KUALA LUMPUR: The Securities Commission Malaysia (SC) has revoked UOB Kay Hian Wealth Advisors (M) Sdn Bhd financial planner Lim Chee Kuang’s Capital Markets Services Representative’s Licence (CMSRL) effective from March 7, 2024.
The SC said Lim had submitted false and misleading information to the SC in relation to his CMSRL application.
“Submission of a false or misleading statement to the SC in connection with an application for a CMSRL is a serious offence under Section 71 of the Capital Markets and Services Act (CMSA) 2007, which could result in the revocation of the same.
“As such, the SC finds that Lim is no longer fit and proper to carry out regulated activities in the Malaysian capital market,” it said in a statement today.
According to the SC, Lim’s licence was revoked under Section 72 read together with Section 65 of the Capital Markets and Services Act 2007 (CMSA).
Additionally, the SC imposed a reprimand against Lim for failing to comply with the conditions of his licence which requires Lim to remain fit and proper at all times, as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook.
“Lim has not filed any appeal against the SC’s decision within the prescribed time provided under the CMSA,” it said.
Further details can be found at https://www.sc.com.my/regulation/enforcement/actions/administrativeactions/administrative-actions-in-2024. — BERNAMA
