Institutional PRS Advisers

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“Institutional PRS Adviser” or “IPRA”. means a corporation registered with FIMM and authorised to market and distribute private retirement schemes of another party.

Registration of Institutional PRS Adviser

Eligibility for registration of Institutional PRS Adviser

Pursuant to FIMM’s Consolidated Rules, the eligibility requirements for registration as an IPRA is a corporation which is:-

  1. A holder of a Capital Market Services License (“CMSL”) to carry out the regulated activity of dealing in PRS; or
  2. A financial institution specified as “registered person” in the Third Column under item 6 Part 1 of Schedule 4 of the Capital Market Services Act (“CMSA”).

 

Submission for Registration as Institutional PRS Adviser

For submission of documentation for the application of registration as IPRA, please click here.

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Guidelines & Regulations and Fees

Title
1) FIMM Consolidated Rules
Download
2) Code of Ethics and Rules of Professional Conduct (Unit Trust Funds)
Download
3) Registration Manual
Download

IPRA Fee Structure

IPRA Application Fee

An application for registration must be accompanied by a non-refundable Application Fees of RM1,325 (inclusive of GST 6%) and Annual Fees of RM 10,600 (inclusive of GST 6%).This Application and Annual Fees will be waived if the applicant is existing IUTA or UTMC registered with FIMM.

IPRA Annual Fee

  • For IPRA which are existing IUTA: Total Gross Sales factor (unit trust schemes & wholesale fund & private retirement schemes)
  • For IPRA which are existing UTMC & IUTA: AUM factor (unit trust schemes & wholesale funds) plus Total Gross Sales factor (private retirement schemes).
  • Minimum Annual IPRA Fee: RM10,600 (inclusive of GST 6%)
  • The IPRA annual fee is payable in January of each year.
  • IPRA Annual Fee is the total of:

1. PRS Consultant Factor: RM53 (inclusive of GST 6%) per PRS Consultant (without card fee); or

2. PRS Consultant Factor: RM56.18 (inclusive of GST 6%) per PRS Consultant (with card fee); and

3.IPRA Sales factor (below)

Total Annual Sales Annual Fee (RM)
A. sales <250 mil 10,000
RM 250 mil ≤ A.sales < RM 500 20,000
RM 500 mil ≤ A.sales < RM 1,000 40,000
RM 1,000 mil ≤ A.sales < RM 2,000 60,000
RM 2,000 mil and above 80,000

                    All fees quoted above are subject to GST of 6%

  • The above Sales factor is subject to following:
Fund Category Particulars Sales Factor
Normal load funds Include normal-load funds that are charging maximum front-end and/or back-end charges of 3% and above,such as equity funds and mixed asset funds 100%
Low load funds Include low-load funds that are charging maximum front-end/or back-end charges of less than 3% such as fixed-income or bond funds and capital guaranteed/protected funds 25%
No-load funds Include no-load funds such as money market funds and other funds that are not imposing any front-end and/or back-end charges 0%
  •   The number of category as well as the category as well as the threshold (sales levy) for respective category are subject to annual revision by the Board of Directors.

Note:

a) IPRA that are not IUTA are required to pay Annual Fee.Determination of Annual Fee will be based on annual gross sales of the PRS. If the total annual gross sales is less than RM250 million,the minimum fees of RM10,600 (inclusive of GST 6%) shall apply.

b) IPRA that are IUTA are required to pay Annual Fee. Determination of Annual Fee will be based on annual gross sales of PRS calculated with the annual gross sales of unit trust funds and wholesale funds (if any). If the total annual gross sales is less than RM250 million,the minimum fees of RM10,600 (inclusive of GST 6%) shall apply.

c) IPRA that are UTMC are required to pay Annual Fee. Determination of Annual Fee will be based on annual gross sales of PRS. If the total annual sales is less than RM 250 million,the minimum fees of RM10,600 (inclusive of GST 6%) shall apply.

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List of Institutional PRS Advisers

Institutional Private Retirement Scheme Adviser
1. AmBank (M) Berhad
2. Bank Muamalat Malaysia Berhad
3. CIMB Bank Berhad
4. Citibank Berhad
5. iFast Capital Sdn. Bhd.
6. Kenanga Investment Bank Berhad
7. Kenanga Investors Berhad
8. Phillip Mutual Berhad
9. Public Bank Berhad
10. RHB Bank Berhad
11. TA Investment Management Berhad
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