KUALA LUMPUR (May 2): Securities Industry Development Corporation, the training arm of the Securities Commission Malaysia, is shutting down over unsustainable operations.

A review over the past year concluded that its existing operation was no longer in line with prevailing market conditions, the company also known as SIDC said in a statement in response to The Edge’s query over the weekend.

“The board of directors of SIDC has therefore approved the cessation of the organisation’s commercial operations,” the SIDC said.

SIDC is responsible for providing training as well as certification for the securities industry, especially those in operations, compliance, trading or marketing.

The Capital Markets Services Representative’s Licence, a key licence for those carrying out regulated activities like corporate finance, investment advice, dealing in securities, or fund management, is also administered by SIDC.

“SIDC remains as an entity and, together with the Securities Commission Malaysia, will ensure all mandatory programmes and training will continue as scheduled without disruption,” the SIDC said.

A taskforce has also been established to ensure continuity, the company added.