MAM’s CMSL was revoked under Section 72 of the Capital Markets and Services Act 2007 (CMSA) for breach of Section 61(4) of the CMSA due to MAM’s inability to comply with the resource requirements of key personnel stipulated in its conditions of license. As such, MAM is no longer fit and proper to continue to be licensed as a CMSL holder.
In a separate action, SC also revoked the Capital Markets Services Representative’s Licence (CMSRL) of Ng Soo Ging for the regulated activities of dealing in securities and dealing in derivatives effective from 18 November 2015.
Ng’s CMSRL was revoked under section 72 read together with section 65 of the CMSA when she was found to have engaged in improper business practices when trading in the shares of GPRO Technologies Bhd, Industronics Bhd and MNC Wireless Bhd. Ng was formerly attached to Maybank Investment Bank Berhad.
Both MAM and Ng have not filed any appeal against the SC’s decision within the prescribed time provided in the CMSA
SECURITIES COMMISSION MALAYSIA
