Bangkok, March 1, 2016 -  The SEC has suspended {A}, a securities investment consultant at Bangkok Bank PCL., for failing to inform a client of material information, which consequently incurred damage to the client.

With reference to the bank?s report on the client?s complaint and the SEC's further inspection, {A} was found to have signed on the unit redemption form of Bualuang Long-Term Equity Fund 75/25 (BLTF75/25) after only verifying the client?s name and the number of units to be redeemed without reviewing the client?s account statement nor calling for the client?s close attention to the warning of possible breach of investment terms in the redemption form.

Given that the redemption was ahead of the five-calendar-year holding requirement to be eligible for the LTF tax benefits, {A}'s failure to inform such material information led to the Revenue Department?s demand for refund of the tax deduction money plus a fine imposed on the client. {A}, however, has already compensated for the client's damage.

{A}'s misconduct was a failure to provide material information or warning statements to prevent investors? benefits from being compromised. He also failed to abide by professional ethics of responsible and careful duty performance. He consequently possessed prohibited characteristics of capital market personnel as specified in the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014. 

The SEC, therefore, has imposed the suspension of securities investment consultant approval on {A} for 20 days, from March 2, 2016.