PM Securities appeal for judicial review dismissed

PETALING JAYA: The Federal Court on Monday dismissed PM Securities Sdn Bhd’s application for leave to appeal to the Federal Court against two decisions of the Court of Appeal in dismissing its judicial review applications against the Securities Industry Dispute Resolution Centre’s (SIDREC) award.
Recall that PM Securities had in 2013 filed two judicial review applications to quash awards issued by SIDREC in favour of the claimants. PM Securities had challenged SIDREC’s due process and the adjudicator’s finding that PM Securities was liable as a principal for the loss incurred by the misconduct of its representative.
In dismissing PM Securities’ application for judicial review in August 2015, the High Court held that SIDREC’s handling of the dispute resolution was fair based on SIDREC’s terms of reference and that the language of the standard remisiers’ agreement unambiguously and unequivocally creates an agency relationship between PM Securities and its representative. 
SIDREC was established by SC under the Capital Markets and Services (Dispute Resolution) Regulations 2010, to provide an independent and impartial avenue to resolve disputes between investors and capital market intermediaries.