Bangkok, July 7, 2014 ? The SEC revised rules on mutual fund selling agents to allow additional channels for investment in mutual funds, expected to put into effect by early August 2014.

Vorapol Socatiyanurak, SEC Secretary-General revealed that the Capital Market Supervisory Board recently resolved to approve additional type of mutual fund selling agents which must: (1) be state enterprise which is non-bank and if setting up as a company, more than 50 percent of all shares with voting rights must be held by the Ministry of Finance; (2) approved by the Bank of Thailand to provide financial services, such as money deposit & withdrawal, money transfer or bill payment; (3) have nationwide networks/branches to reach out investors; (4) have clear and long-term business plan to provide selling agent service for investment in mutual funds; and (5) demonstrate readiness in terms of financial condition, operational systems and human resources.

?The new type of selling agents will not only promote development of asset management industry and enhance competitiveness of asset management companies not bank subsidiaries, but also open access for potential operators, such as Thailand Post, to take part in capital market businesses. More investment channels to support convenient and continuous investment in mutual funds will back the government policy to promote saving and investment discipline and preparation of retirement which will eventually help relieve burdens resulted from aging society in the future,? Vorapol added.