Bangkok--30 Apr--SEC
The SEC is seeking public comment on revision of rules governing financial advisors (FA) to enhance more clarity of rules and promote FA independence.
The proposed revision determines that FA independence will be impaired in cases where FA or commercial bank in the same conglomerate has granted a loan to any securities issuer or sponsor disposing asset into real estate investment trust (REIT) or infrastructure fund (IFF) exceeding the specified proportion. As a result, FA will be prohibited from providing service in connection with securities offering or REIT or IFF establishment by the said issuer or sponsor, respectively.
Besides, relaxation of rules is also proposed to allow FA to provide service for securities issuer or sponsor in cases where staff of FA’s investment bank unit holds shares or directorship in the issuer or the sponsor without holding any management position in FA or directly involving in the team responsible for preparation of the said issuer’s securities offering information or the said sponsor’s REIT or IFF establishment.
The consultation paper is available on www.sec.or.th. Stakeholders and interested parties are welcome to submit comments through the website, facsimile at 0-2263-6502 or email at
[email protected] until May 8, 2014.