1. Reprimand pursuant to Section 220(1)(c) of CMSA;
2. Penalty pursuant to Section 220(1)(b) of CMSA in the amount of RM171,500.00; and
3. Directive pursuant to Section 220(1)(a) of the CMSA to reduce CFF’s shareholding in Homeritz by a minimum of 0.130%

21 May 2026

On 28 May 2026, CFF submitted his application to review the SC’s decision.

The review application was dismissed by the SC on 25 September 2026.

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1) of the CMSA.

Asia Cornerstone

Asset Management Company Limited

Carrying on a business in the regulated activity of fund management without holding a Capital Markets Services Licence (“Breach”).

1. Reprimand for the Breach; and
2. Penalty of RM450,000.00 for the Breach.

13 August 2026

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1) of the CMSA.

Michael Marcus Liew

Holding out as carrying on a business in the regulated activity of fund management without holding a Capital Markets Services Licence (“Breach”).

1. Reprimand for the Breach; and
2. Penalty of RM450,000.00 for the Breach.

13 August 2026

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1) of the CMSA.

The Rain Maker Mgmt Pte. Ltd.

Carrying on a business in the regulated activity of dealing in securities without holding a Capital Markets Services Licence (“Breach”).

1. Reprimand for the Breach; and
2. Penalty of RM450,000.00 for the Breach.

13 August 2026

Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1) of the CMSA.

Ng Choon Meng

Carrying on a business in the regulated activity of dealing in securities without holding a Capital Markets Services Licence (“Breach”).

1. Reprimand for the Breach; and
2. Penalty of RM135,000.00 for the Breach.

13 August 2026

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

1. Liow had breached Section 25(4) of SICDA for permitting third party shares to be deposited and maintained in his Trading Account (“Breach 1”); and
   
   
2. Liow had breached Section 29A of SICDA for allowing the dealings in respect of the Asdion Berhad shares on behalf of a third party to be effected in his Trading Account (“Breach 2”).

1. Reprimand for each of the breaches;
2. Total penalty of RM27,000

24 June 2026.

On 29 June 2026, Liow submitted a review application seeking for the SC to review the penalty imposed.

Liow’s review application was dismissed on 15 September 2026.

1. Reprimand for the Breach; and
2. Penalty of RM45,000 for the Breach.

25 June 2026.

On 15 July 2026, Lim submitted a review application seeking for the SC to review the penalty imposed.

Lim’s review application was dismissed on 15 September 2026.

2 September 2026

Breaches of the following provisions:

1. Paragraph 3.02, Core Principle 2 of the Guidelines on Compliance Function for Fund Management Companies (12th revision effective 19 August 2024); and
2. Section B, Part 1, Paragraph 2.08 of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework

OUD Asset Management Sdn Bhd (“OUD”)

OUD had:

1. failed to conduct its business with due care, skill and diligence; and
2. failed to ensure that the fund manager of a target fund was authorised, regulated and supervised by a securities regulator meeting the SC’s requirements

1. Reprimand for each of the two (2) breaches; and
2. Penalty of RM400,000

18 May 2026

On 17 June 2026, OUD submitted its application to review the SC’s decision.
On 24 August 2026, the SC maintained its decision in respect of the penalty of RM400,000.

On 11 September 2026, OUD agreed to enter into an enforceable undertaking with the SC consisting of payment of RM200,000 and an undertaking to ensure compliance with the securities laws for a period of three (3) years, failing which OUD is required to pay the remaining penalty sum of RM200,000 immediately.

OUD paid the penalty sum of RM200,000 on 11 September 2026.

1. Dato’ Dr Abdullah bin Sepien;
2. Dato’ Zainuddin bin Yahya;
3. Latifah binti Abdul Latif; and
4. Dato’ Sri Mohd Mokhtar bin Mohd Shariff

Board of South Malaysia Industries Berhad (“Board of SMI”) breached Subparagraph 20.01(2)(b) of the Rules for failure to respond within four (4) market days to a request from the offeror, i.e. Target 1 Sdn Bhd (“Offeror”) for details in respect of the record of depositors.

Board of SMI also breached Paragraph 3.06 of the Rules for failure to appoint an independent adviser as soon as practicable to provide comments, opinions, information and recommendation on the Offeror’s take-over offer in an independent advise circular. Consequently, the Board of SMI breached subparagraph 11.01(1)(b) of the Rules for failure to submit to the SC for comment the independent advice circular, together with SMI’s board circular within twenty (20) days from 20 August 2024.

1. Reprimand pursuant to Section 220(1)(c) of CMSA;
2. Penalty pursuant to Section 220(1)(b) of CMSA in the amount of RM455,000.00 jointly and severally against the Board of SMI; and
3. Directive pursuant to Section 220(1)(a) of the CMSA to the Board of SMI to comply with subparagraph 20.01(2)(b) of the Rules by responding to the Offeror within four (4) market days with details in respect of the record of depositors of SMI

18 March 2026

On 25 March 2026, the Board of SMI  submitted its application to review the SC’s decision.

The review application was dismissed by the SC on 24 August  2026. 

On 28 August 2026, the Board of SMI filed a Judicial Review Application at the High Court against the SC.

Max Capital Management PLT
(“MCM”)

1. Reprimand for the Breach; and
2. Penalty of RM150,000.00 for the Breach.

8 January 2026

On 22 January 2026, MCM submitted a review application seeking for the SC to review the finding of breach and penalty imposed.

The review application was dismissed by the SC on 15 July 2026.

C S C Shangkar A/L Chandra
(“Shangkar”)

1. Reprimand for the Breach; and
2. Penalty of RM150,000.00 for the Breach.

8 January 2026

On 22 January 2026, Shangkar submitted a review application seeking for the SC to review the finding of breach and penalty imposed.

The review application was dismissed by the SC on 15 July 2026.

Hong Leong Bank Berhad
(“HLBB”)

5 May 2026

On 14 May 2026, HLBB submitted a review application seeking for the SC to review the finding of breach and penalty imposed against HLBB.

The review application was dismissed by the SC on 14 July 2026.

Breach 1
Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA

Breach 2
Section 29A of SICDA read together with Section 354(1)(a) of the CMSA

1. For permitting shares belonging to a third party to be deposited and maintained in his trading account
2. For allowing dealings of shares belonging to a third party to be effected via his trading account

1. Reprimand; and
2. Total penalty of RM27,000

Delay in the submission of the monthly statistical returns of four (4) of its wholesale funds to the SC with a delay of one (1) business day

25 May 2026

Webull Securities (Malaysia) Sdn Bhd
(“Webull”)

1. Failure to ensure compliance with the requirements governing withdrawals from Webull’s clients’ trust account; and
2. Failure to maintain appropriate and effective controls for identifying and accounting for clients’ assets. 

1. Reprimand for each of the two (2) breaches; and
2. Total Penalty of RM950,000.00 for the two (2) breaches.

18 May 2026

Delay in the submission of the Annual Report of five (5) of its wholesale funds to the SC by three (3) calendar days while another one (1) of its wholesale funds to the SC by 2 calendar days

Paragraph 1.03(a) of the Rules of Bursa Malaysia Securities read together with Paragraph 11.3(2) of the Bursa Malaysia’s Participating Organisations’ Directives on Conduct of Business No. 5-001 read together with Section 354(1)(b)(i) of the Capital Markets and Services Act 2007

Ang Teck Liam

Failure to obtain written authorisation from the clients before accepting or acting on an instruction from a third party to trade in the clients’ account.

1. Reprimand; and
2. Penalty of RM75,000

3 April 2026

Paragraph 1.03(a) of the Rules of Bursa Malaysia Securities read together with Paragraph 11.3(2) of the Bursa Malaysia’s Participating Organisations’ Directives on Conduct of Business No. 5-001 read together with Section 354(1)(b)(i) of the Capital Markets and Services Act 2007

Ji Yeh Ming

Failure to obtain written authorisation from the clients before accepting or acting on an instruction from a third party to trade in the clients’ account.

1. Reprimand; and
2. Penalty of RM75,000

3 April 2026

Paragraph 1.03(a) of the Rules of Bursa Malaysia Securities read together with Paragraph 11.3(2) of the Bursa Malaysia’s Participating Organisations’ Directives on Conduct of Business No. 5-001 read together with Section 354(1)(b)(i) of the Capital Markets and Services Act 2007

Lim Soo Chon

Failure to obtain written authorisation from the clients before accepting or acting on an instruction from a third party to trade in the clients’ account.

1. Reprimand; and
2. Penalty of RM75,000

3 April 2026

5 February 2026

Breach of:

1. Paragraph 7.21 of the Guidelines on Technology Risk Management (effective 19 August 2024) (“GTRM”);
2. Paragraph 6.02 of the GTRM; and
3. Paragraph 9.16 of the GTRM,

read together with Section 356(1)(a) of the CMSA.

1. Failure to, as part of its technology risk management, implement effective measures to prevent losses from data breach or other acts of internal or external threats, negligence and cyber-attack (“Breach 1”);
2. Failure to establish and implement comprehensive and effective policies and procedures to support the Technology Risk Management Framework (“Breach 2”); and
3. Failure to establish clearly defined communication plan including escalation and decision-making processes to ensure that any adverse effect of a cyber incident is properly managed and recovery action can be initiated quickly (“Breach 3”).

1. Reprimand for each of the three (3) breaches; and
2. Total Penalty of RM500,000.00 for the three (3) breaches.