MSWG chief executive officer Devanesan Evanson said: “SC’s guidance note on provision of investment advice is indeed timely as we have seen a proliferation of activities in the Internet which may cross the fine line between investment guidance (an unlicensed activity) and the regulated activity of investment advice (a licensed activity). ”
KUALA LUMPUR: The new guidance note on provision of investment advice issued by the Securities Commission (SC) recently would better clarify what may constitute indulging in regulated activity of investment advice, according to the Minority Shareholders Watch Group (MSWG).
MSWG chief executive officer Devanesan Evanson said among others that the SC was more likely to consider that a person is “carrying on a business of advising others” if the activity is undertaken in a structured manner with regularity, or where there is some form of payments, fees or gratification being received by the investment adviser, directly or indirectly.
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