Bangkok--28 Mar--SEC
The SEC imposed a three-month suspension on Pongsit Amornthitipong, a securities market investment consultant of Trinity Securities Co. Ltd.
The SEC received a report from Trinity Securities Co. Ltd. that Pongsit had been authorized by his clients to make securities trading decisions on the clients’ behalf where he frequently made trading decisions with relatively significant volume. He admitted that he had been authorized by his clients to enter securities trading orders on the clients’ behalf and then inform such client via mobile phone after the trades were executed. Pongsit also admitted that he notified his clients of trading orders at night and failed to keep records of all clients’ trading orders. Conversations between Pongsit and the clients found on the records also indicated the authorization that Pongsit had obtained to make securities trading decisions on the clients’ behalf.
In performing their duties, investment consultants can send trading orders only when obtaining instructions from the clients. They cannot make securities trading decisions on behalf of clients, regardless of the client’s permission. In this regard, the aforesaid Pongsit’s actions are in violation of Clause 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. The SEC therefore suspended Pongsit from his duty as an approved securities market investment consultant for a period of three months. Taking into account that he has already been suspended by his employer for four months, the suspension imposed by the SEC has already been served.