SECTION 93. Any person wishing to act on behalf of a company established to undertake
securities business under foreign law by setting up a representative office in the Kingdom
shall obtain an approval from the SEC Office.
The representative under the first paragraph shall undertake only those businesses specified
in the approval.
The provisions of Section 95 shall not apply to a person receiving approval under this
Section. However, such person shall comply with the regulations specified by the
SEC Office.
DIVISION 2
SUPERVISION AND CONTROL
SECTION 94. A securities company shall include in its name the words “securities
company” at the beginning and the word “limited” at the end.
SECTION 95. No person other than a securities company shall, in the undertaking of its
business, use the name or a description of “securities company” or any other word of the
same meaning.
SECTION 96.2 The SEC may or may not require a securities company to have a paid-up
registered capital in an amount specified for operation of any particular category of
securities business, except for a security company operating securities business in the
category of securities dealing or securities underwriting or operating securities business in
any of the following manners, for which the SEC shall specify the paid-up registered
capital of at least one hundred million baht:
(1) Keeping the client’s assets in its possession;
(2) Investing in or holding securities for investment by the securities company itself;
(3) Bearing a responsibility for the clearing and settlement for securities.
SECTION 97. A securities company shall maintain capital adequacy in accordance with
the rules, conditions and procedures as specified by the SEC.
SECTION 98.4 No securities company shall:
(1) reduce its capital without an approval from the Capital Market Supervisory Board;
(2) engage in any act which may mislead its customers or the public in any matter
concerning the price, value and nature of the securities involved;
(3) engage in any act which may cause damage or constitute an unfair advantage to its
customers or other interested person as specified in the notification of the Capital
Market Supervisory Board;
(4) purchase and sell futures and options on securities whether in its own name or for
customers unless the Capital Market Supervisory Board issues a notification allowing
such transaction;
(5) sell securities without having possession, or without receiving an order to sell from
another person, unless the Capital Market Supervisory Board issues a notification
allowing such transaction;
(6) accept purchasing or selling orders from customers outside its head office or branch
offices unless otherwise specified by the SEC Office;
(7) purchase or hold shares, except:
(a) those acquired in the course of securities dealing, securities underwriting, or
other securities businesses as specified in the notification of the Capital
Market Supervisory Board; or
(b) those acquired upon a permission from the SEC Office and in accordance
with the rules, conditions and procedures as specified in the notification of the
Capital Market Supervisory Board;
(8) engage in any other business which is not a licensed securities business, except when
an approval has been granted by the Capital Market Supervisory Board;
Other business under the first paragraph does not include the lending of money for
purchasing, selling or exchanging securities in the course of securities brokerage or
securities dealing business or the purchase and sale or exchange of securities in the
Securities Exchange and in an over-the-counter center by a securities company
licensed to undertake securities dealing business;
(9) relocate its head office or branch offices without an approval from the SEC Office;
(10) advertise its business, unless such advertisement is carried out in accordance with the
rules, conditions and procedures as specified in the notification of the SEC Office.
SECTION 99. In cases where a question arises as to whether the securities company holds
securities for its customers' or its own account or for the accounts of any customers, it shall
be deemed that the securities certificates which are in the possession of the securities
company at any time are held for the persons in the following order:
(1) the securities company's customers shall take precedence over the holding for the
securities company's own account;
(2) the customer who placed a purchase order prior to another customer shall take
precedence over that other customer whether or not the said securities are held as
collateral for a loan granted by the securities company.
SECTION 100.4 The appointment of any person to be an agent or broker of a securities
company shall require prior approval from the SEC Office.
Application for an approval and the granting of an approval shall be in accordance with the
rules, conditions and procedures as specified in the notification of the Capital Market
Supervisory Board.
SECTION 101. Amendment of the securities company's memorandum or articles of
association must be notified in writing to the SEC Office within fifteen days from the date of
such amendment.
SECTION 102.4 The lending of money for the purchase, sale or exchange of securities by a
securities company shall be in accordance with the rules, conditions and procedures as
specified in the notification of the Capital Market Supervisory Board.
SECTION 103.4 No securities company shall appoint or allow any person with any of the
following prohibited characteristics to be or to perform the duty of a director, a manager or a
person with power of management, or an advisor:
(1) being or having been a bankrupt;
(2) having been imprisoned by the judgement of a court which is final for an offence
related to property committed with dishonest intent;
(3) having been a director, a manager or a person with power of management of a
financial institution which had its license revoked, unless an exemption has been
granted by the Capital Market Supervisory Board;
(4)4 being a director, a manager or a person with power of management of any other
securities companies, unless it is exempted under the rules, conditions and procedures
as specified in the notification of the Capital Market Supervisory Board;”
(5) having been removed from a position of chairman, director or manager in accordance
with Section 144 or Section 145 or in accordance with the provisions of other laws;
(6) being a political official;
(7) being a government official with responsibility to supervise securities companies, an
officer of the Bank of Thailand or of the SEC Office, except in cases where:
(a) an appointment is made with the approval from the Capital Market
Supervisory Board for the purpose of assisting in the operation of a securities
company; or
(b) an appointment is made in accordance with Section 145;
(c) the securities company is a state enterprise under the law relating to budget
procedures.
(8) [The second paragraph was repealed by the Securities and Exchange Act (No.4)
B.E. 2551]
(9) being a person not having educational qualification, work experience or other
qualification as specified in the notification of the Capital Market Supervisory Board;
(10) having other prohibited characteristics as specified in the notification of the Capital
Market Supervisory Board.
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4. indicated amendment by the Securities and Exchange Act (No. 4) B.E. 2551 |
