Three Dealer's Representatives (DR) Suspended
25 May 2012
BURSA MALAYSIA REPRIMANDS, FINES AND SUSPENDS THREE DEALER'S REPRESENTATIVES FOR MANIPULATIVE DEALING ACTIVITIES
Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded, fined and suspended three Dealer's Representatives (DR) for engaging in manipulative dealing activities in the securities of Ideal Jacobs (Malaysia) Corporation Berhad (IJACOBS) and several other counters. The three DRs are further required to undergo training on the conduct or professionalism of DRs and market offences (Mandatory Training).
Details of DR
Sanctions Imposed
Anthony Lam Kwee Shin of ECM Libra Investment Bank Bhd
Public reprimand, fine of RM50,000, six months Suspension and Mandatory Training
Lim Ying of Malacca Securities Sdn Bhd
Public reprimand, fine of RM5,000, one month Suspension and Mandatory Training
Wong Chin Soon of JF Apex Securities Berhad
Public reprimand, fine of RM15,000, one month Suspension and Mandatory Training
Bursa Malaysia had conducted an investigation into irregular dealing activities in the shares of IJACOBS on 18 May 2011 and found that Anthony Lam Kwee Shin (Lam), Lim Ying (Lim) and Wong Chin Soon (Wong) had engaged in unlawful and false trading activities in the shares of IJACOBS. In the course of the investigation, two of the three individuals were also found to have engaged in unlawful and false trading activities in other counters.
The finding of the breach and imposition of the sanctions on Lam, Lim and Wong were made pursuant to Rule 1301.2 of the Rules of Bursa Securities upon completion of the due process and after taking into consideration all facts and circumstances, including the severity of the breach and the conduct of the three individuals concerned.
Bursa Securities views the need to maintain a fair and orderly market as imperative and will not tolerate any acts and/or practices which could lead to false trading or manipulative activities. Bursa Securities strongly emphasises that all Registered Persons must undertake securities dealing activities in strict compliance with the Rules of Bursa Securities, including engaging in fair dealing, carrying out dealing activities in a fair and orderly manner and refraining from unlawful and/or unethical or manipulative dealing activities. In this regard, DRs must:-
- avoid or refrain from engaging in acts and/or practices that might lead to a false or misleading appearance of active trading in/the market for/price of the relevant securities or directly or indirectly manipulate these securities, including engaging in order entries and deletions which could impact the price and/or volume of the order books for the securities concerned;
- observe professional standards of integrity and fair dealing and act in the best interest of clients, including not to unlawfully transact or undertake his/her own dealing activities in clients’ accounts;
- conduct dealing in securities in a manner which contributes to the maintenance of a fair and orderly market;
- perform their duties as DRs efficiently and fairly; and
- refrain from engaging in any unlawful practice.
Bursa Securities will not hesitate to take appropriate actions against anyone who engages in such misconducts, including suspending or striking off a Registered Person from the Register and/or imposing fines that commensurate with the severity of the breach.
source: Bursa Malaysia