27

Dec

How to be Unit Trust Consultant

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"Unit Trust Consultant" or "UTC" means an individual who is duly registered with the Federation of Investment Managers Malaysia to market and distribute unit trust funds.

Unit Trust Consultants (UTC) Eligibility
Any person who meets the following requirements is eligible to register as a Unit Trust Consultant (UTC):
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Must be 21 years old or above;


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Must possess the minimum qualification of Grade 3 Sijil Pelajaran Malaysia (SPM), or its equivalent, as determined by FIMM;


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Must be honest, of good character and good repute. In addition, the person must also display efficiency, reliability and a high level of integrity. In this regard, the person must not have been:

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found by a court or other competent authority to have acted fraudulently or dishonestly;or
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convicted of a criminal offence; or
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censured or reprimanded by, or denied or disqualified from membership of a professional or trade body; or a regulatory licence, registration or similar approval has been refused or revoked; and


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The person must sign a statutory declaration attesting to the above attributes and must not be in breach of the signed statutory declaration at all times.


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Upon satisfying the requirements, the person must pass the Computerised Unit Trust Examination (CUTE) before being authorised to market and distribute unit trusts. A person who does not satisfy the basic requirements will not be registered to sit for the CUTE.

Rules And Regulations For UTC 
UTC Guidelines On Marketing And Distribution Of Unit Trusts
 Registration as a Unit Trust Consultant (UTC) requires compliance with all clauses under the Minimum Standards for Registration of UTC, as stipulated in the "Guidelines on Marketing and Distribution of Unit Trust Funds" issued by the Securities Commission, including the requirement to pass the CUTE prior to registration.

Code Of Ethics And Standards of Professional Conduct For The Unit Trust 
The registered UTC must comply with all the provisions of the Code Of Ethics And Standards Of Professional Conduct For The Unit Trust Industry at all times.

UTC Application
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Application to be a registered Unit Trust Consultant (UTC), be it a first time registration or re-registration, must be made through the respective UTMCs, IUTAs or CUTAs. Please note that the documentation listed below may not be exhaustive as each UTMC, IUTA or CUTA may have additional mandatory documentation.


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Registration for the CUTE and as a UTC

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For an applicant who has not taken or passed the CUTE, the registration process encompasses both the registration to sit for the CUTE and the registration to be a UTC. Upon passing the CUTE, FIMM will then process the applicant's registration to be a UTC.
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The following documentation are required by FIMM to process the registration to sit for the CUTE and registration to be a UTC:

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Duly completed Application Form (click here for the sample)
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Statutory Declaration for Registration of UTC
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Two passport-sized colour photographs
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Fees, as applicable
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Sighting of the documentary evidence of minimum education, ie SPM certificate or its equivalent is the sole responsibility of the UTMCs, IUTAs and CUTAs. Please refer to the respective UTMCs, IUTAs or CUTAs for the CUTE locations and timetable.
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Submission to FIMM must be done with complete documentation.


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Re-registration as a UTC

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Registered UTCs must resign from their current company before they are allowed to re-register with a new company.
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The UTC applying for re-registration may be required to fulfil additional requirements prior to being allowed to rejoin the unit trust industry if they have been inactive for more than 1 year from the date of non-renewal, resignation or termination, whichever is earlier.
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The following documentation are required by FIMM for re-registration of a UTC:

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Cover letter from company
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Statutory Declaration for Registration of UTC
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One passport-sized colour photograph
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Fees, as applicable
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The company which is re-registering the UTC may request for other documents such as the FIMM certificate for verification purposes.
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Submissions to FIMM must be done with complete documents.

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