Bangkok, 12 November 2018 – SEC will revise the definition of major shareholder of securities companies from currently being determined from the “number of voting shares” to the “number of voting rights” to cause the supervision of the major shareholder to reflect the actual controlling person.
The notification of the Ministry of Finance regarding prescription of
conditions for securities company to apply for approval of person to be major
shareholder defines the “Major Shareholder” as any person directly or
indirectly holding shares of securities company in excess of ten percent of
voting shares of such company.
Where a securities company issues shares with different voting rights,
certain shareholders may have the number of voting share more or less than the number of
voting rights, which may be contrary to the major shareholder oversight
principle that aims to supervise the actual controlling person.
SEC is therefore considering revision of the definition of major
shareholder from currently being based on the “number of voting shares” to the
“number of voting rights” to ensure that the supervision of major shareholder
reflects the actual controlling person, and is seeking public comments from
stakeholders to gather and take into consideration the comments for the
appropriate revision of the rules.
The consultation paper is available
at www.sec.or.th/hearing. Stakeholders and
interested parties are welcome to submit comments and recommendations via the
website, facsimile to 0-2033-9660, or email: piyatit@sec.or.th or witchulada@sec.or.th. The public
hearing ends on 7 December 2018.
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