SERC approves new reporting guidelines
SERC approves new reporting guidelines
The Securities and Exchange Regulator of Cambodia (SERC) has officially approved the adoption of the Guideline on Reporting Forms for Fund Management Companies (FMCs), a move aimed at enhancing the performance and soundness of the industry.
The regulator notified FMCs that it approved regulations for report formats on January 23.
The step is designed to improve awareness and ensure compliance with reporting, notification and permission request obligations in a structured and efficient manner, in line with the prakas – or proclamation – on obligations.
SERC director-general Sou Socheat told The Post on January 24 of the significance of the notification.
He emphasised that it is crucial for all FMCs to comply, enabling the regulator to manage and mitigate risks in their businesses effectively.
“It is a reporting system that we have already set up for them to implement properly in compliance with the existing rules and regulations. Our main objective is to monitor and supervise their business performance and activities. If we find any disorder, we can intervene immediately to avoid any risks,” Socheat said.
He highlighted that numerous individuals have been duped by unprofessional groups, which accumulate funds via social media platforms by promising high returns, and pointed out that these activities are unethical and negatively impact ordinary people, who sometimes resort to borrowing money for such schemes.
According to Socheat, SERC had licensed and accredited 120 securities companies to operate and provide services as of December 19.
This includes 13 securities companies; four financial and two investment advisory firms; three securities distributors; five central counterparties; 22 derivatives brokers; 16 fund and eight asset management companies; four companies engaged in selling, repurchasing or repaying; and three fund managers; in addition to granting permission and recognition to the 40 other companies.
As of December 13, the regulator had issued a total of 45,870 investor identification numbers.
