The SC had on Wednesday said the guidance note was to provide clarity to the industry and members of the public. KUALA LUMPUR: The Securities Commission (SC), concerned about the provision of investment advice via social media upon payment of a fee, has issued a guidance note to warn the public about the possibility of being defrauded. The SC had on Wednesday said the guidance note was to provide clarity to the industry and members of the public. It focuses on the conduct which the SC would consider as falling within the regulated activity of providing investment advice under the Capital Markets and Services Act 2007 (CMSA). It said there has been an increasing number of queries and complaints received regarding various social media, chat rooms and messaging applications that appear to be providing specific stock recommendations and/or investment advice to members of the public, who are given access to these recommendations and/or advice upon payment of a fee. “The SC cautions members of the public against dealing with unlicensed investment advisers as they could be defrauded or used as part of a market manipulation scheme, ” it said. It reminded investors to verify the licensing status of platforms, companies and individuals offering capital market services or products, including the provision of investment advice, before making any investment decision. Information on persons licensed or registered by the SC can be found at the Public Register of License Holders https://www.sc.com.my/regulation/licensing/licensed-and-registered-persons and List of Registered Recognised Market Operators at www.sc.com.my/rmo. The SC also warned any person carrying on a business of giving investment advice without a licence commits an offence under the CMSA which is punishable with a fine not exceeding RM10mil or imprisonment not exceeding 10 years or both, if found guilty. The guidance note can be downloaded at www.sc.com.my/regulation/guiding-principles
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