Submission of a false or misleading statement to the SC in connection with an application for a CMSRL is a serious offence under section 71 of the Capital Markets and Services Act (CMSA) 2007, which could result to the revocation of the same.

As such, the SC finds that Lim is no longer fit and proper to carry out regulated activities in the Malaysian capital market.

Lim’s licence was revoked under Section 72 read together with section 65 of the Capital Markets and Services Act 2007 (CMSA). Additionally, the SC imposed a reprimand against Lim for failing to comply with the conditions of his licence which requires Lim to remain fit and proper at all times, as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook.

Lim has not filed any appeal against the SC’s decision within the prescribed time provided under the CMSA. Lim was formerly attached with UOB Kay Hian Wealth Advisors (M) Sdn Bhd.

Further details can be found at https://www.sc.com.my/regulation/enforcement/actions/administrative-actions/administrative-actions-in-2024