RBC Asia contravened the securities and futures act by allowing seven individuals who were not appointed representatives, provisional representatives or temporary representatives of the bank to conduct the regulated activity of dealing in securities on its behalf during the period from 26 November 2010 to 23 August 2011, said MAS in a statement. 

RBC also contravened the financial advisors act, by allowing two individuals who were not appointed representatives or provisional representatives of RBC, to conduct financial advisory activities on its behalf during the same period.

RBC and RBC Asia have confirmed to MAS that they have put in place policies and procedures to prevent future recurrence.

A spokesperson for RBC said: "Compliance with applicable laws and regulatory requirements is integral to the manner in which we conduct business at RBC. As soon as this oversight was identified, we took immediate action to advise the Monetary Authority of Singapore. We sincerely regret this incident and we will continue to work closely with Singapore authorities to ensure that we remain compliant in future." 

MAS expects all financial institutions to ensure that they do not permit any individual to conduct any type of regulated activity under the SFA and FAA, on their behalf unless the individual is an appointed or provisional representative in respect of that type of regulated activity or financial advisory service.