Kuala Lumpur, 2 July 2020
For immediate release.
PUBLIC REPRIMAND AGAINST CHE MOHD AZFARIZAN BIN CHE SEMAN (A FORMER UNIT TRUST CONSULTANT – FIMM No: 054-0-52422)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Che Mohd Azfarizan Bin Che Seman (“Azfarizan”), a former unit trust scheme (“UTS”) consultant for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated 22 January 2013 (“FIMM’s Code”).
Azfarizan was found to be in breach of Clause 3.1.3 (a) and 3.3.1 of FIMM’s Code for:
- Marketing and distributing UTS of RHB Asset Management Sdn Bhd (“RHBAM”) to an investor while being a registered UTS consultant of Principal Asset Management Berhad; and
- Entering into a proxy arrangement with Rahimah Binti Che Ramli, who was at the material time a UTS consultant of RHBAM to submit the investment application of the investor to RHBAM.
Clause 3.1.3(a) of FIMM’s Code requires UTS consultants at all times, to act with honesty, dignity and integrity.
Clause 3.3.1 of FIMM’s Code prohibits UTS consultants from making arrangements, in whatever manner, to market and distribute unit trust funds of other Ordinary Members or those distributed by other Institutional Unit Trust Advisers or Corporate Unit Trust Advisers.
The Public Reprimand was imposed on Azfarizan to send a strong message to deter other UTS consultants from committing similar misconducts and to safeguard the interest of the investing public and the industry.
Additionally, Azfarizan has been barred from future registration with FIMM effective 4 June 2020.
For more information on matters related to UTS, Private Retirement Scheme and investor protection, please visit www.fimm.com.my
About Federation of Investment Managers Malaysia
The Federation of Investment Managers Malaysia (FIMM) was established in 1993 to support the development of the investment management industry. On 20 January 2011, FIMM was recognised as a Self-Regulatory Organisation (SRO) by Securities Commission Malaysia. As an SRO, FIMM regulates and supervises its members and registered persons to strive for the highest level of integrity and standards of practice that will best serve the investment management industry and promote investor protection.
For more information about this press release, please contact:
Mr. Jegatheesan Govintharaj
Legal & Regulatory Affairs, FIMM
Tel: 03-2093 2600