At the outset, the SC wishes to state that as a capital market regulator, the SC’s regulatory remit are set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and Securities Industry (Central Depositories) Act 1991 (SICDA).

In this regard, the said inquiry relates to the issue of whether a potential breach under section 25(4) Securities Central Depository Act 1991 (SICDA) occurred. Section 25(4) SICDA provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under section 25(4) SICDA has occurred.