KUALA LUMPUR: The Securities Commission (SC) has revoked the Capital Markets Services Licence (CMSL) of Mercury Asset Management Sdn Bhd for the regulated activity of fund management effective from Nov 19, 2015.
The regulatory agency said in a statement that the licence was revoked under Section 72 of the Capital Markets and Services Act 2007 (CMSA) for breach of Section 61(4) due to Mercury Asset’s inability to comply with the resource requirements of key personnel stipulated in its conditions of license.
“As such, Mercury Asset Management is no longer fit and proper to continue to be licensed as a CMSL holder,” it said.
Mercury Asset Management is the asset management arm of Mercury Securities Sdn Bhd.
In a separate action, SC also revoked the Capital Markets Services Representative’s Licence of Ng Soo Ging for the regulated activities of dealing in securities and dealing in derivatives effective from Nov 18, 2015.
“Ng’s licence was revoked under section 72 read together with section 65 of the CMSA when she was found to have engaged in improper business practices when trading in the shares of GPRO Technologies Bhd, Industronics Bhd
and MNC Wireless Bhd,” it said.
Ng was formerly attached to Maybank Investment Bank Bhd.
Both Mercury Asset Management and Ng have not filed any appeal against the SC’s decision within the prescribed time provided in the CMSA.
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