TRANSITIONAL PROVISIONS OF THE SECURITIES AND EXCHANGE ACT
(No.4) B.E. 2551

SECTION 57. The Minister of Finance shall nominate a person for the Cabinet’s consideration of appointing such person as the Chairman of the Securities and Exchange Commission under Section 8 of the Securities and Exchange Act B.E. 2535 as amended by this Act within sixty days from the date on which this Act comes into force.

SECTION 58. The Minister of Finance shall appoint the experts chosen through the following nomination process as the commissioners of the Securities and Exchange Commission under Section 8 of the Securities and Exchange Act B.E. 2535 as amended by this Act :
(1) within thirty days from the date on which this Act comes into force, the commissioners of the Securities and Exchange Commission appointed by the Cabinet who have been in office prior to date on which this Act comes into force shall draw lots in order to withdraw three commissioners from office. In this regard, retirement by drawing lots shall be deemed as retirement upon expiration of the term of office;
(2) within thirty days from the date on which the Chairman of the Securities and Exchange Commission is appointed under Section 57, the Chairman of the Securities and Exchange Commission and the ex officio commissioners shall
jointly propose a list of experts qualified to be appointed as the commission members of the Securities and Exchange Commission, two times the number of the commissioners to be appointed, to the Selection Committee under Section 31/3 of the Securities and Exchange Act B.E. 2535 as amended by this Act. The Selection Committee shall commence the nomination process and propose the nominated persons to the Minister of Finance within thirty days from the date of receiving the list of experts.

When two years from the date of appointment has elapsed, the commissioners under (1) shall retire from the office.

SECTION 59. The Securities and Exchange Commission under Section 8 of the Securities and Exchange Act B.E. 2535 holding the office prior to date on which this Act comes into force shall remain in office and performing its duty until the Chairman of the Securities and Exchange Commission is appointed under Section 57 and the commissioners are appointed under Section 58.

SECTION 60. The Securities and Exchange Commission shall perform the duties and functions of the Capital Market Supervisory Board under the Securities and Exchange Act B.E. 2535 as amended by this Act until the Capital Market Supervisory Board is appointed.

The Chairman of the Securities and Exchange Commission and the Secretary-General of the Office of the Securities and Exchange Commission shall jointly propose a list of experts qualified to be appointed as board members of the Capital Market Supervisory Board under Section 16/1 of the Securities and Exchange Act B.E. 2535 as amended by this Act to the Selection Committee in order to undertake the nomination process under Section 31/7 of the Securities and Exchange Act B.E. 2535 as amended by this Act.

SECTION 61. The Secretary-General of the Office of the Securities and Exchange Commission who has been in office prior to date on which this Act comes into force shall remain in the office until the Securities and Exchange Commission is appointed under the first paragraph of Section 58.

The provision of Section 22/1 of the Securities and Exchange Act B.E. 2535 as amended by this Act shall not apply to the Secretary-General of the Office of the Securities and Exchange Commission whose office is vacated under the first paragraph.

The Secretary-General of the Office of the Securities and Exchange Commission whose office is vacated under the first paragraph may be nominated for another term of office.

SECTION 62. Where the Appellate Committee under Section 260 of the Securities and Exchange Act B.E. 2535 has received an appeal under Section 261 of the said Act prior to date on which this Act comes into force, the Appellate Committee shall consider and make decision on such appeal in accordance with notification or regulations applicable thereto.

SECTION 63. All notifications, rules, orders or regulations issued by the Securities and Exchange Commission under the Securities and Exchange Act B.E. 2535 prior to date on which this Act comes into force shall remain in force until notifications, rules, orders or regulations otherwise issued under the Securities and Exchange Act B.E. 2535 as amended by this Act come into force.

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