Capital Markets and Services Act 2007 s 111

s 111 Certain monies received by holder of Capital Markets Services Licence to be paid into trust account

(1) A holder of a Capital Markets Services Licence shall establish and keep in a licensed institution one or more trust accounts designated or evidenced as such into which he shall pay— (a) all amounts, less any brokerage and other proper charges, that are received from or on account of any person, other than a holder of a Capital Markets Services Licence, for the purchase of securities and that are not attributable to securities delivered to a holder of a Capital Markets Services Licence not later than the next bank business day or such other day as may be specified by the Commission on which they were received by such holder; and (b) all amounts, less any brokerage and other proper charges, that are received for or on account of any person, other than a holder of a Capital Markets Services Licence, from the sale of securities and that are not paid to that person or as that person directs not later than the next bank business day or such other day as may be specified by the Commission on which they were received by such holder. (2) For the purposes of paragraph (1)(b), any cheque issued for the purpose of payment to a person which is not collected by that person or as directed by that person within five bank business days or such other day as may be specified by the Commission, after the date such cheque is issued shall be credited into the trust account. (3) A holder of a Capital Markets Services Licence who— (a) contravenes this section commits an offence and is liable on conviction to a fine not exceeding one million ringgit; or (b) with intent to defraud, contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding ten years or to both.

Malay text (authoritative)

Wang tertentu yang diterima oleh pemegang Lesen Perkhidmatan Pasaran Modal hendaklah dibayar ke dalam akaun amanah

(1) Pemegang Lesen Perkhidmatan Pasaran Modal hendaklah mengadakan dan menyimpan di institusi berlesen satu akaun amanah atau lebih yang ditetapkan atau dibuktikan sebagai sedemikian yang ke dalamnya dia hendaklah membayar— (a) semua amaun, ditolak apa-apa bayaran pembrokeran dan caj sepatutnya yang lain, yang diterima daripada atau atas akaun mana-mana orang, selain pemegang Lesen Perkhidmatan Pasaran Modal, bagi pembelian sekuriti dan yang tidak boleh dikaitkan dengan sekuriti yang dihantar serah kepada pemegang Lesen Perkhidmatan Pasaran Modal tidak lewat daripada hari perniagaan bank yang berikutnya atau mana-mana hari lain sebagaimana yang ditentukan oleh Suruhanjaya yang padanya ia diterima oleh pemegang itu; dan (b) semua amaun, ditolak apa-apa bayaran pembrokeran dan caj sepatutnya yang lain, yang diterima bagi atau atas akaun mana-mana orang, selain pemegang Lesen Perkhidmatan Pasaran Modal, daripada penjualan sekuriti dan yang tidak dibayar kepada orang itu atau sebagaimana yang diarahkan oleh orang itu tidak lewat daripada hari perniagaan bank yang berikutnya atau mana-mana hari lain sebagaimana yang ditentukan oleh Suruhanjaya yang padanya ia diterima oleh pemegang itu. (2) Bagi maksud perenggan (1)(b), apa-apa cek yang dikeluarkan bagi maksud pembayaran kepada seseorang yang tidak dipungut oleh orang itu atau sebagaimana yang diarahkan oleh orang itu dalam masa lima hari perniagaan bank atau mana-mana hari lain sebagaimana yang ditentukan oleh Suruhanjaya, selepas tarikh cek itu dikeluarkan hendaklah dikreditkan ke dalam akaun amanah. (3) Pemegang Lesen Perkhidmatan Pasaran Modal yang— (a) melanggar seksyen ini melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi satu juta ringgit; atau (b) dengan niat untuk memfraud, melanggar seksyen ini melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi satu juta ringgit atau dipenjarakan selama tempoh tidak melebihi sepuluh tahun atau keduaduanya.

Read this section in the full act → · Open Division 4 →

Find Act 671 on lom.agc.gov.my ↗

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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