-Unofficial
translation-
Ministerial Regulation Concerning Approval on Undertaking of
Securities Business
in the Category of Venture Capital Management B.E. 2545
By virtue of Section 7 and the fourth paragraph of Section 90
of the Securities and Exchange Act B.E. 2535, which is an Act containing
provision in relation to restrictions of rights and liberties of persons, in
respect of which Section 29, in conjunction with Section 35, Section 36, Section
45, Section 48 and Section 50 of the Constitution of the Kingdom of Thailand
allowed to be done by virtue of provisions of law, Finance Minister issues
Ministerial Regulation as follows:
Clause
1 Person eligible to apply for securities business
license in the category of venture capital management under this Ministerial
Regulation shall-
(1) be a limited company or a public limited company newly
established to operate securities business in the category of venture capital
management;
(2) have objectives limited to operating securities business
in the category applying for the license, and other businesses as permitted by
the SEC;
(3) be able to show that its operational system will be
prompt for operating securities business in the category of venture capital
management; consideration on which will be taken into account its internal
control system, record keeping system and system for making reports concerning
venture capital management;
(4) be able to show that its human resource will be prompt
and adequate with a view to responsibility for venture capital management
consideration on which shall be based on the company executives’
knowledge,competence, honesty and working experience.
Clause 2 Person intending to establish a limited company or public
limited company for operating securities business in the category of venture
capital management shall file an application for approval of establishing such a
limited company or public limited company for operating securities business in
the category of venture capital management with the SEC Office within the period
of time, in form and together with supplementary documents as specified by the
SEC’s Notification.
Clause
3 In case where the SEC is of the view that limited
company or public limited company so established has qualifications as specified
in this Ministerial Regulation, the SEC shall recommend the Minister to grant
his approval on the establishment of such limited company or public limited
company within sixty days from the date on which the SEC Office receives
complete application and supplementary documents.
The Minister shall complete his consideration for approval on
the establishment of limited company or public limited company under the first
paragraph within thirty days from the date receiving the
SEC’s recommendation.
Clause 4 Upon the Minister’s approval under Clause 3, the approved
person shall proceed with establishment of new limited company or public limited
company for operating securities business in the category of venture capital
management as approved, and the newly established limited company or public
limited company shall, within thirty days from the date on which the approval is
granted, file the application for securities business license in the category of
venture capital management with the SEC Office, provided that the application
shall be in form and filed together with supplementary documents as specified in
the SEC’s Notification. In case where the approved person fails to establish new
limited company or public limited company or fails to file the application for
license within the period of time specified under the first paragraph, such
approval shall be terminated.
Clause 5 In case where the SEC is of the view that the applicant
under Clause 7 has qualifications as specified in this Ministerial Regulation,
the SEC shall recommend the Minister to make consideration regarding issuance of
license within thirty days from the date on which the SEC Office receives
complete application and supplementary documents. The Minister shall complete
his consideration within thirty days from the date of receiving the SEC’s
recommendation. Securities business license in the category of venture capital
management shall be in form specified in the SEC’s Notification.
Clause 6 In issuing securities business license in the category of
venture capital management, there shall be a condition specifying that the
licensee shall maintain its qualifications as specified in this Ministerial
Regulation throughout the license period and shall undertake business operation
in accordance with criteria, conditions and procedures as specified in the SEC’s
Notification.
Clause
7 Fees shall be prescribed as follows:
(1) Application fee Baht 10,000
(2) Venture capital management license Baht 10,000 The licensee shall pay license fee on the date of obtaining
the license.
Given on the date of 10th January B.E. 2545
Somkid Jatusripitak
Finance Minister
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This English version is prepared by Legal Department with the
sole purpose of facilitating the comprehension of foreign participants in the
SEC’s rules and regulations and shall not in any event be construed or
interpreted as having effect in substitution for or supplementary to the Thai
version thereof.
Please note that the translation has not been subjected to an
official review by the SEC Office. The SEC Office, accordingly, cannot undertake
any responsibility for its accuracy, nor be held liable for any loss or damages
arising out of or in connection with its use.