In Malaysia, the person who handles a share trading account is often called a remisier or a dealer's representative. Anyone who carries out a regulated activity, such as dealing in securities, on a regular basis needs a Capital Markets Services Representative's Licence (CMSRL) from the Securities Commission Malaysia (SC).
Why the person and the firm both matter
A licensed representative does not work alone. The SC says people who intend to carry out a regulated activity on a regular basis must apply for a CMSRL through a company that holds a Capital Markets Services Licence (CMSL). That company is known as the principal. The SC also notes that a representative can transfer from one principal to another.
So a proper check has two parts. First, confirm that the individual is licensed. Second, confirm that the company they say they represent is licensed, and that it matches the principal shown on the individual's record.
The licence also covers specific activities, such as dealing in securities, trading in futures contracts or fund management. A person licensed for one activity is not automatically licensed for another.
How to search on the SC Investment Checker
Go to sc.com.my/investment-checker. The SC says the tool lets you verify if an individual or entity is authorised by the SC to offer, promote or sell capital market products and services in Malaysia.
Choose to search for an individual. You can filter by categories including Licensed Representative, Registered Person, Marketing Representatives and Financial Planners. You can search by name, and the SC also allows searches by NRIC or passport number.
Read the result carefully. Check the full name, the licensed activity and the principal company. If the person gave you a business card or a name in a chat, compare the spelling exactly.
The SC also publishes a Licensed and Registered Persons page on sc.com.my, with downloadable lists for some categories, such as Marketing Representatives.
What if the name shows up as unauthorised?
Names on the SC Investor Alert List are included in Investment Checker results and are marked as Unauthorised. The SC's examples include potential clone entities that misuse another firm's name. Treat this as a clear warning sign.
If you cannot find the person at all, or the details do not match, contact the SC on 03-6204 8999 before going any further. SmartChecker also shows register records and reviews for the companies it lists, which can help you compare a firm's name with official sources.
Common questions
Is a remisier the same as a dealer's representative? Both terms are commonly used for a person who deals in securities for clients on behalf of a stockbroking firm, and that person needs an SC licence.
Can I check a unit trust consultant this way? The SC lists FIMM as the body for complaints about the conduct of unit trust and Private Retirement Scheme consultants, so you can also check with FIMM.
What if someone says they are registered but not licensed? The SC keeps separate categories for licensed representatives and registered persons, and the Investment Checker shows which category applies to each name.
Does a licence mean an investment is safe? No. A licence shows the person is authorised by the SC. It does not tell you whether a product suits you or how it will perform.