Thai SEC Sanctions Five Capital Market Personnel
The SEC’s routine inspection of RHB OSK Securities (Thailand) Plc., found that Kan, Pinyanit, Phongpetch and Kanyaree had prepared the securities trading reports for their customers by using trading order form (Form F8) despite those trading orders were not made in trading room. In addition, they failed to completely record a number of clients’ securities trading orders. Such actions were in violation of Clauses 23(1) and 23(3) of the Notification of the Capital Market Supervisory Board No. TorLorThor. 8/2557 Re: Rules on Personnel in Capital Market dated June 3, 2014; classified as prohibited characteristics of personnel in capital market according to Clause 31(1) of the same Notification.
Meanwhile, Supasit, then a branch manager, failed to supervise his subordinates (Kan, Pinyanit, and Kanyaree) in performing their duties causing the aforesaid wrongdoings in violation of law on securities and exchange and relevant rules; classified as prohibited characteristics of personnel in capital market according to Clause 31(4) of the aforesaid Notification.
The SEC therefore suspended capital market investment consultant status of Kan, Pinyanit, Phongpetch, and Kanyaree for nine months. In case of Phongpetch already been suspended by RHB OSK Securities (Thailand) Plc., for a month, the suspension imposed by the SEC shall remain eight months. For Supasit, the SEC barred him from holding any securities company management positions as well as suspended his capital market investment consultant status for nine month. Considering that he has been subject to a month and thirteen day suspension by his former employer, however, the suspension period shall remain seven months and seventeen days.