PRS Providers are entities that are licensed by the Securities Commission Malaysia (SC) to provide and manage private retirement schemes. PRS Providers must manage the schemes according to the deed and disclosure documents of the schemes. PRS Providers owe a duty of care to the members of the schemes to observe high standards of integrity and fair dealing in administering the PRS and managing the funds to the best interest of the members of the schemes.
To qualify as a PRS Provider, the company must fulfilled stringent criteria as set out by the SC. The promotion of high governance is among the main tenet underlying such eligibility and operating requirements that include fund management expertise and track record; a strong balance sheet and governance structure as well as good professional standing.
Registration of PRS Provider
A PRS Provider who intends to market and distribute private retirement schemes and who holds a CMSL to carry out the regulated activity of dealing in private retirement schemes shall register with FiMM before commencing Operation.
Eligibility for registration of PRS Provider
As prescribed under subsection 139P(1) of the CMSA, only a PRS Provider approved by the SC under subsection 139Q(3) of the CMSA can establish, offer or provide a private retirement scheme or hold himself out as establishing, offering or providing a private retirement scheme. Such Corporations who hold a valid CMSL approved by SC to carry out the regulated activity of dealing in private retirement schemes is eligible to register as a PRS Provider..
Submission for Registration as PRS Provider
For submission of documentation for the application of registration as PRS Provider,please click here.
Note: Unless all information requested is provided, the application shall not be processed. FIMM may request for additional information/documentation in relation to any such matter.
PRS Provider Fee Structure
- Application Fee: RM5,000
- Annual Fee: RM10,000 (minimum – see AUM Factor below)
PRS Provider who is already a Member
- Application Fee: RM0 (application fee is waived)
- Annual Fee: RM0 (annual fee as a PRS Provider is waived)
Asset Under Management (AUM) Factor in PRS Provider Annual Fee
- For PRS Provider who is an existing Member, no AUM Factor will be imposed as a PRS Provider.
- For standalone PRS Providers, the AUM Factor regarding the Annual Fee will be imposed as per below:
The AUM is classified into two (2) fund groups (i.e. Group A and Group B) as follows:
|Group A||Include fixed-income or bond funds,money market funds,capital guaranteed/protected funds and other funds. As a general guide,these funds do not charge and annual management fee (include profit sharing) of more than 1%.|
|Group B||Includes funds that are not classified under Group A such as equity funds and mixed-asset funds.|
AUM Factor = (Levy factor of Group A x AUM) + (Ley factor of Group B x AUM)
The Levy factor is set out below:
|AUM||Levy factor (per RM 1mil)|
|Group (A) RM||Group (B) RM|
|First RM 50 mil||20.00||80.00|
|Next RM 100 mil||13.33||53.33|
|Next RM 500 mil||8.89||35.56|
|Next RM 1,000mil||5.92||23.70|
|Next RM 2,000mil||3.95||15.80|
For PRS Providers whose AUM is less than RM50 million, the Annual Fee shall be the minimum (i.e. RM10,000).
Annual Fee for PRS Providers are payable in January of each year.
PRS Consultant Factor
- RM50 per PRS Consultant (without card fee)
- RM53 per PRS Consultant (with card fee)