SEC to Crackdown on Trade Irregularities

Thailand’s investment regulator is warning securities and fund companies to be more prudent in their business conduct, as it is stepping up its control of local trade.

The Securities and Exchange Commission Secretary-General Thirachai Phuvanatnaranubala, has announced that from 2010 to 2012, the SEC plans to be stricter in enforcing laws related to the inspection of brokerage and fund management companies.

Thirachai said that under current laws, brokerage and fund management company executives must be reminded that, along with their clients, they are liable for all legal punishment related to trade irregularities.

He said the SEC will handle all civil cases and will hand criminal cases over to the appropriate agencies if irregularities are found.

He added that the SEC plans to launch an inspection of all high risk securities companies every three years and fund management companies every five years.

Information disclosure and a good governance policy will be the regulators’ priorities from now.

Thirachai went on to say that, during the next three years, the SEC will try to clamp down on market monopolies, offer more education for investors, prepare the local markets for future global financial turmoil, and promote more investment channels as well as new products.

-- Tan Network 2010-12-23

I can just see the next headlines - insider trading - Thailand has another crackdown!

Are honest mistakes punishable?