KUALA LUMPUR (May 23): The Securities Commission Malaysia (SC) has revoked the Capital Markets Services Representative’s Licence (CMSRL) of Chu Li Choon, effective May 10, 2019, for various improper business practices when transacting for her client.
“Chu’s CMSRL was revoked under Section 72 read together with section 65 of the Capital Markets and Services Act 2007 (CMSA), as she is no longer fit and proper to carry out regulated activities in the Malaysian capital market,” the regulator said in a statement today.
Chu was formerly attached to CIMB Investment Bank.
The SC imposed a penalty of RM100,000 against Chu for failing to comply with the conditions of her CMSRL which requires her to remain fit and proper at all times as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook.
The regulator had considered and rejected an appeal by Chu against its decision.