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Go Independent
The Capital Markets and Services Act 2007 (CMSA) comes into force on 28 September 2007. The CMSA, passed by Parliament in May 2007, consolidates the Securities Industry Act 1983, the Futures Industry Act 1993 and Part IV of the Securities Commission Act 1993 which deals with fund raising activities.
A key CMSA measure benefiting capital market intermediaries is the introduction of the single licensing regime. Under this measure, intermediaries hold a Capital Markets and Services Licence as opposed to multiple separate licences, which effectively reduces administrative and compliance costs and ultimately saves time.
Introduction of CUTA
Federation of Malaysia Unit Trust Managers (FMUTM) introduced a new group of distributors known as "Corporate Unit Trust Advisers or CUTA" on 11 October 2007. Financial Planners who hold the CMS Licence (Dealing in Securities restricted to unit trust products) are eligible to apply to register with FMUTM to market and distribute unit trusts of multiple unit trust management companies (UTMC)
Unlike the traditionally unit trust agents which represent one company, CUTA represents two or more UTMCs and thus are able to offer more investments choices to their clients.
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