Malaysia’s securities regulator is shutting down its training arm, Securities Industry Development Corp (SIDC), after more than three decades following a review of its operations over the past year, according to local business paper The Edge.
Securities Commission Malaysia (SC) established the SIDC in 1994 to provide training and certification for the securities industry.
The review concluded that the SIDC’s existing operations was no longer in line with prevailing market conditions, The Edge reports on May 2, citing a statement from the SIDC in response to questions from the paper.
“The board of directors of SIDC has therefore approved the cessation of the organisation’s commercial operations,” according to the statement.
In response to Asia Asset Management’s query, SIDC adds that it remains as an entity and together with the SC, it will ensure all mandatory programmes and training will continue as scheduled without disruptions.
“A dedicated taskforce has also been established to ensure continuity,” SIDC tells AAM in a statement.
