Singapore Central Bank Imposes 9-Year Ban on Three Arrows Founders

6:55 am
September 14, 2023
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Singapore’s central bank, the Monetary Authority of Singapore (MAS), has issued nine-year prohibition orders against Kyle Davies and Zhu Su, founders of the crypto hedge fund Three Arrows Capital (3AC), for alleged violations of the country’s securities laws. The prohibition period started on September 13, during which Davies and Su will be banned from regulated activities and prohibited from managing, acting as a director, or being a substantial shareholder of any capital market services business in Singapore. MAS discovered additional securities law violations during their investigation into the bankrupt 3AC and its founders, including the failure to notify the central bank of a new business representative, providing false information to the regulator, and lacking an appropriate risk management framework.

Loo Siew Yee, MAS’ assistant managing director of policy, payments, and financial crime, emphasized the seriousness of the founders’ disregard for regulatory requirements and their neglect of directors’ duties. MAS aims to eliminate senior managers who engage in such misconduct.

Summary

The Monetary Authority of Singapore (MAS) has issued a nine-year ban on Kyle Davies and Zhu Su, founders of Three Arrows Capital (3AC), for alleged violations of securities laws. During the prohibition period, Davies and Su are barred from regulated activities and cannot hold positions in capital market services businesses in Singapore.

FAQs

What is Three Arrows Capital (3AC)?

Three Arrows Capital (3AC) is a crypto hedge fund co-founded by Kyle Davies and Zhu Su.

What violations did Kyle Davies and Zhu Su commit?

Kyle Davies and Zhu Su were found to have violated securities laws in Singapore by failing to notify MAS of a new business representative, providing false information to the regulator, and lacking an appropriate risk management framework.

What are the consequences of the prohibition orders?

As a result of the prohibition orders, Davies and Su are banned from regulated activities and are not allowed to hold positions as directors or substantial shareholders in any capital market services business in Singapore for a period of nine years.

Why did MAS take action against the founders of Three Arrows Capital?

MAS took action against the founders of Three Arrows Capital due to their flagrant disregard for regulatory requirements and their neglect of directors’ duties.

What is MAS’ stance on the misconduct of senior managers?

MAS is committed to eliminating senior managers who engage in misconduct and will take action to address such behavior.


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