KUALA LUMPUR: The Securities Commission Malaysia (SC) executive chairman Datuk Seri Dr. Awang Adek Hussin will retire with effect from June 15, 2024 and be replaced by Datuk Mohammad Faiz Azmi Mohammad Azmi.
Mohammad Faiz Azmi will take the charge from June 16, for a period of three years.
In a statement today, the finance ministry said Mohammad Faiz Azmi, a former chairman of PwC Malaysia and a current board member of the securities regulator, takes over the role from Datuk Seri Awang Adek Hussin, who will retire on June 15, the ministry said.
This appointment is in accordance with Section 4(2) of the Securities Commission Act 1993 [Act 498].
Mohammad Faiz has extensive expertise and experience in finance, capital markets, auditing, and financial management.
He holds a Bachelor of Arts (Law) degree from Durham University and is a member of several professional bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW).
He has experience as the Executive Chairman of PwC Malaysia and the Chairman of the Malaysian Accounting Standards Board (MASB). He has been a Board Member of SC since August 15, 2023.
With his experience, MOF is confident that he can make an outstanding contribution to ensure SC achieves its goal of becoming a high-performing organization.
"MOF thanks Awang Adek for his service at SC and believes his expertise and experience will continue to benefit the country's financial market," Finance Minister II Datuk Seri Amir Hamzah Azizan said in a statement.
Under Awang Adek's leadership, SC has overhauled two major capital market laws currently awaiting government approval, and introduced the Social Exchange, a fundraising platform dedicated to projects with positive social outcomes through mobilizing private and philanthropic funds to meet the needs of the underprivileged.
Other achievements include the Capital Market Graduate Program (investED) to ensure a sustainable pool of skilled industry professionals, the launch of Maqasid al-Shariah principles for the Islamic capital market, and the introduction of a roadmap for SMEs and mid-tier companies.