SECTION 335. In cases where any company has proceeded to submit an application for
approval from the Minister of Finance to accept its securities to be registered or authorized
securities through the board of directors of the Securities Exchange in accordance with
Section 18 and Section 19 of the Securities Exchange of Thailand Act, B.E. 2517 as amended
by the Securities Exchange of Thailand Act (No. 2), B.E. 2527 and the Minister of Finance
has not yet issued an order accepting such securities to be registered or authorized securities
prior to date of this Act coming into force, the aforesaid matter shall continue to proceed in
accordance with Section 18 and Section 19 of such Acts and the powers and duties of the
Minister of Finance shall be the powers and duties of the SEC.
When the SEC has issued an order accepting the securities of the applying company as
registered or authorized securities in accordance with the first paragraph, such securities shall
be deemed as listed securities under this Act and the company whose securities are so listed
shall convert into a public limited company in accordance with Section 334 of this Act.
SECTION 336. In cases where any company has proceeded to submit an application for
approval to the board of directors of the Securities Exchange to offer newly issued shares or
debentures for sale to the public in accordance with Section 19 ter of the Securities Exchange
of Thailand Act, B.E. 2517 as amended by the Securities Exchange of Thailand Act (No. 2),
B.E. 2527 and the board of directors of the Securities Exchange has not yet issued an
approval to such company to offer newly issued shares and debentures for sale to the public
prior to date of this Act coming into force, the board of directors of the Securities Exchange
shall proced to consider such application in accordance with the rules and procedures
specified by the board of directors of the Securities Exchange with the approval of the
Minister of Finance under Section 19 ter of such Acts. In cases where it is necessary to alter
or modify such rules and procedures in order that the consideration of the application may be
accomplished, the board of directors of the Securities Exchange may specify any rules or
procedures with the approval of the SEC.
SECTION 337. A company which has been given an approval to offer newly issued
shares or debentures for sale to the public in accordance with Section 19 ter of the
Securities Exchange of Thailand Act, B.E. 2517 as amended by the Securities Exchange of
Thailand Act (No. 2), B.E. 2527 prior to date of this Act coming into force, or a company
which has been given an approval to offer newly issued shares or debentures for sale to the
public in accordance with Section 336 of this Act, such company shall continue to offer
newly issued shares or debentures for sale to the public in accordance with the rules and
procedures as specified by Section 19 ter of such Acts. Where it is necessary to alter or
modify such rules and procedures in order that the offer of newly issued shares or debentures
for sale to the public can be accomplished, the board of directors of the Securities Exchange
may specify any rules or procedures with the approval of the SEC.
SECTION 338. All ministerial regulations and notifications of the Ministry of Finance
which have been issued in accordance with the provisions of the Securities Exchange of
Thailand Act, B.E. 2517 as amended by the Securities Exchange of Thailand Act (No. 2),
B.E. 2527, rules of the Securities Exchange of Thailand, regulations of the Securities
Exchange of Thailand, procedures of the Securities Exchange of Thailand, procedures
concerning shares register and notifications of the Securities Exchange of Thailand which
have been in force prior to date of this Act coming into force shall remain in force until the
ministerial regulations, notifications, rules, regulations or procedures issued under this Act
come into force.
Any matter specified by the ministerial regulations, notifications, rules and regulations under
the first paragraph to be the powers and duties of the Minister of Finance or the board of
directors of the Securities Exchange of Thailand shall continue to be the powers and duties of
the Minister of Finance or the board of directors of the Securities Exchange of Thailand until
the SEC or the board of directors of the Securities Exchange have been appointed in
accordance with this Act, such powers and duties shall become the powers and duties of the
Minister, the SEC or the board of directors of the Securities Exchange, as the case may be.
SECTION 339. Any person providing a service of a securities registrar prior to date of this
Act coming into force may continue to provide such service, provided that an application for
a license to provide such service shall be submitted within one hundred and twenty days after
the date of this Act coming into force. After the application has been submitted such persons
may continue to provide the service unless application for a license has been refused.
SECTION 340. All associations, which have the same characteristics or objects as the
associations related to securities business and which have been registered as trade
associations under the law relating to trade associations prior to date of this Act coming into
force, wishing to become the associations related to securities business in accordance with
this Act, shall submit an application for approval to be an association related to securities
business within ninety days from the date of this Act coming into force. After the approval
has been granted in accordance with this Act, the registrar of trade associations under the law
relating to trade associations shall delete the name of such association from the trade
associations register.
All assets and liabilities of associations having the same characteristics or objects as
associations related to securities business which have been given an approval and registered
as associations relating to securities business in accordance with this Act shall be transferred
to the associations related to securities business which have been newly established.
In cases where any association having the same characteristics or objects as an association
related to securities business which is a trade association under the law relating trade
associations does not submit an application to become an association related to securities
business in accordance with this Act within the time specified in the first paragraph, it shall
be dissolved. In this regard, the registrar of the trade associations under the law relating to
the trade associations shall delete the name of such association from the trade associations
register.
In cases where any trade association is not satisfied with the order of the registrar of the trade
associations under the law relating to trade associations to delete the name of such
association from the register, the trade association shall have the right to appeal against such
order by submitting an appeal to the SEC within fifteen days from the date of the receipt of
the order. The decision of the SEC shall be final.
SECTION 341. Competent officers who have been appointed in accordance with the law
relating to the undertaking of finance business, securities business and credit foncier business,
and in accordance with the Securities Exchange of Thailand Act, B.E. 2517 as amended by
the Securities Exchange of Thailand Act (No. 2), B.E. 2527 shall be the competent officers
which have been appointed under this Act until the SEC shall order otherwise.
In executing his duty, identification cards issued to the competent officers referred to in the
first paragraph shall be the identification cards of the competent officers under this Act.
After the appointment of the Secretary General has been made, the competent officer shall
report the execution of his duty to the SEC Office.
SECTION 342. The Settlement Committee under this Act shall have the power to
settle only offences concerning securities business which may be settled under the law
relating to the undertaking of finance business, securities business and credit foncier business
or under the Securities Exchange of Thailand Act, B.E. 2517 as amended by the Securities
Exchange of Thailand Act (No. 2), B.E. 2527.
SECTION 343. Any securities company which contravenes the provisions of Section 322
or fails to comply with the rules and conditions of the first paragraph of Section 324 shall be
liable to a fine not exceeding three hundred thousand baht and a further fine not exceeding
ten thousand baht for every day during which the contravention continues.
In cases where there have been contraventions or non-compliance by the securities company
under the first paragraph, if it can be proved that such offences by the securities company
resulted from the order, the act or the failure to order or the omission to act which are duties
to be performed by any director, manager or person responsible for the operation of such
securities company, that person shall be liable to imprisonment for a term not exceeding
one year or a fine not exceeding three hundred thousand baht, or both.
SECTION 344. The Settlement Committee referred to in Section 317 shall have the power
to settle the offences under Section 343.
Countersigned by:
Anand Punyarachun
Prime Minister
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