Bangkok, 14 September 2018 – SEC is seeking public comments on the exclusion principle, that promulgation of research analysis in ASEAN countries will not be regarded as an activity of an investment advisors , aiming to facilitate business operators in promulgating research analysis in ASEAN countries and to provide Thai investors additional alternative access to foreign securities information.
SEC is conducting a public
hearing on the principle excluding promulgation of research analysis among
investors in ASEAN countries from being regarded as the activity of investment
consultant, in order to increase opportunities for, and facilitate, investors
to access information of products in ASEAN capital market, and to complement an
initiative of ASEAN Capital Markets Forum (ACMF) which aims to facilitate
cross-border investment in the ASEAN region. SEC has already put in place rules
permitting securities brokers or investment advisors to promulgate research
analysis. The promulgation of research analysis by non-licensed business operators may be regarded as carrying out the investment advisory service business because
such promulgation must only be made by a licensed business operator.
SEC is therefore considering excluding a business operator promulgating research analysis in the ten ASEAN
countries from applying for investment advisor license provided
that significant conditions prescribed by ACMF, for example, the research report
is produced by licensed person by the home regulator and has already been promulgated
in the home country, the promulgation is made upon consent of the producer of
the research report, the promulgation is made via the promulgation channels
only, and the research report
is made available without being edited or modified from the original report
The
consultation paper is available at www.sec.or.th/hearing. Stakeholders and interested parties are welcome to
submit comments and recommendations via the website, facsimile to 0-2033-9660, or
email: juthaporn@sec.or.th or witchulada@sec.or.th.
The public hearing ends on 26 September 2018.
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Note: The ten ASEAN countries are, namely,
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore,
Vietnam, and Thailand.