Licensed intermediaries in the marketplace include stockbroking firms, fund management companies and investment banks.
Read more: Intermediaries need SC nod for CEO appointments http://www.btimes.com.my/articles/scscx-2/Article/#ixzz1a3p5j3bE
Kuala Lumpur: The Securities Commission (SC) has done away with a requirement for an annual renewal of licences for those carrying out capital market activities, but now it has to approve chief executive officers of licensed intermediaries. Licensed intermediaries in the marketplace include stockbroking firms, fund management companies and investment banks. The new requirements are part of the significant amendments to the Securities Commission Act 1993 (SCA) and Capital Markets and Services Act 2007 (CMSA), which came into force on October 3. The amendments to the CMSA also empower the regulator to obtain information and issue directions to market intermediaries to take appropriate measures to monitor, mitigate or manage systemic risk. In a statement, the SC said the amendments to the Acts were done to help promote the development of the capital market in line with global standards and the Capital Market Masterplan 2. The amendments also provide for the legal framework for the private retirement scheme (PRS) industry. The PRS framework will provide the public with options to make additional voluntary long-term contributions to supplement their retirement savings within a well-structured and regulated environment. "Under the PRS framework, providers of funds may, subject to the SC's approval, offer a range of funds from which individuals can choose to invest in based on their financial needs, goals and risk appetites," the SC said. The SC also said it expects a framework for the reporting of over-the-counter (OTC) derivative contracts to a trade repository to be established and be operational within the next two years. The amendments also introduced a framework to enable the Audit Oversight Board to grant recognition to foreign auditors who audit the financial statements of foreign corporations listed on Bursa Malaysia.
Read more: Intermediaries need SC nod for CEO appointments http://www.btimes.com.my/articles/scscx-2/Article/#ixzz1a3p5j3bE
Kuala Lumpur: The Securities Commission (SC) has done away with a requirement for an annual renewal of licences for those carrying out capital market activities, but now it has to approve chief executive officers of licensed intermediaries. Licensed intermediaries in the marketplace include stockbroking firms, fund management companies and investment banks. The new requirements are part of the significant amendments to the Securities Commission Act 1993 (SCA) and Capital Markets and Services Act 2007 (CMSA), which came into force on October 3. The amendments to the CMSA also empower the regulator to obtain information and issue directions to market intermediaries to take appropriate measures to monitor, mitigate or manage systemic risk. In a statement, the SC said the amendments to the Acts were done to help promote the development of the capital market in line with global standards and the Capital Market Masterplan 2. The amendments also provide for the legal framework for the private retirement scheme (PRS) industry. The PRS framework will provide the public with options to make additional voluntary long-term contributions to supplement their retirement savings within a well-structured and regulated environment. "Under the PRS framework, providers of funds may, subject to the SC's approval, offer a range of funds from which individuals can choose to invest in based on their financial needs, goals and risk appetites," the SC said. The SC also said it expects a framework for the reporting of over-the-counter (OTC) derivative contracts to a trade repository to be established and be operational within the next two years. The amendments also introduced a framework to enable the Audit Oversight Board to grant recognition to foreign auditors who audit the financial statements of foreign corporations listed on Bursa Malaysia.
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