Bangkok, 28 January 2021 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations related to granting of approval to appraisal companies and lead appraisers for transactions in the capital market to be more in line with current situations by streamlining unnecessary regulations and reducing burdens on the private sector in accordance with the regulatory guillotine scheme. The proposed revision includes, for example, reducing annual fee burden, shortening the renewal approval period to 7 days, and cutting down paperwork through electronic filing, which could reduce paper use of approximately 15,000 sheets per year.
According to the SEC Strategic
Plan, the goal of building competitiveness can be achieved through standard
rules and regulations. In this regard, the regulatory guillotine scheme,* which
focuses on review of rules and regulations to maintain only necessary ones and
ensure effective enforcement, can help SEC build a body of standard regulations
in line with the changing environment without compromising appropriate investor
protection and convenience for business operation.
The SEC therefore
proposes to amend the regulations related to granting of approval to appraisal
companies and lead appraisers for transactions in capital market in the
following manners:
(1) Extending
the approval period from 2 to 5 years. The lead appraiser, however, is still
required to take professional training courses on a continuing basis, as stated
in the SEC-approved curriculum of the Valuer Association
of Thailand, to ensure sufficient self-development and knowledge improvement;
(2) Determining
the approval application fee for an appraisal company to be 50,000
baht and for a lead appraiser to be 10,000 baht per 5 years, instead of per 2 years at present,
resulting in reduction of annual fee for both appraisal company and lead
appraiser;
(3) Allowing
the application for approval to be filed via electronic system (online),
consolidating the current three application forms into one, and reducing the
required supporting documentation from 19 to 7 documents.
The
proposed actions above are expected to help cut down paper consumption by
15,000 sheets per year, streamline the consideration
process for renewal of approval for appraisal companies and appraisers from 90
days to 7 days (as specified in the
Licensing Manual for the Public).
The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=689. Stakeholders and interested parties are welcome to give
comments and suggestions via the website or email: corporat@sec.or.th. The
public hearing ends on 17 February 2021.
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Remark: Regulatory
Guillotine is the regulatory review of the existing laws and regulations. The
reviewed laws and regulations that are not necessary or do not keep pace with
situations or remain obstacles to livelihoods or engagement in occupations will
be abolished or revised to lessen burdens on people. By doing so, methods used
must be done with speed, transparency, low costs with participation of all
related parties.