Hayden@HJ, the regulatory body is the Board of Valuers, Appraisers & Estate Agents Malaysia (BOV) and their official website is www.lppeh.gov.my whilst their publicity website is www.propertyagent.gov.my.
It is a government body created by the Valuers, Appraisers & Estate Agents Act 1981 and it enforces the Act, the Valuers, Appraisers & Estate Agents Rules 1986 and standards set by it. Only the BOV can enforce the act and rules, not MIEA (Malaysian Institute of Estate Agents) but the powers of arrest lies with the police whilst the prosecution powers lies with the AG.
The RENs working for registered firms without REN numbers are regularly being hauled up by the BOV but the BOV only acts when there is a report lodged. Please do lodge reports if you do see such persons.
MIEA takes care of the well being of it's members, namely the Registered Estate Agents, Registered Probationary Estate Agents and Registered Real Estate Negotiators and the public via education and can only help to report a wrongdoing.Cheers.