The Monetary Authority of Singapore (MAS) has issued a prohibition order banning Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies, according to a Sept. 14 notice.
The financial regulator banned the two individuals for nine years because they violated the country’s Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).
According to the release, the prohibition order went into effect on Sept. 13, and it prohibits them from being involved in any management, directorship, or being a substantial shareholder in any capital services firm.
3AC lacked a risk management framework
The MAS provided further details regarding its investigation into the now-bankrupt cryptocurrency hedge fund, Three Arrows Capital. According to MAS, the fund neglected to inform the regulatory body about the appointment of Cheong Jun Yoong Arthur as its portfolio manager.
Furthermore, when questioned, MAS revealed that Three Arrows Capital mis
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