Bangkok, October 8, 2014 - The SEC imposed a three-month suspension on {A}, a securities investment consultant of Siam Commercial Bank PLC., for signing the buy/sell order form of investment units without contacting or giving advice to a client. The suspension resulted from his failure to perform duties or not providing services honestly.

Following a report on client's complaint filed by Siam Commercial Bank PLC. (SCB), the SEC further probed into the case and found that {A} signed the form of buy/sell order for investment units without performing duties as an investment consultant.  The client requested the selling of SCB Open-end Long Term Fund Dividend 70/30 in a portion that met the minimum of 5 year investment. A bank officer who was not an investment consultant processed the selling of investment units in the portion yet to satisfy the minimum of 5 year investment.

The said action was a violation of conditions prescribed by the Revenue Department, causing the client to pay back tax deductions he received together with penalties. The investigation also revealed that during the client made the request for selling of investment units, {A} was serving another client. Without making any contact or giving any advice to the client, he signed such selling order form in the capacity of an investment consultant. In addition, he neither examined the transaction nor requested for additional information from the client or the officer who executed the selling transaction for the client.

Signing the buy/sell order form of investment units without contacting and giving advices was failing to perform duties honestly in violation of Clause 23(1) and characteristics of 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. The SEC therefore suspended {A} from his duty as the approved securities investment consultant for 3 months. Owing to the fact that {A}'s approved securities investment consultant status only lasts until December 31, 2014, his approved status was suspended until that date while the rest of suspension period was instead set as the period for acceptance of his re-application for approval as capital market personnel, effective as from October 9, 2014.