MAS Bans 3AC Co-founders from Doing Business in Singapore
The Monetary Authority of Singapore (MAS) has imposed a nine-year ban on Kyle Davis and Su Zhu, co-founders of the failed hedge fund Three Arrows Capital (3AC), from engaging in regulated business activities in Singapore.
This decision was taken due to their breach of a number of securities and futures laws and regulations. The two have also been prohibited from becoming directors, providing financial services or becoming major shareholders in the capital markets.
After an investigation, MAS revealed a series of additional violations committed by the management of the hedge fund between August 2020 and January 2022, including the lack of notification of a new portfolio manager as well as an inadequate risk management system.
MAS declared its stance in a statement that “it takes such disregard of regulatory requirements seriously and will not hesitate to take action against managers who commit such acts.”
