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On May 18, 2026, the Monetary Authority of Singapore (MAS) announced enforcement action against Havenport Investments Pte Ltd (HIPL) and its senior management for breaches of MAS regulations. MAS reprimanded Mr Tan Keng Sin Patrick, HIPL's chief executive, and Mr Tern Yuh Sheng Joseph, HIPL's executive director, for failing to satisfactorily discharge their duties, including ensuring HIPL's compliance with MAS regulations. MAS imposed a composition fine of $40,000 against HIPL. HIPL's breaches of the Securities and Futures Act and its related regulations included failing to establish a risk management framework that adequately identified, addressed and monitored risks associated with the assets it managed. The company also breached its base capital requirement and failed to report this non-compliance to MAS. Additionally, HIPL violated its Capital Markets Services licence conditions by failing to obtain written approval from MAS before launching a new product and by failing to ensure retail investors obtained personalised financial advice from independent financial advisers before being onboarded for that product. HIPL ceased its retail fund management business and is no longer permitted to manage monies for retail investors from July 18, 2024. This enforcement action demonstrates MAS's commitment to ensuring regulated entities maintain adequate risk management frameworks, comply with capital requirements, and adhere to licence conditions protecting retail investors.