Page 51 - SC SCAR 2023 ENGLISH Flipbook

PART 2 REGULATORY PERFORMANCE AND OUTCOMES
Efforts Taken to Curb Scams and Unlicensed Activities
The SC adopts a multi-prong approach to curbing scams and unlicensed activities ranging from enforcement actions to investor education and awareness programmes.
Enforcement Actions
In 2023, the SC took enforcement action against several entities for carrying on unlicensed activities such as unlicensed Investment Advice, Fund Management and operating a recognised market without authorisation. Some of the notable actions taken were against Huobi Global Ltd for operating a DAX in Malaysia without registration. This is in furtherance to similar actions taken by the SC against unregistered DAX such as the enforcement actions taken against Binance and Remitano in 2021. Additionally, criminal charges were also preferred by the SC against Muhamad Fadzli Jamaludin for carrying on an unlicensed activity in fund management.
• Read more on media release ‘SC Charges Former Company Director for Unlicensed Capital Market Activities’
https://www.sc.com.my/resources/media/media-release/sc-charges-former-company-director-for-unlicensed- capital-market-activities
• Refer also to the box article, Multi-Pronged Approach Adopted by the SC to Address the Regulatory Concern Arising from Proliferation of Unlicensed Investment Advice on actions taken to address concern on unlicensed investment advice.
TABLE 1
Intervention efforts on scams and unlicensed activities
Intervention efforts
2023
2022
Commencement of enforcement action
4
7
Issuance of Notices of Cease and Desist*
5
6
Social media interventions
420
142
Inclusion in the SC’s Investor Alert List
315
304
Blocking of websites with assistance from Malaysian Communication and Multimedia Commission (MCMC)
146
185
Request to block Telegram accounts
153
114
Referrals to other agencies/foreign regulators
128
181
Lodgement of police reports
97
88
Geo-blocking of Facebook accounts
83
38
Blocking of Instagram accounts
12
9
Note:
* Statistics also reflected under the SC’s Infringement Notices.
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023 49