GUIDELINES FOR INVESTMENT ADVISERS AND INVESTMENT REPRESENTATIVES UNDER THE SECURITIES INDUSTRY ACT 1983

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1 GUIDELINES FOR INVESTMENT ADVISERS AND INVESTMENT REPRESENTATIVES UNDER THE SECURITIES INDUSTRY ACT 1983 Date Issued: 4 March

2 GUIDELINES FOR INVESTMENT ADVISERS AND INVESTMENT REPRESENTATIVES UNDER THE SECURITIES INDUSTRY ACT INTRODUCTION 1.1 The Securities Industry Act 1983 (SIA) provides that the Securities Commission is responsible for the licensing and regulation of Investment Advisers and Investment Representatives. These guidelines have been formulated with the objective of setting out pre-licensing requirements to facilitate applications for an Investment Adviser s licence under Section 14 of the SIA and an Investment Representative s licence under Section 15 of the SIA. These guidelines also set out various continuous requirements and conditions to be complied with by licensed Investment Advisers and Investment Representatives. 1.2 An applicant shall also fulfil any additional requirements under any legislation, regulations or guidelines applicable to it or in respect of its activities. 2.0 DEFINITIONS For the purpose of these Guidelines: Corporate Finance Advisory means giving advice concerning (a) Compliance with or in respect of securities laws, including the listing requirements of the stock exchange, relating to the raising of funds by any entity; (b) An offer or invitation to the public to subscribe for or purchase securities or to sell or otherwise dispose of securities; or (c) The arrangement, restructuring or take-over of a corporation or any of its assets or liabilities Financial Planning means analysing the financial circumstances of another person and providing a plan to meet that other person s financial need and objectives, including any investment plan in securities, whether or not a fee is charged in relation thereto Investment Adviser activities means the provision of Corporate Finance Advisory, Financial Planning and/or Investment Research services 2

3 Investment Research means providing advice concerning securities, other than Corporate Finance Advisory or Financial Planning activities, and includes the issuance or promulgation of research reports and analysis securities laws has the same meaning as assigned to that expression in the Securities Commission Act INVESTMENT ADVISER S LICENCE (CORPORATION) - REQUIREMENTS 3.1 Minimum Financial Requirement For purposes of undertaking Investment Research and Corporate Finance Advisory activities, an applicant shall : (a) Have a minimum paid-up capital of RM500,000; and (b) Minimum net tangible assets of RM50,000 at all times. For purposes of undertaking Financial Planning activities, an applicant shall have a minimum paid-up capital of RM50,000 unimpaired by losses at all times. 3.2 Shareholding composition There is no restriction on the shareholding composition imposed on Investment Adviser companies. Nevertheless, in addition to Investment Research activities, Investment Adviser companies (including foreign-owned Investment Advisers) with at least 30% local shareholding shall be permitted to undertake Corporate Finance Advisory activities, and/or Financial Planning activities. However, they are not permitted to make submissions on corporate proposals to the Securities Commission. The activities of Investment Adviser companies (including foreign-owned investment advisers) which do not meet the 30% local shareholding requirement shall be limited to undertaking Investment Research activities only. 3.3 Director Composition An applicant is encouraged to maintain a director composition that is in accordance with the economic policy of Malaysia. Nevertheless, an applicant shall, at all times, have a Bumiputera representative on its Board of Directors. 3

4 3.4 Representative Composition An applicant is encouraged to maintain a representative composition that is in accordance with the economic policy of Malaysia. Nevertheless, unless otherwise approved, an applicant shall, at all times, maintain a Bumiputera composition of at least 30% of its Investment Representatives. 3.5 Employee Composition An applicant is encouraged to maintain an employee composition that is in accordance with the economic policy of Malaysia. Nevertheless, unless otherwise approved, an applicant shall, at all times, maintain a Bumiputera composition of at least 30% of its employees, at each level in the company s organisation structure. 3.6 Licensed Person The following categories of persons in an Investment Adviser company shall be licensed as Investment Representatives: (a) At least one director; and (b) Any person who is in the employment of, or acting for or by arrangement with an Investment Adviser and performs for that Investment Adviser any of the functions of an Investment Adviser, other than work ordinarily performed by accountants, clerks or cashiers. 3.7 Appointment of Investment Representative An application for an Investment Adviser s licence shall be submitted together with at least one (1) application for an Investment Representative s licence. 3.8 Locally Incorporated An applicant shall be locally incorporated. 3.9 Fit and Proper Criteria An applicant shall fulfil the criteria as contained in the Schedule to the SIA. 4

5 3.10 Employment of Expatriates An Investment Adviser may employ expatriate staff, subject to the requirements in the Guidelines for the Employment of Non-Malaysian Nationals in the Securities and Futures Industries. 4.0 INVESTMENT ADVISER (CORPORATION) PROCEDURES FOR APPLICATION OF LICENCE 4.1 Form 5 - Application for Investment Adviser s Licence An applicant is required to file a duly completed Form 5 - Application for Investment Adviser s Licence with the following documents attached: (a) A copy of the director s report on the financial standing, affairs, current assets and contingent liabilities of the company to be signed by a director and a company secretary. If the company has been in operation for more than six (6) months prior to the date of the application for licence, a copy of the latest profit and loss account and balance sheet of the applicant, which have been audited by an independent auditor and certified by a director and a company secretary, should be enclosed; (b) References from two (2) individuals for all directors and the company secretary; (c) A certified copy of certificates evidencing academic and/or professional qualification of the directors and the company secretary; (d) A certified copy of the identity card (for Malaysian citizens) or passport (for non-malaysian citizens) of the directors and the company secretary; (e) A detailed Curriculum Vitae of the directors and the company secretary; (f) A recent passport-sized coloured photograph of the directors and the company secretary; 5

6 (g) A statutory declaration filed by all directors and the company secretary as prescribed in Appendix I; (h) A copy of the applicant s Memorandum and Articles of Association; (i) A copy of the applicant s Operational and Compliance manual; (j) Forms 9, 24 and 49 of the Companies Act 1965; (k) Form 13 or 32A of the Companies Act 1965 if there is any change to the name or transfer of shares of the company; (l) A completed Readiness Checklist for Investment Adviser as prescribed in Appendix II; (m) Experience of the applicant and/or related companies in relation to investment advisory activities; (n) A copy of the applicant s profile and organisational structure depicting related, subsidiary, associate and holding companies with the percentage of shareholding in each category; (o) A detailed layout of the business premises; (p) A list of employees employed by the applicant; and (r) A processing fee of RM50 payable to the Securities Commission. 4.2 Licensing Fee A licensing fee of RM2,000 shall be made payable to the Securities Commission upon approval of an application. 4.3 Readiness to Commence Activities The applicant shall complete and submit to the Securities Commission a Readiness Checklist (see Appendix II of these guidelines), which covers its policies and operational manuals/procedures, its risk management system, organisation structure, investment policies, procedures for compliance with 6

7 applicable laws, regulations, rules and guidelines, its systems and internal controls. The Securities Commission reserves the right to conduct a readiness examination to ascertain the readiness of the company to commence Investment Adviser activities. 5.0 INVESTMENT ADVISER S LICENCE (INDIVIDUAL) REQUIREMENTS 5.1 Minimum Financial Requirement The applicant shall at all times have net total personal assets (net worth) of at least RM50,000 or its equivalent in foreign currencies. 5.2 Qualification and Experience For purposes of undertaking Investment Research and Corporate Finance Advisory activities, an applicant shall possess: (a) relevant professional or tertiary qualifications, which include but are not limited to a degree in finance, economics, accounting, commerce or law, with at least three (3) years direct and relevant experience in Investment Adviser activities; or (b) if without any professional or tertiary qualifications, at least five (5) years direct and relevant experience in Investment Adviser activities. For purposes of undertaking Financial Planning activities, an applicant shall possess : (a) a Certified Financial Planner (CFP) qualification and be a member of the Financial Planning Association of Malaysia (FPAM); or (b) a Chartered Financial Consultant (ChFC) qualification and be a member of the Malaysian Association of Chartered Financial Consultant (MAChFC); and have at least three (3) years relevant experience in Financial Planning activities. 7

8 5.3 Age An applicant shall be at least 21 years old. 5.4 Resident An applicant shall be resident in Malaysia. 5.5 Registration of business with the Companies Commission of Malaysia Unless otherwise approved, an applicant shall have its business registered with the Companies Commission of Malaysia. 5.6 Fit and Proper Criteria An applicant shall fulfil the criteria as contained in the Schedule to the SIA. 5.7 Industry Examination For purposes of undertaking Investment Research and Corporate Finance Advisory activities, an applicant shall pass Modules 12 and 15 of the Securities Industry Development Centre (SIDC) examinations, or any other examination as may be determined by the Securities Commission from time to time. Notwithstanding the above, applicants falling under any of the following categories may apply to the Securities Commission for an exemption from the relevant examination modules: (a) Individuals with tertiary qualification from recognized institutions, which meet the content requirement of the relevant examination modules; (b) Individuals with distinguished service in the securities industry with a minimum of 10 years relevant working experience in the capital market/financial services industry at the appropriate level. Evaluation of relevant working experience will take into account experience, expertise, leadership and achievements; or (c) Individuals in a managerial capacity for at least 5 years in a regulatory body and with the relevant working experience in the capital market/financial services industry. 8

9 An application for exemption shall be accompanied by all relevant supporting documents. An applicant shall be notified by the Securities Commission upon approval or rejection of the application. The decision of the Securities Commission shall be final. Subject to paragraph 5.2 of these guidelines, this paragraph shall not be applicable to applicants intending to undertake Financial Planning activities. 6.0 INVESTMENT ADVISER S LICENCE (INDIVIDUAL) PROCEDURES FOR APPLICATION OF LICENCE 6.1 Form 5 Application for Investment Adviser s Licence An applicant shall file a duly completed Form 5 Application for Investment Adviser s Licence together with the following documents: - (a) A copy of a detailed statement of the applicant s assets and liabilities certified by a certified public accountant or auditor; (b) References from two (2) individuals; (c) A certified copy of certificates evidencing academic and/or professional qualification of the applicant; (d) A statutory declaration filed by the applicant as prescribed in Appendix I; (e) A certified copy of the applicant s identity card (for Malaysian citizens) or passport (for non-malaysian citizens); (f) A recent passport-sized coloured photograph of the applicant; (g) A copy of the applicant s industry examination results (if relevant); (h) A detailed Curriculum Vitae of the applicant; (i) A copy of the applicant s Operational and Compliance manual; and (j) A processing fee of RM50 payable to the Securities Commission. 9

10 6.2 Licensing Fee A licensing fee of RM1,000 shall be made payable to the Securities Commission upon approval of an application. 6.3 Readiness to Commence Activities An applicant shall complete and submit to the Securities Commission a Readiness Checklist (see Appendix II of these guidelines), which covers its policies and operational manuals/procedures, its risk management system, investment policies, procedures for compliance with applicable laws, regulations, rules and guidelines, its systems and internal controls. The Securities Commission reserves the right to conduct a readiness examination to ascertain the readiness of the company to commence Investment Adviser activities. 7.0 INVESTMENT REPRESENTATIVE S LICENCE REQUIREMENTS 7.1 Qualification and Experience For purposes of undertaking Investment Research and Corporate Finance Advisory activities, an applicant shall possess: (a) relevant professional or tertiary qualifications, which include but are not limited to a degree in finance, economics, accounting, commerce or law, with at least three (3) years direct and relevant experience in investment adviser activities; or (b) if without any professional or tertiary qualifications, at least five (5) years direct and relevant experience in investment adviser activities For purposes of undertaking Financial Planning activities, an applicant shall possess : (a) a Certified Financial Planner (CFP) qualification and be a member of the Financial Planning Association of Malaysia (FPAM); or (b) a Chartered Financial Consultant (ChFC) qualification and be a member of the Malaysian Association of Chartered Financial Consultant (MAChFC); 10

11 and have at least three (3) years relevant experience in Financial Planning activities. This shall also be applicable to a holder of a Dealer s Representative s licence or Fund Manager s Representative s licence who carries out Financial Planning activities for his/her principal Dealer or Fund Manager. 7.2 Age The applicant shall be at least 21 years old. 7.3 Fit and Proper Criteria The applicant shall fulfil the criteria as contained in the Schedule to the SIA. 7.4 Industry Examination For purposes of undertaking Investment Research and Corporate Finance Advisory activities, an applicant shall pass Modules 12 and 15 of the Securities Industry Development Centre (SIDC) examinations, or any other examination as may be determined by the Securities Commission from time to time. Notwithstanding the above, applicants falling under any of the following categories may apply to the Securities Commission for an exemption from the relevant examination modules: (a) Individuals with tertiary qualification from recognized institutions, which meet the content requirement of the relevant examination modules; (b) Individuals with distinguished service in the securities industry with a minimum of 10 years relevant working experience in the capital market/financial services industry at the appropriate level. Evaluation of relevant working experience will take into account experience, expertise, leadership and achievements; or (c) Individuals in a managerial capacity for at least 5 years in a regulatory body and with the relevant working experience in the capital market/financial services industry. An application for exemption shall be accompanied by all relevant supporting documents. An applicant shall be notified by the Securities Commission upon 11

12 approval or rejection of the application. The decision of the Securities Commission shall be final. Subject to paragraph 7.1 of these guidelines, this paragraph shall not be applicable to applicants intending to undertake Financial Planning activities. 8.0 INVESTMENT REPRESENTATIVE S LICENCE PROCEDURES FOR APPLICATION OF LICENCE 8.1 Form 8 Application for Representative s Licence An applicant shall file a completed Form 8 Application for Representative s Licence together with the following documents: (a) References from two (2) individuals; (b) A certified copy of certificates evidencing academic and/or professional qualification of the applicant; (c) A statutory declaration filed by the applicant as prescribed in Appendix I; (d) A certified copy of the applicant s identity card (for Malaysian citizens) or passport (for non-malaysian citizens); (e) A recent passport-sized coloured photograph of the applicant; (f) A copy of the applicant s industry examination results (if relevant); (g) A detailed Curriculum Vitae of the applicant; and (h) A processing fee of RM50 payable to the Securities Commission. 8.2 Licensing Fee A licensing fee of RM200 shall be made payable to the Securities Commission upon approval of an application. 12

13 9.0 CONTINUING PROFESSIONAL EDUCATION (CPE) PROGRAMME All licensed Investment Advisers (individual) and all licensed Investment Representatives must collect the requisite 20 CPE points a year accumulated from attending CPE-approved courses in order to have their licences renewed GENERAL 10.1 Interview Applicants for an Investment Adviser s licence and an Investment Representative s licence, as well as persons licensed as an Investment Adviser and an Investment Representative, shall demonstrate credibility and the possession of knowledge of the investment adviser industry. For this purpose and where necessary, the Securities Commission reserves the right to call in a person for an interview Notification of change in information submitted Any material change in the information submitted to the Securities Commission shall be notified to the Securities Commission within fourteen (14) days from the occurrence of the change in information Submission of additional information Where necessary, the Securities Commission may require other relevant or additional information to be submitted 10.4 Prohibition on use of title or inference of title A person that does not hold a Dealer s licence, a Fund Manager s licence or an Investment Adviser s licence shall not : (a) Take, use or by inference adopt the name, title or description of Investment Adviser or Financial Planner, as the case may be; or (b) Take, use or have attached to or exhibited at any place, any name, title or description implying or tending to create the belief that such person is an Investment Adviser or Financial Planner, as the case may be. 13

14 A person that does not hold a Dealer s Representative s licence, a Fund Manager s Representative s licence or an Investment Representative s licence shall not : (a) Take, use or by inference adopt the name, title or description of Investment Representative or Financial Planner, as the case may be; or (b) Take, use or have attached to or exhibited at any place, any name, title or description implying or tending to create the belief that such person is an Investment Representative or Financial Planner, as the case may be Continuous compliance An Investment Adviser and an Investment Representative must comply with the requirements of these Guidelines at all times. In addition, an Investment Adviser and an Investment Representative must comply with all relevant provisions in the securities laws and the licensing conditions in relation to the activities of an Investment Adviser Exemption or variation of requirements The Securities Commission may, where it deems appropriate, allow any exemption and variation from the requirements of these Guidelines based on the merits of the case, whether on a permanent basis or for a specified period of time Submissions All enquiries, applications and information as required pursuant to these Guidelines shall be submitted to the Securities Commission at the following address: Licensing Department Securities Commission No. 3 Persiaran Bukit Kiara Bukit Kiara Kuala Lumpur Tel: (603) Fax: (603)

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