Bangkok, 24 March 2023 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to the regulations related to approval of establishment or relocation of offices or branches of securities companies and derivatives business operators (“business operators”). The proposed amendments aim to enhance flexibility and streamline the approval process while ensuring sufficient investor protection in accordance with the Regulatory Guillotine.*
On 22
September 2022, the Capital Market Supervisory Board Meeting No. 10/2565 passed
a resolution approving the proposed amendments to the regulations related to
establishment and relocation of offices or branches of business operators in
accordance with the Regulatory Guillotine to increase flexibility and
streamline processes and operating burdens on the business sector.
Essentially, the proposed amendments would: (1) apply the
same auto approval principles for the establishment of local branches to the applications
for establishment of foreign branches as well, (2) remove the mandatory scope
of operation of foreign representative branches of Thai business operators and
apply the rules of the regulators of such foreign representative branches
instead, (3) allow more flexibility on branch managers, and
(4) enhance efficiency of investor protection by requiring
business operators to ensure office branches appropriately accessible to
investors, and inform clients sufficiently in advance before closing or moving
office branches.
The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=890. Stakeholders and interested
parties are welcome to submit comments and suggestions through the website or
email: supitcha@sec.or.th
or pongpim@sec.or.th. The public hearing ends on 23
April 2023.
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Remark:
* Regulatory Guillotine is the regulatory review of the existing laws and regulations.
The reviewed laws and regulations that are unnecessary 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 and low costs with participation of all
related parties.