KUALA LUMPUR: The Securities Commission said it has not been able to establish that there was a breach of regulation with relation to the trading account of Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki.

       "The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under section 25(4) SICDA has occurred," it said in a statement.

       The capital markets regulator said the issue over Azam's trading account relates to whether there was a breach under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA).

       Section 25(4) SICDA provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

       "The SC is making this statement in response to media queries received today on the outcome of the SC’s inquiries under section 25(4) SICDA in relation to Tan Sri Azam Baki’s trading account.

       "At the outset, the SC wishes to state that as a capital market regulator, the SC’s regulatory remit are set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and Securities Industry (Central Depositories) Act 1991 (SICDA)," it added.