The Securities Commission Malaysia (SC) has revoked the Capital Markets Services Representative’s Licences (CMSRLs) of two individuals, namely Ewe Lay Peng (Ewe) and Tan Yee Chee (Tan).
Ewe and Tan’s CMSRLs were revoked effective 3 September 2018 as the SC has reason to believe that they are no longer fit and proper to carry out regulated activities in the Malaysian capital market.
Ewe was charged on 29 March 2017 under section 188(3)(b) of the Capital Markets and Services Act 2007 (CMSA) for communicating non-public information. Meanwhile, the SC has sued Tan and a consent judgement was recorded on 15 August 2017 which declared him in breach of section 188(2)(a) of the CMSA for insider trading.
The licences were revoked under section 72 read together with section 65 of the Ewe and Tan have not filed any appeal against SC’s decision within the prescribed time as provided under the CMSA.
