KUALA LUMPUR (Sept 27): The Securities Commission (SC) today said it had revoked Ewe Lay Peng and Tan Yee Chee's Capital Markets Services Representative’s Licences (CMSRLs) for breaching Malaysia's Capital Markets and Services Act 2007 (CMSA).
 
In a statement, the SC said Ewe was charged on March 29, 2017 under section 188(3)(b) of the CMSA for communicating non-public information.

The SC said it had sued Tan and a consent judgement was recorded on Aug 15, 2017, which declared him in breach of section 188(2)(a) of the CMSA for insider trading.

"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," the SC said.

The SC said Ewe and Tan have not filed any appeal against the SC’s decision within the prescribed time provided under the CMSA.