By G. Sharmila
The Securities Commission of Malaysia (SC) today said it has revoked the Capital Markets Services Licence (CMSL) of Mercury Asset Management Sdn Bhd (MAM) for the regulated activity of fund management.
The revocation of the licence is effective from Nov 19, 2015, the SC said in a statement today. MAM is a subsidiary of Mercury Securities Sdn Bhd.
According to the SC, MAM’s CMSL was revoked under Section 72 of the Capital Markets and Services Act 2007 (CMSA) for breach of Section 61(4) of the CMSA due to MAM’s inability to comply with the resource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 licence.
“As such, MAM is no longer fit and proper to continue to be licensed as a CMSL holder,” the SC said.
In a separate action, the 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 Nov 18, 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“Ng’s CMSRL was revoked under section 72 read together with section 65 of the CMSA when she was found to have engaged in improper business practices when trading in the shares of GPRO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,” the SC said.
It added that Ng was formerly attached to Maybank Investment Bank Bhd.
“Both MAM and Ng have not filed any appeal against the SC’s decision within the prescribed time provided in the CMSA,” the SC said.
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