SC Revokes Fund Management Licence of VCB Capital Sdn Bhd

2 October 2019 | Kuala Lumpur

The Securities Commission Malaysia (SC) has dismissed VCB Capital Sdn Bhd (VCB)’s appeal against the SC’s decision to revoke its fund management licence.

VCB’s license was revoked pursuant to section 72(2)(a)(i) read together with section 64(1)(j), 64(1)(h)(v) of the Capital Markets and Services Act 2007 when the SC found that the manner in which VCB conducted its business casted doubt on its competence and soundness of judgement as a fund manager.

In this regard, VCB was found to have breached the Guidelines on Compliance Function for Fund Management Companies and Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries.

The revocation of VCB’s license took effect on 19 June 2019.

Further details on the revocation can be found here.

SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):

Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group
Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC

SECURITIES COMMISSION MALAYSIA

about the SC

The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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