,The stock market regulator said it had publicly reprimanded both Ang Kian Chuan and Mun Szu Mae.
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PETALING JAYA: Bursa Malaysia has taken enforcement actions against two dealer’s representatives (DRs) for breaches of the Rules of Bursa Malaysia Securities and directives in relation to, among others, discretionary trading undertaken in a client’s account.
In a statement, the stock market regulator said it had publicly reprimanded both Ang Kian Chuan and Mun Szu Mae.
Ang had also been slapped with a fine of RM162,700. In addition, Ang would be struck of as a registered person of Bursa Malaysia, if he was still a registered person.
Meanwhile, Mun had been slapped with a fine of RM8,000, as well as a three-month suspension/restriction (as the case may be) from being a registered person of Bursa Malaysia which is deferred for two years.
Mun would also be required to undergo training on conduct or professionalism of DRs/market offences.
“Both Ang and Mun were commissioned DRs of RHB Investment Bank Bhd at its Plaza OSK, Kuala Lumpur branch office/principal office at the material time of the breaches,” Bursa Malaysia said.
“Discretionary trading can only be undertaken in accordance with the relevant rules and guidelines and DRs must not abuse the discretion entrusted to them or put themselves in a position of conflict of duties and interest,” it added.
Bursa Malaysia said it viewed seriously misconducts that impinged on the professional conduct and integrity of registered persons and compromised clients’ protection as such misconducts may adversely affect and damage market integrity and public confidence.