Page 36 - SC SCAR 2023 ENGLISH Flipbook

PART 2 REGULATORY PERFORMANCE AND OUTCOMES
GATEKEEPING
The SC ensures that only fit and proper persons are licensed or registered to conduct capital market activities. A thorough assessment of each application will be made prior to its approval including conducting adverse checks with other regulators and authorities (Table 13 and Table 16). In 2023, all the Capital Markets Services Licence (CMSL) and Capital Markets Services Representative’s Licence (CMSRL) applications were attended to within the service charter (Table 14).
There has been a significant increase in the number of approved new CMSL holders and registered entities compared to 2022. 44% of the approved CMSL holders were in relation to the regulated activity of fund management, while another 25% were for the regulated activity of financial planning. There were 13 new registered entities which includes three Digital Asset Custodians (DACs). As of 31 December 2023, 864 CMSRL applications were approved and the total number of CMSRL holders stood at 10,272.
TABLE 13
Status of licensing and registration applications
Application for new CMSL
2023
2022
New applications received
8
18
Brought forward from previous year
18
10
Approved
161
6
Returned or withdrawn
5
4
Application for new CMSRL
New applications received
931
1,094
Brought forward from previous year
51
58
Approved
864
1,042
Returned or withdrawn
65
190
Application for registration2
New applications received
15
19
Brought forward from previous year
8
6
Approved
13
9
Returned or withdrawn
6
8
Note:
Six approved-in-principle (AIP).
Excluding recognised market operators (RMOs).
TABLE 14
Service charter performance – licensing of CMSL and CMSRL
1 2
Service
Measure
Target
Results
2023
2022
New CMSL application
Within six weeks of receiving complete application
100%
100%
100%
New CMSRL application
Within two weeks of receiving complete application
100%
100%
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SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023