Bangkok, Thursday 22 August 2019 - SEC is seeking public comments on the proposed amendment to a paperless fund approval and management system to speed the filing and approval process of mutual funds up and to reduce paper usage in line with the Thai capital market development plan.
SEC is proposing to amend
the regulation on the establishment and management of the paperless mutual
funds in accordance with the Thai capital market development plan, and to become
a part of the global effort to reduce carbon emissions leading to global warming.
SEC has therefore upgraded the Online Fund Approval and Management System
(“OFAM”) to accommodate paperless filings.
Businesses can electronically
file an application through the OFAM system without having to submit hard copies
to SEC. The move is expected to save 1.6 million sheets of paper per year, or
equivalent to 39 tons of carbon dioxide, and reduced other expenses such as document
delivery, electricity and document storage which can help businesses save
approximately 1 million baht per year.
Moreover, the amendment
expands disclosure channels of dividend payment via national newspapers by allowing
such information to be disseminated through channels that investors can easily
access at no extra costs to them, for instance, the websites of asset management
companies and any other appropriate channel.
The consultation paper can be found at www.sec.or.th/hearing. Stakeholders and interested parties are welcome to give
comments and suggestions via SEC’s website, or email: rattaya@sec.or.th or napaporn@sec.or.th. The public
hearing ends on 18 September 2019.
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