Bangkok--18 Dec--SEC
The SEC is seeking public comment on a draft revision to the rule governing arbitration procedures in order to bring about flexible, complete and appropriate practices. For example, the revision will improve dispute conditions between securities and derivatives companies and clients through arbitration procedures. In the case of making a reservation of right, the clients are able to bring a dispute into the arbitration procedures when they do not agree with complaint handling process made by securities and derivatives companies.
The revision also includes abolishing the mediation but the SEC will remain facilitating negotiation between securities and derivatives companies and clients. The procedure for handling any objections filed by securities and derivatives companies will be stated while the arbitrator selection process will become more flexible to support the case where the selected arbitrator is unable to perform the duty. In addition, the arbitrators and the SEC may extend the timeframe for the arbitration process.
The draft regulation and consultation paper are available on the SEC website at www.sec.or.th. Stakeholders and interested parties from the public are welcome to submit comments through the website, or through phone number 0-2263-6040 or email to
[email protected] until December 27, 2012.