Check Your Remisier or Financial Planner Licence

It''s good when people ask me or my clients where to check whether someone is licensed or not. In this article, I''ll show you how to do it.

The Role of the Securities Commission

The Securities Commission Malaysia is a body responsible for monitoring investments in Malaysia. Another name for the Securities Commission is SC. The SC reports to the Minister of Finance and at the same time cooperates with Bank Negara on certain matters such as the enforcement of acts related to money laundering.

For those in the financial industry as remisiers, dealers, financial planners, and unit trust advisors, SC is a name that is usually feared. The SC is the body that monitors any misconduct by licensed individuals -- whether they are acting outside the scope of their licence or not.

In the financial industry in Malaysia, to safeguard the welfare of the public in general, anyone who wishes to promote an investment must be licensed with the Securities Commission.

Types of Licences

There are two types of licences issued by the SC, namely the Capital Markets Services Licence (CMSL) and the Capital Markets Services Representative''s Licence (CMSRL).

These licences cover several specific scopes, including:

• Dealing in securities / equities / stocks
• Dealing in derivatives -- e.g. FCPO
• Financial planning (Financial Planner)
• Fund management

Typically, when we mention CMSL, we are referring to the brokerage firm as the principal, whilst the individual holds the CMSRL licence.

Check on the Securities Commission Website

1. The SC website can be visited at Securities Commission Malaysia | Homepage (sc.com.my)
   
2. Click on the Regulation menu and go to the Licensing sub-menu
   
3. Scroll down and go to the Public Register of Licence Holders
   
4. Click on the image labelled Public Register of License Holders
   
5. Enter the name of the person you are dealing with. In my case, I entered the name Maher.
   
6. The results will appear immediately -- whether the person you searched for exists or not. Unsurprisingly, my name is indeed on the list. Click on the name for more details.
   
7. From this image, you can see that I work with Malacca Securities Sdn Bhd as someone licensed in ''Dealing in Securities'' -- a stock remisier.

Frequently Asked Questions (FAQ)

1. Where can I check a remisier or financial planner''s licence?

You can check on the official Securities Commission Malaysia (SC) website under the ''Registered Individuals'' section. Search for the individual''s name to verify their licence status.

2. What is the difference between a remisier and a financial planner?

A remisier is a licensed agent who carries out stock buying and selling transactions on behalf of clients on Bursa Malaysia. A financial planner, on the other hand, provides comprehensive financial advice including insurance, unit trusts, and estate planning.

3. What should I do if my remisier is not on the SC list?

If your remisier''s name is not on the SC list, it is very likely that the individual is not licensed. You are advised not to deal with them and to report the matter to the SC through their Investor Alert List.

4. Is a Marketing Representative the same as a remisier?

No, they are not the same. A Marketing Representative typically works under a fund management or unit trust company, whilst a remisier specialises in stock buying and selling on Bursa Malaysia. Both are required to be licensed.

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Next Steps

Make sure you deal with licensed professionals. The safety of your investments starts with this step.

Open a CDS Account: Want to start investing in stocks with a licensed remisier? Open a CDS account with Mahersaham today.

Download Free Ebook: Get our free investment basics ebook for a complete guide before you start investing.

Further Reading

• Learn Stocks in 5 Easy Steps -- The ABCDE Technique
• How to Buy Stocks on Mplus
• Stock and IPO Risk Analysis Techniques for Smart Investors