Page 37 - SC SCAR 2023 ENGLISH Flipbook

During 2023, there were three CMSL holders which had surrendered their licences as they were no longer in the business of the regulated activity(ies) for which they were licensed. In addition, 961 CMSRL holders had surrendered their respective licences and one CMSRL holder’s suspension that was imposed pursuant to section 72(3) of the Capital Markets and Services Act 2007 (CMSA) in 2022, had ended on 21 June 2023 (Table 15).
TABLE 15
License or registration ceased, revoked and suspended
PART 2 REGULATORY PERFORMANCE AND OUTCOMES
CMSL holders
2023
2022
Ceased, revoked or suspended
3
3
CMSRL holders
Ceased, revoked or suspended
962
1,068
Application for registration1
Ceased, revoked or suspended
8
6
Note:
Excluding RMOs.
1
In 2023, the SC registered nine RMOs, consisting of four e-services platform (ESP) operators, two ECF platform operators as well as one P2P platform operator, one digital asset exchange (DAX) and one general RMO.
The reopening of applications was announced on 31 October 2022 as part of several digital-focused initiatives to spur further growth in the capital market. It had resulted in an expansion in the breadth of choices available to investors and issuers in this segment with the number of registered RMOs increasing from 33 in 2022 to 42 in 2023.
TABLE 16
Status of recognised market operators
SURVEILLANCE
The SC undertakes proactive surveillance across the various market segments under its purview to detect potential misconducts and identify vulnerabilities which allows emerging risks to be pre-empted through early engagements and interventions.
Detecting and Deterring Corporate Transgressions
The SC plays an important role in monitoring the conduct of public-listed companies (PLCs) through its surveillance efforts to ensure compliance with securities laws and regulations, with the aim to safeguard the interests of investors and maintain the integrity of the capital market. The SC’s Corporate Surveillance Programme comprises a wide range of activities, including scrutinising corporate transactions, disclosures as well as the financial statements of PLCs to detect irregularities or potential misconduct.
PLC fundraising via share issuances and disclosures on corporate transactions remained a key priority of the SC’s surveillance team in 2023. Surveillance reviews pertaining to 118 PLCs were undertaken based on, among others, announcements by PLCs, news in mainstream and non-mainstream media as well as complaints received to detect potential breaches of securities laws or non-compliance with financial reporting standards. As part of the reviews, the SC also engaged with the directors, officers, auditors and other
No. of applications
2023
Considered during the year
15
Registered
9
Returned
3
Withdrawn
3
For consideration
20*
Brought forward from previous year
3
Received during the year
17
Note:
* Include applications submitted by two entities seeking to be registered
for two different activities.
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023 35