Bangkok--28 Aug--SEC
The SEC has amended rules governing issuers’ qualifications to further enhance the efficiency in the securities public offering’s reviewing process of non-listed companies.
Rapee Sucharitakul, SEC Secretary-General revealed that the Capital Market Supervisory Board approved the revision of regulations to govern qualifications of non-listed company issuers proposing securities public offering (PO). The revised rules require the issuers of non-listed company not have any records of severe misconducts for a certain period prior to securities offering submissions. For example, the issuer have never been rejected any PO submissions due to suspicion in severe inappropriate behavior in the past five years.
The revised rules aim to prevent non-listed companies with severe misconducted profiles from public fundraising. In the former rules, any misconducts found during PO submissions such as forged accounting, issuer would only subject to disapproval, while, the recent revised rules, issuer will be barred from the following PO submissions for a certain periods of time. Aforementioned revised rules has already been effective.