The SEC conducted public hearings on the regulations on the application for approval, the granting of approval for the association, and disclosure of information thereof during April – May 2023 and September – October 2023, as approved by the Capital Market Supervisory Board meeting No. 2/2023 held on 21 February 2023 and the Securities and Exchange Commission Meeting No. 12/2023 held on 3 August 2023, whereby most respondents agreed and gave suggestions on matters such as determination of qualifications of the association applying for approval to ensure that the association has knowledge and understanding of business operation. The SEC took such suggestions into consideration in revising the proposed principles to enhance suitability.

The SEC, therefore, issued two relevant notifications, which have become effective from 16 November 2023. The key points of the regulations are as follows:
          (1) Application for Approval and Granting of Approval for the Association: The applicant must possess and maintain the criteria for operations stipulated for the Self-Regulatory Organization (SRO) in line with the standards of the International Organization of Securities Commission (IOSCO), such as having the structure for supervising the Association to reflect good corporate governance, setting criteria for member subscription and for member supervision with transparency, fairness and equal competition, and ensuring that the issuance or amendment to the criteria applicable to the members must be proceeded by considering opinions of stakeholders and obtaining approval from the SEC;  
          (2) Disclosure of Information by the Association: The Association must disclose information on members, the member offenses and punishment, and other information that facilitates investors in deciding to transact with the members so that the relevant persons would receive adequate, up-to-date and equal information through convenient and accessible channels.

Remark:

* The two relevant notifications are as follows:

          (1) The Notification of the Securities and Exchange Commission No. KorThor. 11/2566 Re: Application for Approval and Granting of Approval for the Derivatives Business Operators Association, dated 31 October 2023: (https://publish.sec.or.th/nrs/9899s.pdf).        

          (2) The Notification of the Capital Market Supervisory Board No. TorThor. 26/2566 Re: Disclosure of Information by the Derivatives Business Operators Association, dated 30 October 2023: (https://publish.sec.or.th/nrs/9900s.pdf)