On 5 July 2021, MLY SCM amended guidelines on compliance function.
- MLY SCM updated guidelines on compliance function for fund management companies.
- To ensure there are controls and compliance established towards ensuring investor protection and market confidence, and activities are in compliance with requirements.
- Amend paragraph on disclosure, to remove requirement to disclose interest or holdings in other assets including alternative products, and interests in special purpose vehicle.
- Include disclosure of interest or holdings in derivative products, and clarify that investments in unit trust scheme, equity crowdfunding, P2P financing are excluded.
- Clarify investment committee members should abstain from participating in meetings.
- Distinguish obligation between employees involved in fund management activities from those who are not, where there is added obligation for employees that are involved.
- Inserted new paragraph requiring fund management companies to identify employees who are involved in fund management activities based on their scope of work.
- Clarify obligations of boutique portfolio management company in selecting companies.