For business owners, course trainers, influencers, and content creators, whenever the content provided touches on investment-related topics, it is essential to understand clearly where the legally permitted boundaries lie.
The SC's Guidance Note on Provision of Investment Advice, revised and issued on 18 July 2024, provides further clarification on this. It is particularly noteworthy that the SC has expressly stated that merely adding a disclaimer in the content stating that “this content does not constitute investment advice” does not exempt a person from the relevant licensing requirements.
When does providing investment advice require a licence?
Under Schedule 2 of the Capital Markets and Services Act 2007 (“CMSA”), where an activity falls within either of the following, the relevant person must obtain a licence from the SC:
- providing investment advice to others, by way of business, concerning securities or derivatives; or
- as part of a business, issuing or disseminating analyses or reports concerning securities or derivatives.
In assessing whether an activity amounts to a regulated activity, the SC considers the overall circumstances and nature of the activity. Broadly, this can be understood from two perspectives.
1. The nature of the communication
First, one must examine the nature of the information or communication provided.
A communication is likely to be regarded as “providing investment advice on securities or derivatives to others” where it:
- contains investment advice or an opinion; and
- that advice or opinion is likely to induce others to take an investment action,
for example, to:
- Buy;
- Sell; or
- Hold,
and the advice relates to:
- a particular security;
- a particular industry sector; or
- a particular investment instrument.
In such circumstances, the communication is very likely to be treated as investment advice.
2. Whether it amounts to “carrying on a business”
Secondly, the SC also assesses whether the activity has reached the level of “carrying on a business”.
Where the activity is systematic, regular, or commercial in nature, the SC is more likely to find that it constitutes carrying on a business.
The risk is markedly higher where, in particular:
- paid investment advice is provided;
- a fee-based subscription group or channel is offered through social media or online platforms, within which investment advice is provided; or
- a direct or indirect benefit or reward is obtained from providing the investment advice.
Note that the above are not the only relevant factors. In making a regulatory assessment, the SC may still take other relevant factors into account.
It must again be emphasised that merely adding a disclaimer stating that the content “does not constitute investment advice” does not exempt a person from the legal obligation to hold a licence.
Conclusion
The SC's Guidance Note makes clear that, in a regulatory assessment, the regulator looks at the substance of the conduct rather than the label or declaration attached to it.
Where a communication:
- contains advice or opinions likely to induce others to buy, sell, or hold securities or derivatives; and
- the activity has a degree of structure or continuity, or is carried on with a purpose of obtaining benefit,
the conduct is very likely to fall within the scope of regulated investment advice activity under the CMSA.
Accordingly, business owners, trainers, influencers, and content creators should carefully review their own business models when dealing with investment-related content, so as to avoid inadvertently carrying on licensed investment advisory activity.
In particular, a disclaimer by itself does not exempt a person from the legal requirement to obtain a licence.
If the activity amounts to a regulated investment advisory service, the relevant licence must be applied for and obtained from the Securities Commission Malaysia (SC).
对于企业经营者、课程讲师、意见领袖（Influencers）以及内容创作者而言，只要所提供的内容涉及投资相关议题，就有必要清楚了解法律所允许的边界在哪里。
SC 于 2024 年 7 月 18 日修订发布的《投资建议提供指引》（Guidance Note on Provision of Investment Advice）对此作出了进一步说明。值得特别注意的是，SC 明确指出：仅仅在内容中加入“本内容不构成投资建议”的免责声明，并不能免除相关执照要求。
什么时候提供投资建议需要执照？
根据《2007 年资本市场与服务法令》（Capital Markets and Services Act 2007，简称 CMSA）附表 2 的规定，当某项活动符合以下任何一种情形时，相关人士必须取得 SC 的执照：
- 以业务形式向他人提供有关证券或衍生工具的投资建议；或
- 作为业务的一部分，发布或传播有关证券或衍生工具的分析或报告。
在判断某项行为是否构成受监管活动时，SC 会综合考虑相关活动的整体情况与性质。从理解角度来看，通常可以从以下两个方面进行判断。
一、沟通内容的性质
首先，需要审视的是所提供信息或沟通内容的性质。
如果某项沟通内容包含以下情况，通常可能被视为“向他人提供证券或衍生工具投资建议”：
- 提供投资建议或意见；
- 该建议或意见可能诱导他人采取投资行动，
例如：
- 买入（Buy）；
- 卖出（Sell）；或
- 持有（Hold），
并且该建议涉及：
- 特定证券；
- 特定行业板块；或
- 特定投资工具。
在这种情况下，该沟通内容很可能被认定为投资建议。
二、是否构成“经营业务”
其次，SC 还会评估相关活动是否已经达到“经营业务（carrying on a business）”的程度。
如果相关活动具有系统性、规律性或商业性质，SC 更可能认定其属于经营业务。
特别是当出现以下情况时，风险会明显提高：
- 提供付费投资建议；
- 通过社交媒体或线上平台提供收费订阅群组或频道，并在其中提供投资建议；或
- 从提供投资建议中直接或间接获得利益或报酬。
需要注意的是，上述因素并非全部考虑因素。在进行监管判断时，SC 仍可能考虑其他相关因素。
同时必须再次强调：仅仅在内容中加入免责声明，声明该内容“不构成投资建议”，并不能免除持有执照的法律义务。
结论
SC 的指引明确表明，在监管评估中，监管机构关注的是行为的实质，而不是标签或声明。
如果相关沟通内容：
- 包含可能诱导他人买入、卖出或持有证券或衍生工具的建议或意见；
- 且相关活动具有一定的结构性、持续性，或带有获取利益的目的，
那么该行为很可能已经落入 CMSA 所规定的受监管投资建议活动范围。
因此，企业经营者、培训讲师、意见领袖以及内容创作者在涉及投资相关内容时，应当谨慎审视自身的业务模式，以避免在无意中从事需要执照的投资顾问活动。
尤其需要注意的是：免责声明本身，并不能免除取得执照的法律要求。
如果相关活动属于受监管的投资建议服务，则必须向马来西亚证券委员会（SC）申请并取得相应执照。