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SEC sanctions a securities investment consultant for failure to perform duties



Tuesday 19 May 2015 | No. 60 / 2015



Bangkok, May 19, 2015 - The SEC suspended {A}, a securities investment consultant of RHB OSK Securities (Thailand) Plc. (RHB OSK) for failure to keep complete record of trading orders and failure to provide securities trading service to the account owner or the written authorized person.

The SEC and RHB OSK found that {ก} submitted a number of securities trading orders in several clients? trading accounts. Those orders were submitted without sources and {ก} admitted that he took trading orders via mobile phone. In addition, he received the trading orders from one client for another client's securities trading account without any written authorization from the account owner. He admitted that both clients were siblings and the account owner asked her brother to submit trading orders without prior making written authorization. Later, such client made the written authorization allowing her brother to submit trading orders on her behalf.

Failure to keep complete record of trading orders and failure to provide securities trading service to the account owner or submit trading orders of the written authorized persons action were deemed failure to perform duties which were in violation of the Notification of Capital Market Supervisory Board concerning personnel in the capital market.* The SEC therefore suspended him from duty as the approved securities investment consultant for 4 months. Having considered that she had already been subject to one-month suspension imposed by his employer, the suspension imposed by the SEC shall remain for 3 months, effective from May 20, 2015.

*Clause 20(2) and (3) 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 Clause 23(2) and (3) 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.

 












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No. 60 / 2015 Tuesday 19 May 2015
SEC sanctions a securities investment consultant for failure to perform duties


Bangkok, May 19, 2015 - The SEC suspended {A}, a securities investment consultant of RHB OSK Securities (Thailand) Plc. (RHB OSK) for failure to keep complete record of trading orders and failure to provide securities trading service to the account owner or the written authorized person.

The SEC and RHB OSK found that {ก} submitted a number of securities trading orders in several clients? trading accounts. Those orders were submitted without sources and {ก} admitted that he took trading orders via mobile phone. In addition, he received the trading orders from one client for another client's securities trading account without any written authorization from the account owner. He admitted that both clients were siblings and the account owner asked her brother to submit trading orders without prior making written authorization. Later, such client made the written authorization allowing her brother to submit trading orders on her behalf.

Failure to keep complete record of trading orders and failure to provide securities trading service to the account owner or submit trading orders of the written authorized persons action were deemed failure to perform duties which were in violation of the Notification of Capital Market Supervisory Board concerning personnel in the capital market.* The SEC therefore suspended him from duty as the approved securities investment consultant for 4 months. Having considered that she had already been subject to one-month suspension imposed by his employer, the suspension imposed by the SEC shall remain for 3 months, effective from May 20, 2015.

*Clause 20(2) and (3) 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 Clause 23(2) and (3) 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.