“competent officer” means a person appointed by the Minister to execute the duties in
accordance with this Act and whose name is published in the Government Gazette.
“SEC Office” means the Office of the Securities and Exchange Commission.
“Secretary-General” means the Secretary-General of the Office of the Securities and
“Minister” means the Minister in charge of the enforcement of this Act.
SECTION 5.4 Unless otherwise specified by the provisions of this Act, the SEC,
the Capital Market Supervisory Board, the SEC Office, the board of directors of the
Securities Exchange, and the Securities Exchange shall issue the notification to the public
specifying the period for consideration of the issuance of a license and granting of an
approval under this Act. In cases where an application for a license or for an approval is
refused, the applicant shall also be notified of the reasons therefor.
SECTION 6.4 Where the signatures of the directors or registrar are required in securities
certificates under this Act, the Capital Market Supervisory Board may specify that such
signatures may be stamped by machine or by other means. In such event, the rules and
procedures as specified in the notification of the Capital Market Supervisory Board must be
SECTION 7. The Minister of Finance shall be in charge of the enforcement of this Act
and shall have the power to issue ministerial regulations and appoint competent officers to
perform duties in accordance with this Act.
Such ministerial regulations shall come into force upon publication in the Government
SUPERVISION OF SECURITIES AND EXCHANGE
SECURITIES AND EXCHANGE COMMISSION
SECTION 8.4 A Securities and Exchange Commission hereby referred to as the “SEC” shall be established, comprising the Chairman appointed by the Cabinet upon
recommendation of the Minister of Finance, the Permanent Secretary of the Ministry of
Finance, the Permanent Secretary of the Ministry of Commerce and the Governor of the
Bank of Thailand and at least four but not exceeding six experts appointed through
nomination in accordance with Section 31/7 as commissioners, among whom there shall be at
least one legal expert, one accounting expert and one financial expert. The Secretary-General
shall be a commissioner and the secretary of the SEC
SECTION 9.4 The Chairman and each commissioner appointed in accordance with
Section 8 shall be Thai nationals and shall not have the following prohibited characteristics:
(1) being an incompetent or quasi-incompetent person;
(2) being or having been a bankrupt;
(3) having been imprisoned by the judgment of a court which is final, regardless of
whether the sentence has been suspended, except for the offences committed
through negligence or minor offences;
(4) being or having been a political official or holding or having held any position in a
political party unless having vacated such position not less than one year;
(5) being an officer or an employee of the SEC Office;
(6) being a manager or a person with power of management of the operation of
securities business, the Securities Exchange, over-the-counter center, organization
related to securities business, derivatives business, derivatives trading center,
derivatives clearing house, derivatives regulatory association or any other companies
which are under the supervision of the SEC, the Capital Market Supervisory Board
or the SEC Office.
In case where any person having characteristics under (5) or (6) is appointed, the appointed
person shall perform his duty only after his resignation from the position under (5) or (6),
which shall be within thirty days from the date of appointment. If the appointed person fails
to resign within the said period, it shall be deemed that such person has never been
appointed as the Chairman or commissioner, under the circumstance of which there shall be
appointment of another person as the Chairman or commissioner, as the case may be.
SECTION 10.4 The Chairman and each commissioner appointed in accordance with
Section 8 shall hold office for a term of four years and may be re-appointed but shall not
hold office for more than two consecutive terms.
Upon expiration of the term of office, the appointment of new Chairman and commissioners
shall be made within sixty days. During the period when new Chairman or new
commissioners, as the case may be, have not yet been appointed, the retiring Chairman or
commissioners shall remain in office until their successors assume their duties.
SECTION 11.4 Apart from retirement upon expiration of the term of office under
Section 10, the office of the Chairman and a commissioner appointed in accordance with
Section 8 shall be vacated upon:
(3) reaching the age of seventy years;
(4) having the prohibited characteristics as provided in Section 9;
(5) termination by the Cabinet’s resolution upon recommendation of the Minister in
cases of the Chairman or by the Minister’s order upon recommendation of the SEC
which has passed a resolution with at least two-thirds of all commissioners in cases
of a commissioner, provided that the resolution and the order shall state clear reason
If the office of the Chairman or a commissioner is vacated prior to expiration of the term
of office, the Cabinet may appoint another person to hold such office or the Minister may
appoint another person to hold the office of such commissioner, as the case may be. The
appointed Chairman or commissioner shall retain office for the remaining duration of the
full term of the Chairman or commissioner whom he replaces.
SECTION 12. At least half of the commissioners of the SEC shall form a quorum.
If the Chairman of the SEC is not present at the meeting or cannot perform his duty, and if
there is a Vice-Chairman, the Vice-Chairman present at the meeting shall be the Chairman
of the meeting. If there is no Vice-Chairman or there is a Vice-Chairman who is not present
at the meeting or cannot perform his duty, the commissioners present at the meeting shall
elect one of the commissioners to be the Chairman of the meeting.
Decisions shall be made at the SEC meeting upon majority vote. Each commissioner
is entitled to one vote. In the event of a tied vote, the Chairman of the meeting shall have
a casting vote.
SECTION 13. Any commissioner who has an interest in the matter to be considered shall
declare such interest and shall be prohibited from participating in such consideration.
Guidelines for consideration of the interest in accordance with the first paragraph shall be
specified by the SEC.
SECTION 14. The SEC shall have the power and duty to formulate policies to promote
and develop, as well as to supervise, matters concerning securities, securities businesses, the
Securities Exchange, over-the-counter centers, and related businesses, organizations related
to securities business, issue or offer of securities for sale to the public, acquisition of
securities for business takeovers, and prevention of unfair securities trading practices. Such
power shall include:
(1) the issuance of rules, regulations, notifications, orders, or directions under this Act;
(2) the determination of fees for application for an approval, application for obtaining
a license, a license, or for operating the business as licensed;
(3) the issuance of rules relating to the duties of a sub-committee;
(4) the issuance of rules, orders and regulations relating to personnel, personnel relations
system, placement, appointment, dismissal and discipline for personnel and
employees of the SEC Office, the determination of salary and other remuneration as
well as welfare and assistance;
(4/1)4 the prescription of a guideline for consideration of any potential issues which may
arise from the enforcement of this Act.
(5) any other activities to be implemented according to the objectives of this Act.
All rules, regulations, notifications, orders, or directions that are generally applicable shall
come into force upon publication in the Government Gazette.
                 
                
4. indicated amendment by the Securities and Exchange Act (No. 4) B.E. 2551