Bangkok, April 24, 2015 - The SEC imposed sanctions on three investment consultants namely {A}, a securities investment consultant and branch manager, {B}, a capital market investment consultant and {C}, a securities investment consultant. They were employees of Country Group Securities PCL while the misconduct occurred.

Following the complaint filed with the SEC and the complaint inspection report of Country Group Securities PCL, the SEC probed into the case and found that {A}, a securities investment consultant and the executive vice president of the branch, traded securities on behalf of the client. Over a year and a half, a number of orders were day trading and submitted almost every day in the speculative trading pattern by {A} who had determined the securities, amount and price. The selling orders were made with equal or under the purchase prices without concern for loss to the client. Moreover, trading volumes soared during the marketing campaign of Country Group Securities.

In addition, it was found that {B} and {C}, the investment consultants, were responsible for the client's account, respectively. Both of them were subordinates of {A} and aided trading securities on behalf of the client. They admitted that {A} contacted the client and made trading order confirmation via phone by herself. {B} and {C} neither met or contacted the client nor received or confirmed any trading orders from such client. They just submitted trading orders as directed by {A}. Furthermore, they had never conducted KYC/CDD for the client because {A} prohibited them from doing so. Also, {B} received considerably higher trading commissions from frequent submission of orders and high volumes during the marketing campaign launched by Country Group Securities. For {C}, she was assigned to take care of this client in replacement of {B}.

Seeking benefits from the client during the performance of duties, trading securities on behalf of the client and failure to comply with KYC/CDD procedures were in violation of the Notifications of Capital Market Supervisory Board concerning personnel in the capital market*, the SEC therefore sanctioned three investment consultants as follows:
   1. Suspended {A} from her duty as the approved securities investment consultant for 2 years and 6 months. Owing that {A}'s approved securities investment consultant status only lasts until December 31, 2016, her approved status was suspended until that date while the rest of suspension period was instead set as the period for acceptance of her re-application for approval as capital market personnel, effective as from April 27, 2015. Moreover, the suspension shall be imposed on {A}'s performance as branch manager or any equivalent positions for 2 years and 6 months, effective from April  27, 2015 
   2. Suspended {B} from her duty as the approved capital market investment consultant for 1 year, 1 month and 40 days. Having considered that she had already been suspended by Country Group Securities for 6 months, the suspension imposed by the SEC shall remain 7 months and 40 days, effective from
April 27, 2015.
   3. Suspended {C} from her duty as the approved securities investment consultant for 1 month and 20 days. Having considered that she had already been suspended by her employer no less than the said period, the suspension imposed by the SEC is deemed to have been served.

* Clauses 20(1) and (2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012 which was prohibited characteristics of personnel in the capital market business under Clause 6(1) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor. 37/2553 re: Prohibitions for Personnel of Business Operators dated September 15, 2010. The actions were in violation of Clauses 23(1) and (2) and the prohibited characteristics of the personnel in the capital market business under Clause 31(1) of the Notification of Capital Market Supervisory Board No. TorLorThor. 8/2557 re: Regulations for Personnel of Business Operators in the Capital Market dated June 3, 2014 which has been promulgated in replacement of the said two notifications.