No. |
Nature of Misconduct |
Parties Involved |
Brief description of misconduct |
Action Taken |
Date of Action |
---|---|---|---|---|---|
1. | Section 354(1)(a) of the Capital Market and Services Act 2007 (“CMSA”) read together with Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) | Chew Koon Lin | Based on available evidence, Chew Koon Lin was found to be the actual beneficial owner of the successfully allotted shares of Powerwell Holdings Berhad and 11 other IPO shares which were held in 67 Central Depository System (CDS) accounts under the names of third party individuals. |
|
3 May 2023 On 16 May 2023 and 26 May 2023,Chew Koon Lin filed a review application with the SC against the sanctions imposed. The review application was dismissed by the SC on 22 August 2023. |
2. | Breach of Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework read together with Section 356(1)(a) of the Capital Markets and Services Act 2007 | Areca Capital Sdn Bhd ("Areca") | Delay of three (3) business days in the submission of the monthly investment returns for a wholesale fund to the SC. | Penalty of RM3,000. | 16 August 2023 |
3. | Two (2) breaches of Section 356(1)(a) of the Capital Markets and Services Act 2007read together with Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”) | MTC Asset Management (M) Sdn Bhd (“MTC”) |
Breach 1 Late submission of the 2020 annual report of a fund, with a delay of twelve (12) calendar days to the SC and thirteen (13) calendar days to the investors Breach 2 Late submission of the 2021 annual report of a fund, with a delay of four (4) calendar days to the SC and sixteen (16) calendar days to the investors |
Penalty of RM100,000 via an enforceable undertaking consisting of payment of RM50,000 and undertaking to ensure compliance of reporting obligations under LOLA Guidelines for a period of three (3) years, failing which MTC is required to pay the remaining penalty sum of RM50,000 immediately. MTC did not agree to the above terms and conditions. |
16 May 2023 On 25 May 2023, MTC had applied to the SC for a review of its decision to sanction MTC. On 1 September 2023, the SC maintained its decision in respect of the penalty of RM100,00 via an enforceable undertaking with the same terms and conditions, save for a modification to condition (c), namely MTC agrees that the decision of the SC is final and not to pursue the matter further. MTC agreed to the above terms and conditions and paid the penalty sum of RM50,000. |
4. | Breach of Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”) read together with Section 356(1)(a) of the Capital Markets and Services Act 2007 |
ATM Capital Management Sdn Bhd (“ATM”) |
Late submission of the annual report for two (2) wholesale funds, with a delay of twenty-three (23) calendar days to the SC and twenty-five (25) calendar days to the investors |
Penalty of RM16,000 via an enforceable undertaking consisting of payment of RM4,800 and undertaking to ensure compliance of reporting obligations under LOLA Guidelines for a period of three (3) years, failing which ATM is required to pay the remaining penalty sum of RM11,200 immediately. |
11 July 2023 |
5. | Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Part 1 of Schedule 2 and Section 354(1)(a) of the CMSA |
Asma binti Nasarudin |
Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services License |
|
16 November 2022 On 13 December 2022, Asma filed a review application with the SC against the sanctions imposed. |
6. | Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA |
Logeswaran a/l Balasubramaniam |
Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence |
|
17 April 2023 |
7. | Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Part 1 of Schedule 2 and Section 354(1)(a) of the CMSA |
Andrew Ng Gim Meng |
Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence |
|
17 April 2023 On 3 May 2023, Andrew filed a review application with the SC against the quantum of penalty imposed. |
8. | Two (2) breaches of Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework read together with Section 356(1)(a) of the Capital Markets and Services Act 2007 |
Inter-Pacific Asset Management Sdn. Bhd. |
Breach 1 Delay of eighty-nine (89) calendar days in the submission of the annual report for a wholesale fund to both the investors and the SC; and Breach 2 Delay of two (2) business days in the submission of the monthly investment returns for a wholesale fund to the SC. |
Penalty of RM50,000 for Breach 1 and RM2,000 for Breach 2 |
14 June 2023 |
9. | Breach of Section 354(1)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with section 7(1) of the CMSA and Order 3(1) of the Capital Market and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (“CMSA Order”) | Huobi Global Limited | Huobi Global Limited had operated a recognized market (digital asset exchange) without registering with the SC under Section 34 of the CMSA via the website https://www.huobi.com/en-us/ and also through its mobile applications in Apple Store https://apps.apple.com/us/app/huobi-buy-crypto-bitcoin/id1023263342 and Google Play at https://play.google.com/store/apps/details?id=pro.huobi&hl=en&gl=US |
|
19 April 2023 |
10. | Breach of Section 354(1)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with sections 7(1) and 367(1) of the CMSA and Order 3(1) of the Capital Market and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (“CMSA Order”) | Leon Li Lin | Huobi Global Limited (where Leon Li Lin is the Founder and Chief Executive Officer) had operated a recognized market (digital asset exchange) without registering with the SC under Section 34 of the CMSA via the website https://www.huobi.com/en-us/ and also through its mobile applications in Apple Store https://apps.apple.com/us/app/huobi-buy-crypto-bitcoin/id1023263342 and Google Play at https://play.google.com/store/apps/details?id=pro.huobi&hl=en&gl=US |
|
19 April 2023 |
11. | Breach of Section 356(1)(a) of the Capital Markets and Services Act 2007 read together with Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework |
PMB Investment Berhad (“PMB”) |
Delay of one (1) business day in the submission of the monthly statistical returns for a wholesale fund to the SC. |
Penalty of RM1,000. |
10 April 2023 |
12. |
Breach of Section 356(1)(a) of the Capital Markets and Services Act 2007 read together with Paragraph 4.17, Section B, Part 1 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework |
Kenanga Investors Berhad (“KIB”) |
Breach 1 Breach 2 |
Penalty of RM5,000.00. |
23 February 2023 |