What specific securities laws were breached in the Qualitas and Leeden insider trading case?

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Alan Tay Yeow Kee Breached Securities and Futures Act Provisions for Insider Trading

Alan Tay Yeow Kee breached section 219(2)(b) of the Securities and Futures Act (SFA) in relation to insider trading activities involving shares of Qualitas Medical Group Limited and Leeden Limited. This specific section of the SFA prohibits individuals who possess material price-sensitive, non-public information from trading securities or facilitating such trades by others. Tay's actions led to a profit of approximately S$30,000 from these trades.
Breach of Section 219(2)(b) of the SFA

The core of the legal breach lies in Tay's possession and use of non-public, price-sensitive information. Section 219(2)(b) of the SFA explicitly forbids individuals from procuring another person to subscribe for, purchase, or sell securities of a corporation when they possess information that is materially price-sensitive and not generally available to the public. Tay, by virtue of his position at CIMB Bank Bhd, obtained inside information regarding takeover offers for both Qualitas Medical Group Limited and Leeden Limited.
Use of Non-Public Information for Profit

Tay leveraged this privileged information by arranging for shares of Qualitas and Leeden to be purchased on his behalf. At the time of these transactions in 2011, both companies had received takeover offers, which constituted material price-sensitive information. This information was not publicly disclosed until the offers were formally announced. Following the announcements, the share prices of both companies rose, enabling Tay to realise a profit of around S$30,000.
Legal Consequences and Prohibition Order

Tay's actions resulted in a conviction on three charges under section 219(2)(b) of the SFA in May 2017, with three additional charges taken into consideration for sentencing. He was subsequently fined S$180,000 by the District Court. In addition to the court's penalties, the Monetary Authority of Singapore (MAS) issued a five-year prohibition order against Tay, effective from July 30, 2018. This order prohibits him from engaging in any regulated activities and from participating in the management or directorship of any capital market services firm.

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What specific securities laws were breached in the Qualitas and Leeden insider trading case?

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