SECTION 61 In avoidance of conflicts with other laws when applying trust for transactions in the capital market, it shall proceed as follows:
(1) in cases where a trustee prepares an account of property and segregate the trust property in compliance with Section 34, the regulator under the law relating to the supervision of commercial banks or financial institutions, law relating to securities and exchange or any law prescribed by ministerial regulation shall not consider or compute the
trust property as the property held in the trustee’s own capacity to satisfy any duty or requirement imposed on the trustee under such laws;
(2) in furtherance of the spirit of the laws specified under (1), the Minister upon recommendation of the regulators under such laws shall have the power to issue ministerial regulations governing consideration or computation of the trust property as the property of beneficiaries for the purpose of complying with any requirement of such laws.

Chapter 7
Competent Officer

SECTION 62 In the execution of his duties, a competent officer shall have the following power to:
(1) enter into the business place of a trustee or the place where the data of a trustee is collected or processed during the hours between sunrise and sunset or during the business hours of such places in order to examine the operating of trust business, including collecting the relevant documents, evidence or information;
(2) enter into a commercial bank or a financial institution during the hours between sunrise and sunset, or during the business hours of such places, to inspect accounts, documents, or evidence which may be related to the inspection or the execution under this Act;
(3) search any place where there is a reasonable ground to believe that there is a commission of offence under this Act during the hours between sunrise and sunset or during the business hours of such place;
(4) attach documents or evidence related to the commission of offences under this Act for the purpose of inspection or taking legal action which shall not exceed one hundred and eighty days;
(5) order a trustee or any person who is authorized to collect or process the data of a trustee including its director, officer, employee and auditor to testify, deliver, or present accounts, documents, seals or other evidence related to the trust business;
(6) order any persons who have known any related actions or facts and may be useful in the execution of the duties of the competent officer to testify, deliver, or present accounts, documents, evidence or any objects related to, or necessary for, the execution of the duties of the competent officer.

After having entered and inspected under subsection (1) or (2) or undertaken the search under subsection (3), if it has not been completed, the competent officer may continue such inspection or search into the night or beyond the business hours of such place.

In the execution of duties under subsection (1) or (2), the competent officer shall not take any act in the nature of a threat or search under the Criminal Procedure Code. In the case under subsection (3), the search warrant is required unless there is a reasonable ground to believe that by the time the search warrant is obtained, the document or evidence may be relocated, concealed, destroyed, or deformed, then the search, seizures, or attachment of
documents or evidence relating to the commission of offences shall be undertaken without the search warrant. The search shall, however, comply with the search procedure under the Criminal Procedure Code and shall not be undertaken after sunset unless such period is business hours of such place.

The exercise of powers of the competent officer under the first paragraph shall be carried out against the person who is directly involved in the matter under inspection and for subsection (2), (3), (5) or (6) shall require prior approval from the SEC Office and in case of subsection (5) or (6), the competent officer shall specify a reasonable period for
complying with the order to such person.

SECTION 63 Where it is necessary to obtain computed data for the execution of his duties, a competent officer shall request the competent officer under the law relating to Computer Related Crime to undertake any actions to obtain such computed data which shall be deemed to be evidence under this Act.

SECTION 64 In the execution of duties of a competent officer, relevant persons shall provide reasonable assistance.

SECTION 65 In the execution of his duties, a competent officer shall present his identification card to the person involved.

The identification card of the competent officer shall be in the form specified by the Minister.

SECTION 66 In the execution of his duties under this Act, the competent officer shall be an officer under the Penal Code.

Chapter 8
Sanctions, Statute of Limitation and Settlement Committee

Division 1
Administrative Sanction

SECTION 67 The administrative sanctions are as follows:
(1) probation;
(2) administrative fine;
(3) public reprimand;
(4) restriction to operate trust business;
(5) suspension of trust business operation for a specified period, with regard to particular or all trust instruments;
(6) revocation of approval.

SECTION 68 In the imposition of administrative fine, the amount of such fine shall not exceed one million baht per count.

In cases where the person subject to the administrative fine under the first paragraph fails to pay such administrative fine, the provisions governing the administrative enforcement under the Administrative Procedure Act shall apply mutatis mutandis.

SECTION 69 The following persons shall have the power to impose administrative sanctions:
(1) the SEC Office shall have the power to impose administrative sanctions under Section 67(1) or (2);
(2) the administrative panel under Section 72 shall have the power to impose administrative sanctions under Section 67(1), (2), (3) or (4);
(3) the SEC shall have the power to impose administrative sanctions under Section 67(1), (2), (3), (4), (5) or (6).

In the ordering of the administrative sanctions under Section 67, the competent authority shall have the power to impose one or several sanctions and shall also have the power to order the subjected person to undertake or refrain from undertaking any action in order to rectify or prevent any repetitive violation or noncompliance with the Act, rules, orders or conditions specified under this Act.

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