Capital Markets And Services (Private Retirement Scheme Industry) Regulations 2012 [P.U. (A) 77/2012]

The Capital Markets and Services (Private Retirement Scheme Industry) Regulations 2012 (the Regulations) have been gazetted and came into operation on 19 March 2012. The Regulations provide the operational framework for the Private Retirement Scheme (PRS), in particular the duties and responsibilities of the parties involved, namely the PRS Provider, the Scheme Trustee and the Trustee for the Employer-Sponsored Retirement Scheme.
Members may click here to view the Regulations.

The Securities Commission of Malaysia (SC) has also issued the Guidelines on PRS which lay down the detailed operational, regulatory and disclosure requirements which must be complied with by the PRS Providers, the Scheme Trustee, etc. . In addition, the SC has also published a list of Frequently Asked Questions on PRS and the relevant application and notification forms as well as various checklists. .

A Press Release was issued on 5 April by the SC announcing the approval of eight Private Retirement Scheme Providers. It was stated that the PRS Providers were selected on the basis of their expertise in investment and/or pension fund management, experience in global pensions management, financial strength, governance structure and proposed business model. The eight approved PRS Providers are as follows:

• AmInvestment Management Sdn Bhd;
• American International Assurance Bhd;
• CIMB-Principal Asset Management Bhd;
• Hwang Investment Management Bhd;
• ING Funds Bhd;
• Manulife Unit Trust Bhd;
• Public Mutual Bhd; and
• RHB Investment Management Sdn Bhd.

For more information, members may visit the SC’s website or view the relevant document on the relevant document .