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