Bangkok, July 2, 2015 - The SEC suspended four investment consultants for misconduct concerning share price manipulation. Those suspended were {A} and {B}, securities investment consultants and ex-employees of UOB Kay Hian Securities (Thailand) PCL (UOB Kay Hian), {C}, a capital market investment consultant and the Vice President of institutional Dealing Department of UOB Kay Hian and {D}, a capital market investment consultant of Finansia Syrus Securities PCL. The suspension was also imposed on {E}, a former executive of UOB Kay Hian for failure to supervise in order to prevent his subordinates from performing any action in violation of law.

The SEC probe into the case and found that the four investment consultants, responsible for securities trading accounts of overseas brokers (omnibus account), submitted orders for clients to trade shares of Unique Engineering and Construction PCL., (UNIQ) in a manner that inflated the share prices.  The order were split into a number of orders despite it could be submitted as a single order causing the price and trading volume of UNIQ shares to be inconsistent with normal market conditions. The UNIQ closing price increased over 3.8 times and average daily trading volume raised from 0.21 to 14.78 million shares. Earlier, the SEC had proceeded with the settlement process where the wrongdoers in UNIQ share price manipulation case were fined over 80.9 million baht. 

Victor was then a UOB Kay Hian Co-CEO, a chief of institutional client unit and direct supervisor of the staffs providing services to institutional clients. Although, the Stock Exchange of Thailand notified him of inappropriate submissions of trading orders for UNIQ shares, he neither promptly improved the trading submission surveillance system nor applied more stringent monitor on the clients? trading behaviors. Besides, he did not urge the investment consultants to become more cautious about submissions of trading orders for those clients. Thus, it was found that trading orders for UNIQ shares had been submitted in the manner that continually affected the share price.

The actions of four investment consultants were deemed as misconducts concerning share price manipulation while the action of executive, Victor, was deemed as failure to properly supervise his subordinates to prevent them from any action in violation of or in contravention to law on securities and exchange or notifications promulgated under the law*. The SEC, therefore, sanctioned the said four persons and the executive by suspension the approval and set the period of acceptance of their re-applications**.

In this regard, the SEC warns investment consultants not to submit inappropriate trading orders in a manner that inflates or manipulates share price. When investment consultants find that any client's order is suspicious, he or she must warn the client and notify the supervisor of the suspicion. Moreover, the SEC urges securities firm's executives to monitor investment consultants under their supervision to perform duties in compliance with relevant laws and regulations.

**Details of sanctions are as follows:

1. Suspended {A} from his duty as the approved securities investment consultant for 3 months, effective from July 3, 2015.
2. Set the period for acceptance of re-application of {B} as the capital market business personnel for 3 months, effective from June 27, 2015.
3. Suspended {C} from her duty as the approved securities investment consultant and her approval of the head of department or equivalent position, effective from July 3, 2015.
4. Suspended {D} from her duty as the approved capital market investment consultant for 3 months, effective from July 3, 2015.
5. Suspended {E} from his duty as the approved fundamental investment analyst of the capital market and set the period for acceptance of his re-application as the capital market business personnel for 6 months, effective from June 27, 2015.  

*Clause 11(6) of the SEC Office Notification No. SorKhor.15/2548 Re: Approval of Investor Contacts and Standards of Professional Conduct dated June 21, 2005 and Clause 14(6) of the SEC Office Notification No. SorKhor 49/2552 Re: Approval for Investor Contacts and Standards of Conduct dated October 14, 2009 which was in violation to Clause 23(5) 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 and the prohibited characteristics under Clause 3(13) of the SEC Office Notification No. KorThor/Nor/Khor. 3/2548 Re: Prohibited Characteristics of Securities Business Personnel dated January 17, 2005 and Clause 3(13) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor.57/2552   Re: Prohibited Characteristics of Securities Business Personnel dated August 3, 2009 which was the prohibited characteristic of the personnel in the capital market business under Clause 31(2) of the Notification No. TorLorThor. 8/2557 which has been promulgated in replacement of the said four notifications.

Clause 3(15) of the SEC Office Notification No. KorThor/Nor/Khor. 3/2548 Re: Prohibited Characteristics of Securities Business Personnel dated January 17, 2005 in conjunction with Clause 4 of the SEC Office Notification No. TorThor/Nor/Khor. 4/2548 Re: Qualifications and Other Prohibited Characteristics of Executive of Securities Companies dated January 17, 2005 and Clause 3(15) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor.57/2552 Re: Prohibited Characteristics of Securities Business Personnel dated August 3, 2009 in conjunction with Clause 3 of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor.58/2552 Re: Qualifications and Other Prohibited Characteristics of Directors and Executive of Securities Companies dated August 3, 2009 which was prohibited characteristic of the personnel in the capital market under Clause 31(4) of the Notification No. TorLorThor. 8/2557 re: Regulations for Personnel of Business Operators in the Capital Market dated June 3, 2014 and Notification No. TorLorThor. 8/2557 has been promulgated in replacement of the said four notifications.