Bangkok--27 Oct--SEC
SEC Secretary-General Vorapol Socatiyanurak expresses his concern over impact of flooding situation that “flooding of this magnitude has affected some manufacturing and service sectors in the capital market. The SEC has closely monitored the situation and consistently cooperated with related parties to keep informed of the impact level, consider relaxation of rules to help lessen regulatory burden and further relief for businesses. At present, the reliefs include:
(1) Branches of securities companies affected by flood and unable to provide services are allowed to temporarily close down without providing advanced notification to the SEC. The companies, however, must provide service channels for their customers, i.e., submission of trading orders through its headquarters.
(2) For listed companies and securities issuers having duty to submit reports such as financial statements to the SEC, if unable to do so under current circumstances, the SEC will consider easing relevant requirements. In addition, listed companies may submit the reports through the Stock Exchange of Thailand (SET)’s electronic system while the original may be filed with the SEC later.
(3) Investor contacts, auditors, financial advisors, and fund managers whose approval expire or will expire from October 26, 2011 to March 31, 2012 are allowed to perform their duty until March 31, 2012. In this regard, the application for renewal of approval can be filed with the SEC within March 31, 2012.
“Although those affected, when compared with all listed companies and securities
companies, may not be a large number, the SEC has concern over the impact of flooding on them. At present, providing of services by businesses in the capital market, including clearing and settlement systems remains functioned normally. The SEC keeps compiling information of affected firms in the midst of this ongoing flooding situation for further consideration on further reliefs. In addition, the SEC has coordinated with the SET and related parties to effectively deal with the impact of flooding including operational procedure in case of emergency and preparation of backup plans with a view to facilitate continual securities trading,” said Mr. Vorapol.