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121 comment(s). Last comment by Up_down 2016-05-10 19:29

Posted by Hiu Chee Keong > 2016-05-09 22:17 | Report Abuse

Icon888, i am not that childish to challenge anyone to anything here, like i say, it just a friendly post to share, and as other users also has help to point out exactly what licensed is needed and how to obtain it, and investor.com also kind enough to put in disclaimer in all the recommended posts now though the author ignore it. That is good enough, by sharing, we are learnt something new, want to challenge, go MMA instead. Whether you are free, get arrest, or surrender yourself, do i care ? The post is not about you at all.

Icon8888

18,658 posts

Posted by Icon8888 > 2016-05-09 22:18 | Report Abuse

Hiu thought I flamed him

Posted by Hiu Chee Keong > 2016-05-09 22:22 | Report Abuse

Ks55, wow, you are back, so still want to talk about your 15million net worth ? Lol.

Posted by Hiu Chee Keong > 2016-05-09 22:29 | Report Abuse

Ks55, oh shit, so we are not supposed to tell anyone that robbing a bank, over speeding, stealing, inside trading is illegal bcos only lawyer can say so ? so, by the way, in icon888 theory, you should cite exactly which law, which article, the exact words in the law book ....:D

Posted by Hiu Chee Keong > 2016-05-09 22:31 | Report Abuse

Icon888, i though you are the one who think i am against you and flame you. I am not the one who issue challenge to anyone.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 22:32 | Report Abuse

1. What are the three categories of Registered Representatives?
Registered Representatives are divided into three categories :

• Trading Representative (TR) who can accept clients’ orders for securities (order taking) and execute securities trades;

• Introducing Representative (IR), who is able to introduce or refer prospective clients to or market the services of the participating organisation (PO) he/she represents or acts for; and

• Marketing Representative (MR), who undertakes marketing of fund management services and provide client support services.

5. Can an individual be registered for more than one activity at the same time?
Ans: A Registered Representative can only undertake one activity at a time either as TR or IR or MR.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 22:37 | Report Abuse

4. What are the permitted activities of Registered Representatives?

Ans: A TR can only carry out execution of trades in securities. As such, he/she is not allowed to give advice, persuade, induce or make specific recommendations on securities trades.

An IR can introduce or refer prospective clients to or market the services of the PO he/she represents or acts for. He/she is not allowed to take clients’ orders, execute trades, make specific recommendations or give transactional advice.

A MR can carry out marketing of fund management services and provide client support services. Scope of permitted activities by MR may include:
• Marketing and Promotional activities – conducting presentations and providing information on fund management services and wholesale products
• Business development – develop business relationships, communication to new or existing clients and distribution channels
• Client servicing - reporting to clients on fund management activities including performance.

Posted by Hiu Chee Keong > 2016-05-09 22:43 | Report Abuse

Ks55, yes monkey can act as monkey king, like bragging about his 15million net worth. 70k is just one of my many trading accouts only, don't be lansi in front of me, your 15million just a joke for me also. At what age are you, only 15million ? talking big but not even have a proper profile, a rubbish talk, you also nobody to give comment. Dont be lansi.

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-09 23:05 | Report Abuse

Warning


Disclaimer clauses can protect you against civil suits.

But cannot protect you against criminal prosecution by the SC if laws are broken.

Fam Jenny

7,724 posts

Posted by Fam Jenny > 2016-05-09 23:05 | Report Abuse

Some are showing off their knowledge here.

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-09 23:15 | Report Abuse

If sharing knowledge is called showing off......then let it be showing off.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 23:22 | Report Abuse

Extracted:

CAPITAL MARKETS AND SERVICES ACT 2007

Stock market manipulations
176. (1) Subject to section 180, no person shall effect, take part in, engage in, be concerned in, or carry out, either directly or indirectly, any number of transactions in securities
of a corporation, being transactions that have, or are likely to have, the effect of–
(a) raising;
(b) lowering; or
(c) pegging, fixing, maintaining or stabilising,
the price of securities of the corporation on a stock market in Malaysia, for the purpose which may include the purpose of inducing other persons, whether or not another person is induced,
to acquire or dispose of the securities of the corporation or of a related corporation.

(2) A reference in this section to a transaction, in relation to securities of a corporation,
includes–
(a) a reference to the making of an offer to sell or purchase such securities of
the corporation; and
(b) a reference to the making of an invitation, however expressed, that expressly or impliedly invites a person to offer to sell or purchase such securities of the corporation.


False or misleading statements, etc.
177. A person shall not make a statement, or disseminate information, that is false or misleading in a material particular and is likely to induce the sale or purchase of securities by
other persons or is likely to have the effect of raising, lowering, maintaining or stabilising the market price of securities if, when he makes the statement or disseminates the information–
(a) he does not care whether the statement or information is true or false; or
(b) he knows or ought reasonably to have known that the statement or information
is false or misleading in a material particular.
Fraudulently inducing persons to deal in securities
178. (1) A person shall not–

(a) by making or publishing any statement, promise or forecast that he knows to be misleading, false or deceptive;
(b) by any dishonest concealment of material facts;
(c) by the reckless making or publishing, dishonestly or otherwise, of any statement, promise or forecast that is misleading, false or deceptive; or
(d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular,
induce or attempt to induce another person to deal in securities.
(2) In a prosecution for an offence under paragraph (1)(d), in relation to the recording or storing of information, it shall be a defence if the defendant establishes that when the
information was recorded or stored, he had no reasonable grounds for expecting that the information would be available to any person.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 23:24 | Report Abuse

Extracted:

CAPITAL MARKETS AND SERVICES ACT 2007


Penalty for offence under Subdivision 1
182. A person who contravenes section 175, 176, 177, 178, 179 or 181 commits an offence and shall be punished on conviction to imprisonment for a term not exceeding ten years and to a fine of not less than one million ringgit.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 23:33 | Report Abuse

Anybody with the law background can help to interpret the above clauses?

Kasseylim

38 posts

Posted by Kasseylim > 2016-05-09 23:35 | Report Abuse

Can someone help to report Icn8888 to SC? He deserve 10 years behind bar

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 23:43 | Report Abuse

Jialat.....It depends on SC whether they want to take action or not. Don't play play!

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-09 23:50 | Report Abuse

Icon will not be in trouble unless it can be proven he has commercial interest in it.

Up_down

4,304 posts

Posted by Up_down > 2016-05-09 23:53 | Report Abuse

He would be in trouble only if he simply publishing an article misleading the public.

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-10 00:01 | Report Abuse

misleading the public.

if misleading the public is illegal, there will be no government in Malaysia.

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 00:03 | Report Abuse

Don't be naive la. They have the right but enforcement is an entirely different issue. If you pro-BN or Ikan bilis, they won't waste their time.

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 00:46 | Report Abuse

I would thank Hiu. He has initiated this topic and help us to learn something new.

Yippy68

1,685 posts

Posted by Yippy68 > 2016-05-10 03:55 | Report Abuse

Everybody have the right to comment. Ks55 , without the amateur to contribute, to participate, all the expert have to eat sand.

Posted by Hiu Chee Keong > 2016-05-10 06:18 | Report Abuse

Ks55, is not a lawyer either, he is bragging about his 15million worth and his so call reit 400k dividend.
Forget about this egotistic booster,
He is also nobody to give comment
And his post is rubbish as well.

skyz

1,650 posts

Posted by skyz > 2016-05-10 08:45 | Report Abuse

authorities wont take action la. u c the big old conman KYY also still roaming free although a 7 week delays in notification in share transaction lately. Bursa is a just a harimau tak bertaring. even UMA issued also wont be bothered.

cckkpr

219 posts

Posted by cckkpr > 2016-05-10 10:09 | Report Abuse

when is giving a personal opinion on shares contravening the laws? If you are running an advisory BUSINESS, then you are in trouble without the relevant licences.

murali

5,723 posts

Posted by murali > 2016-05-10 10:28 | Report Abuse

WTF....video editor at Astro cannot invest in stock mkt and make good money ah? I sell roti also can make profit as good as 20 years remisier Sifu OTB.....

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 10:29 | Report Abuse

Don't be little other la.....

murali

5,723 posts

Posted by murali > 2016-05-10 10:38 | Report Abuse

It could be something with his brain, not his job...

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 10:53 | Report Abuse

Is it OTB against the laws for offering his paid service to the public now ?

Extracted:

CAPITAL MARKETS AND SERVICES ACT 2007

Powers concerning compliance with conditions of licence, etc. by licensed persons 356.
(1) Where any licensed person–

(a) contravenes or fails to comply with, observe, enforce or give effect to any requirement or provision of this Act, any securities laws, written notice, guidelines, any condition of, or restriction on, a licence granted under or pursuant to this Act; or

(b) performs or omits to perform any act in respect of any business carried on by the licensed person pursuant to a licence granted under or pursuant to this Act, that is likely to–

(i) jeopardise the interests of the clients of the licensed person; or
(ii) be prejudicial to the public interest, that licensed person has committed a breach.

(2) If a licensed person has committed a breach and the Commission is satisfied that it is appropriate in all the circumstances to take action against that licensed person, the
Commission may take any one or more of the following actions:

(a) direct the person in breach to comply with, observe, enforce or give effect to any requirement or provision of this Act, any securities laws, any guidelines, written notice, any condition of, or restriction on, a licence granted under or pursuant to this Act, as the case may be;

(b) impose a penalty in proportion to the severity or gravity of the breach on the person in breach, but which in any event shall not exceed five hundred thousand ringgit;
(c) reprimand the person in breach;
(d) require the person in breach to take such steps as the Commission may direct to remedy the breach or to mitigate the effect of such breach,including making restitution to any other person aggrieved by such breach.

(3) The Commission shall not take any action under subsection (2) without giving the person in breach an opportunity to be heard.

(4) For the purposes of paragraph (2)(d), in the determination of whether restitution is to be made by a person in breach, the Commission shall have regard to–
(a) the profits that have accrued to such person in breach; or
(b) whether any person has suffered loss or been otherwise adversely
affected as a result of the breach.

(5) [Deleted] [Del. Act A1406/2011]

(6) Nothing in this section shall preclude the Commission from taking any of the actions that it is empowered to take under this Act or any securities laws against the person
in breach.

(7) Where a person has failed to pay a penalty imposed by the Commission under paragraph (2)(b), the penalty imposed by the Commission may be sued for and recovered as a civil debt due to the Government of Malaysia.

(8) Without prejudice to any other remedy, where a direction under paragraph (2)(d) had required the person in breach to make restitution in the form of monetary payment, and the person in breach fails to pay the restitution, the Commission may sue for and recover the restitution as a civil debt due to the persons aggrieved by the breach.

Probability

14,422 posts

Posted by Probability > 2016-05-10 11:00 | Report Abuse

the world does not revolve around....ones title...positions...education level...money they have...or their kids success..

colonial mentality at its finest

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-10 11:03 | Report Abuse

We are talking about laws and you want to talk about some thing else......probability?


It's not prudent to break laws.

Posted by goreng_goreng > 2016-05-10 11:04 | Report Abuse

Is it legal to comment on recommendation of BUY or SELL call without license? and.. and.. and.. Is it legal to comment on comment on recommendation of BUY or SELL call without license? "Commentception", 2nd level thinking, whatever u want to call it, nailed it. :DDD

Probability

14,422 posts

Posted by Probability > 2016-05-10 11:05 | Report Abuse

im just giving an echo to murali's voice..

murali

5,723 posts

Posted by murali > 2016-05-10 11:08 | Report Abuse

Lots of jokers are shouting buy buy buy or sell sell sell or boh chow c here everyday

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 11:16 | Report Abuse

Is it meant that those who have been suffering losses as a result relying on OTB's advice paid service are able log a complaint to SC and claim damages from him?

murali

5,723 posts

Posted by murali > 2016-05-10 11:27 | Report Abuse

If that is true OTB may have to go hide with Koon Koon in one of the caves in Ipoh....

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-10 11:30 | Report Abuse

if promises are broken, of course the party who suffered losses can sue for compensation or restitution or performance of contract.,,,in a civil suit.

however, if there are no promises of profits or if there are proper disclaimer conditions, it would be difficult for the plaintiff to win in a civil suit.

However, while disclaimer clauses gives protection against civil suits.

disclaimer clauses do not provide any protection against criminal prosecution by the authorities if indeed laws are broken.





Up_down > May 10, 2016 11:16 AM | Report Abuse

Is it meant that those who have been suffering losses as a result relying on OTB's advice paid service are able log a complaint to SC and claim damages from him?

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 11:35 | Report Abuse

Stockmanmy. What if he doesn't have any valid license to provide such paid services?

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-10 11:40 | Report Abuse

if the legality of the transaction is doubtful, check with lawyers or with SC....not with me.

However under tort law, if a transaction is based on illegality, the party who has suffered can sue for avoidance of the contract including all moneys paid for the services.

CUTLOST

5,178 posts

Posted by CUTLOST > 2016-05-10 11:43 | Report Abuse

License B Full and D only

Posted by Jonathan Keung > 2016-05-10 13:58 | Report Abuse

you need to be a licensed CFA before you can dish out your financical planning. whether in stocks , unit trust, forex or deriatives. the buyer has to sign an idemnity form that acknowledge the risks of this products.

whether the product makes money is another matter. people can share their thoughts or views (Yes. ultimately you make your own decision ) to buy , hold or sell.

If given another scenario, the buyer as a CFA ask you to invest in foreign currency or commodity thru his account. You lost money ? you still cannot argue in the court of law to claim back your losses. unless he or she has given an undertaking that the product is 100% guarantee ( money back.)

Oh ! i missed out that the get rich scheme also give assurance that 100% money back guarantee. please open up your eyes and ears for scam. if in doubt please check with the relevant agencies ( eg. BNM or liensed commercial banks ) this is my personal view

arv18

2,645 posts

Posted by arv18 > 2016-05-10 14:00 | Report Abuse

This is a real eye opener. Everyone neglects to think about the legal issues!

stockmanmy

6,977 posts

Posted by stockmanmy > 2016-05-10 14:07 | Report Abuse

lots of scams but blogging per se is not a scam. To qualify as a scam, there must be something more than just blogging.

blogging is what people do in a healthy open democracy.

arv18

2,645 posts

Posted by arv18 > 2016-05-10 14:10 | Report Abuse

blogging is fine. nothing wrong with that. I doubt it constitutes financial advise. you need to have some form of contract and payment for such services .. which is why people charging subscriptions could end up in a legal tango.

JN88

11,670 posts

Posted by JN88 > 2016-05-10 14:14 | Report Abuse

You are illegal to call a buy or sell call once the call is right.

Posted by Jonathan Keung > 2016-05-10 14:15 | Report Abuse

i like to read investment blogs ( likewise sometimes i feel the urge to write ) eg say something good about a particular company. you make your own decision to believe or not to believe. same goes for everything in the internet

arv18

2,645 posts

Posted by arv18 > 2016-05-10 14:18 | Report Abuse

@JN88. How sure are you about that? Are you a barrister or solliciter? Can you please present a case study to back up your claim.

hankc

182 posts

Posted by hankc > 2016-05-10 17:41 | Report Abuse

It is not illegal unless you are caught.

kakashit

1,472 posts

Posted by kakashit > 2016-05-10 19:20 | Report Abuse

Those got licence one bring ppl to Holland one wor,they should get arrested and go into jail

Up_down

4,304 posts

Posted by Up_down > 2016-05-10 19:29 | Report Abuse

It's ok so long as they are playing within the rules of the game. How can a person without a license to provide paid services to the public? If no law to control such activities, Ah Too, Ah Kau, Ah Beng also can provide such advisory services. It could mess up the whole investment environment. SC should look into cases of those unlicensed service providers.

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