Bangkok, June 25, 2015 - The SEC suspended {A}, a former capital market investment consultant of Phillip Securities (Thailand) Public Co., Ltd., for making trading decision on client's behalf and Kacha Buacharoon, a securities investment consultant of Phillip Securities, for failure to keep complete records of clients? securities trading orders.

Following the investigation report of Phillip Securities (Thailand) Public Co.,Ltd., the SEC probe into the case and found that {A} made trading confirmation and informed the clients of receipt and payment. In addition, trading reports for a number of clients showed trading transactions made on a continual basis and in high volume but the source of orders was not found. Besides, {A} persuaded the clients to trade securities where he was the one specifying securities, amount and price. The clients accepted his trading decision without asking for any information on market condition or relevant securities. In Kacha case, the SEC found that he did not keep complete records of a number of securities trading orders. He also admitted that he received the trading orders from the client via Line Application and mobile phone.

Making trading decision on client?s behalf and failure to keep complete record of securities trading orders were in violation of the Notifications concerning personnel in the capital market*, the SEC therefore suspended {A} from his duty as the approved capital market investment consultant for 9 months. Owing to the fact that the approval period remains until December 31, 2015, the approval shall be suspended until the lapse of such period and his re-application for approval as the capital market personnel will be accepted after 9 months as from June 23, 2015. For Kacha, The SEC suspended him from the approved securities investment consultant for 3 months, effective from June 26, 2015.

The investment consultant cannot make trading decision on client's behalf regardless of the client's permission. If the client submits trading orders via phone, the investment consultant must keep complete record of those orders as evidence for examination and source of orders. In this regard, the SEC urges the clients not to assign the investment consultants to make trading decision on their behalf and always submit trading orders via recordable channels. 

*Clauses 20(2) and (3) of the Notification No. TorLorThor. 3/2555 which were prohibited characteristics of personnel in the capital market business of the 3rd category under Clause 6(1) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor. 37/2553 re: Prohibitions for Personnel of Business Operators dated September 15, 2010. The actions were in violation of Clauses 23(2) and (3) and the prohibited characteristics of the personnel in the capital market business of the 3rd category 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 which has been promulgated in replacement of the said two notifications.