DIVISION 2
THE OFFICE OF THE SECURITIES AND EXCHANGE COMMISSION SECTION 17. There shall be established an Office referred to as the "Office of the
Securities and Exchange Commission (SEC Office)" which shall be a juristic person.
SECTION 18. The SEC Office shall have its head office in Bangkok or the nearby
provinces. The SEC Office may establish its branches or representative offices anywhere.
SECTION 19.4 The SEC Office has the power and duty to:
(1) perform any act for the implementation of the SEC’s resolutions;
(2) supervise compliance and enforcement of law against any person violating the
provisions of this Act;
(3) determine the fees for filing registration statements, annual registration statements,
registration and any other applications;
(4) accept fees;
(5) perform any other acts as specified by the provision of this Act or any other laws.
SECTION 20. The Cabinet, upon recommendation of the Minister, as advised by the SEC,
shall appoint the Secretary-General who shall hold office for a term of four years and may be
re-appointed, but who shall not hold office for more than two consecutive terms.
SECTION 21. The Secretary-General shall have the qualifications and shall not possess
any of the prohibited characteristics as follows:
(1) being able to perform his duty full time for the Office;
(2) not being or having been a bankrupt;
(3) not being a political official, an appointed member of a district council or district
administration, or a member or official of any political party;
(4) not being a civil servant having a permanent position or salary, or an officer or
employee of any state enterprise, government organization, or district office;
(5) not having a position or any responsibility or having an interest in a securities
company.
SECTION 22. Apart from the expiration of the term of office, the position of the
Secretary-General shall be vacated upon:
(1) death;
(2) resignation;
(3) reaching the age of sixty years;
(4) lack of qualifications or possession of prohibited characteristics under Section 21;
(5)4 termination by the Cabinet’s resolution upon recommendation of the SEC, as
advised by the SEC, due to gross incompetence in the performance of duty or due to
underperformance, provided that the resolution shall state clear reason therefor.
SECTION 22/1.4 The Secretary-General shall neither undertake any business nor work
for any entrepreneur, organization or company or hold a position as specified in the first
paragraph of Section 16/2 within two years from the date on which he vacates the office.
In considering the salary and other remunerations for the Secretary-General, the
prohibition in accordance with the first paragraph shall be taken into account.
SECTION 23. The Secretary-General shall have authority over the officers and employees
and shall be responsible for the operation of the SEC Office.
In the operation of the SEC Office, the Secretary-General shall be responsible to the SEC.
SECTION 24. The Secretary-General shall be the representative of the SEC Office in the
business of the SEC Office relating to third persons, and for this purpose the Secretary-
General may authorize an agent or any other person to perform a specified act.
SECTION 24/1.4 To protect the public interest or investors, the SEC Office or the
person designated in writing by the SEC Office shall have the duty to disclose information
concerning issuance or offering for sale of securities, company issuing or offering for sale
of securities, securities company, Securities Exchange, over-the-counter center,
organization related to securities business or information relating to any violation and
penalty imposed on the violators, including any other information obtained in the
performance of duties under this Act.
SECTION 25. The initial capital of the SEC Office shall comprise the money transferred in
accordance with the provisions of Section 319 and Section 320.
SECTION 26. The SEC Office shall maintain reserves in accordance with the rules and
procedures as specified by the SEC with the approval of the Minister.
SECTION 27. All fees specified in the ministerial regulations, other fees received by the
SEC Office, and other income derived from the operation of the SEC and the SEC Office
shall be the property of the SEC Office. After deducting the expenses and reserves under
Section 26, the remaining income shall be remitted to the state.
SECTION 28.4 Termination of officers of the SEC Office including termination through
retirement shall be in accordance with the regulation specified by the SEC.
In cases where there is a reasonable cause, having taken into account the position and nature
of work taken charge by the officers prior to termination of position or duty in the
SEC Office, the SEC shall have the power to prescribe regulation to apply Section 22/1 with
such officers, mutatis mutandis.
SECTION 29. The laws relating to labour protection concerning compensation and
compensation fund contribution, the law relating to labour relations, and the law relating to
government enterprise official relations shall not apply to the Secretary-General, officers and
employees of the SEC Office.
SECTION 29/1.4 In executing his duties in accordance with this Act, the Chairman of
the SEC, the commissioners of the SEC, the board members of the Capital Market
Supervisory Board and the Secretary-General shall be an official under the Criminal Code.
SECTION 30. The SEC Office shall establish an accounting system suitable for the
operation of the SEC Office and shall have a regular internal audit.
SECTION 31. The Office of the Auditor General of Thailand shall be the auditor of the
SEC Office and shall submit its report to the Minister within ninety days from the end of the
fiscal year.
SECTION 31/1.4 The SEC Office shall prepare and submit the annual report on its
financial condition and business operation to the Minister within one hundred and twenty
days from the end of the fiscal year.
SECTION 31/2.4 The SEC Office shall prepare and file with the Minister, a three-year
operating plan together with explanation for such plan in materiality.
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4. indicated amendment by the Securities and Exchange Act (No. 4) B.E. 2551 |
