Bangkok--29 Mar--SEC
The SEC is seeking public comment on proposed rules on outsourcing in securities and derivatives businesses. The proposed revision aims to facilitate and increase the efficiency of business operations. The consultation paper is available until April 4, 2013.
Business operators, securities and derivatives businesses, will be allowed to outsource activities directly relevant to its core or non-core businesses upon conditions that they have an apparent outsourcing policy, measures, criteria, and service provider control system. Outsourcing however does not discharge business operators from responsibility in the outsourced activities.
The business operators will be allowed to outsource the activities to any other business operators without seeking for the SEC approval but will remain subject to the defined criteria.
For outsourcing activities directly relevant to their core businesses, such as management information technology and client registrar, the business operators are allowed to outsource without seeking for the SEC approval; they simply need to notify the SEC in advance, if the outsourcees are as follows; (i) a financial institution, (ii) a subsidiary of the business operator, (iii) an audit firm where the SEC-approved auditors work, (iv) the Stock Exchange of Thailand or its subsidiary whose shares are held by the SET at least 75%, or (v) a service provider with at least five-years of related experience. In the case of outsourcing to the service provider other than the above mentioned, the business operators are required to seek SEC approval prior to the commencement of the outsourcing arrangement. The SEC's consideration factors include the qualifications of service provider, personnel, operating system and financial status.
The consultation paper is 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 facsimile number 0-2263-6311 or email at
[email protected] until April 4, 2013.