Jul 18 2020, 06:53 PM
QUOTE(MUM @ Jul 17 2020, 07:40 AM)
well, then i guess the above is your own interpretation of the requirements.......
there are many trust companies in Malaysia too...
here is another example other than the UBB ...
try explore this site to see if there is a prospectus available for public viewing?
DCS private trust
https://www.dcsprivatetrust.com/
i maybe wrong, but i think there are other entities, that "collects money from general public for investment purposes but does NOT need a "PROSPECTUS" .
this just came to my mind ....the CO-OPERATIVE SOCIETIES....
for they have their own CO-OPERATIVE SOCIETIES ACT just like the trust companies have their own TRUST ACT to govern them.
added this, (from TIM SUM buddies), banks collect my money in saving a/c.....they use it for investment purposes...
thus if following your requirement as stated, "In short anyone collecting money from the general public for investment purposes needs to be licensed to do so. The purpose for which the money is collected and how it is going to be invested needs to be made clear in a document which is called a Prospectus."...then do they need to have a PROSPECTUS mentioning clearly the purpose of the collected money and how it is going to be invested to saving a/c holders too?
I first saw DCS when my relative shown me an ad by an agent on WeChat, RM30k per lot and 8% return per annum. While 8% return isn't impossible to achieve, it should have a considerable higher risk than traditional investment products. Also, RM30k is too much to risk, so I advised my relative to stay put and not make rash decision, better stay away from it.there are many trust companies in Malaysia too...
here is another example other than the UBB ...
try explore this site to see if there is a prospectus available for public viewing?
DCS private trust
https://www.dcsprivatetrust.com/
i maybe wrong, but i think there are other entities, that "collects money from general public for investment purposes but does NOT need a "PROSPECTUS" .
this just came to my mind ....the CO-OPERATIVE SOCIETIES....
for they have their own CO-OPERATIVE SOCIETIES ACT just like the trust companies have their own TRUST ACT to govern them.
added this, (from TIM SUM buddies), banks collect my money in saving a/c.....they use it for investment purposes...
thus if following your requirement as stated, "In short anyone collecting money from the general public for investment purposes needs to be licensed to do so. The purpose for which the money is collected and how it is going to be invested needs to be made clear in a document which is called a Prospectus."...then do they need to have a PROSPECTUS mentioning clearly the purpose of the collected money and how it is going to be invested to saving a/c holders too?
Besides, their website at first glance looks like just a Wordpress template. While it looks nice, I personally don't feel safe since any Tom, Dick and Harry can create a website in a day with just the help of Youtube.
Just my 2 cents.
This post has been edited by KCY3701: Jul 18 2020, 06:55 PM
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