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About SEC
About the SEC
Organization of the SEC
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International Relations
Codes of Governance
Overview of Operations in 2015
Workplans for 2016-2018
Annual Report
SEC Holidays
International Relations
International Organization of Securities Commissions (IOSCO)
ASEAN Capital Markets Forum (ACMF)
International Forum of Independent Audit Regulators (IFIAR)
ASEAN Audit Regulators Working Group
Memorandum of Understanding (MoU)
Alternative Investment Fund Managers Directive (AIFMD)

The SEC has worked closely and continued to strengthen its cooperation with foreign securities regulators and relevant agencies to ensure successful implementation of policies and strategic plans and compliance with international standards.

 

International Organization of Securities Commissions (IOSCO)

 

Established in 1983, the IOSCO is the international body that brings together global securities regulators and is recognized as the global standard setter for the securities sector. The SEC has been an ordinary member (with voting right) since 1992 and a member of the Presidents’ Committee, the Growth and Emerging Markets Committee (GEMC), and the Asia-Pacific Regional Committee (APRC). The SEC has also participated in several IOSCO’s working groups.

 

The SEC was elected Chairman of the IOSCO APRC Committee during 2005-2008. This reflects the significance of the Thai capital market in the region as well as the recognition of the SEC’s international roles and collaboration for sharing of information, opinions and experiences in different areas.

 
IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU)
 
The SEC became a signatory to the IOSCO MMoU at the IOSCO Annual Conference in 2008. This milestone reflects the SEC’s continued commitment to removing limitation on enforcement cooperation with foreign regulators. The SEC is among 109 regulators around the world (including 19 in Asia-Pacific) that are signatories of the IOSCO MMoU (as of May 2016).

The MMoU, widely accepted as global multilateral information-sharing arrangement among securities regulators around the world, has enhanced the SEC’s ability to cooperate and request information from other jurisdictions, which will ultimately enhance the SEC’s enforcement capabilities. This reflects SEC’s continued commitment to improve our supervisory standards to be widely recognized in an international arena.
 
More details on IOSCO MMoU can be found at: https://www.iosco.org/about/?subsection=mmou
 
IOSCO Asia-Pacific Regional Committee (APRC)
 
The SEC has been actively involved in the IOSCO APRC, which comprises 25 members representing securities regulators from Asia-Pacific jurisdictions (as of May 2016). The SEC chaired the committee for two consecutive terms from 2005 to 2008. 
 
In 2012, the SEC Thailand hosted the IOSCO APRC Meetings and Seminar.  The Seminar focused on two topics: “Opportunities and challenges for SME financing through capital market”, and “Capitalizing on Regional Growth Prospects: Enlarging Opportunities for Asset Management Companies.”
 
 
IOSCO Board Member
 
In addition to playing an active role as an IOSCO member, the SEC was elected as a member of the Board of International Organization of Securities Commission (IOSCO Board) in September 2014 as a representative of the IOSCO Asia-Pacific Regional Committee.  Served as the member of the IOSCO Board in 2014-2016, the SEC has taken part in reviewing major securities regulatory issues with regulators of global financial centers, such as the USA, England, Japan, Australia, and Hong Kong.
 
In addition, the SEC also currently participates in 3 important committees of IOSCO.
 
1. Policy Committee on International Accounting, Auditing, and Disclosure Standards: This committee focuses on setting international disclosure, accounting and auditing standards that form the foundation of the information provided to investors, as well as considering matters related to the application of these standards.  By joining the committee, the SEC is able to contribute to the development of professional standards and keep track of policy changes. In addition, the committee provides a great forum for the SEC to share the challenges facing Thailand in complying with international standards with relevant parties in the Thai capital market.
 
More details on Policy Committee on International Accounting, Auditing, and Disclosure Standards can be found at:https://www.iosco.org/about/?subsection=display_committee&cmtid=12
 
2. Policy Committee on Retail Investors: This is IOSCO’s most recently established policy committee in 2013.  This committee has mandates to conduct IOSCO’s policy work on retail investor education and financial literacy, and to advise the IOSCO Board on emerging retail investor protection matters.  As the Thai capital market is dominated by retail investors, the SEC has found the participation in the committee invaluable.  It opens further opportunities for the SEC to contribute to the development of investor education globally, as well as to utilize the experiences of other jurisdictions towards the work on investor protection and investor education in Thailand.
 
More details on Policy Committee on Retail Investors can be found at: https://www.iosco.org/about/?subsection=display_committee&cmtid=20
 
3. Growth and Emerging Markets Committee: The committee undertakes a key role in formulating and carrying out policies relevant to growth and emerging markets. It comprises regulators from leading emerging markets, who are committed to strengthening the resilience of emerging markets and raising the voices of emerging regulators in the global regulatory landscape.  The committee aims to proactively identify key risks and issues relevant to growth and emerging markets, as well as enhance regulatory capacity for these countries, which account for 75 percent of IOSCO members.

 

More details on Growth and Emerging Markets Committee can be found at: http://www.iosco.org/about/?subsection=display_committee&cmtid=8 

 

 

 

 

 

ASEAN Capital Markets Forum (ACMF)

 

The ASEAN Capital Markets Forum (ACMF) was established under auspices of ASEAN Finance Ministers in 2004 to serve as a forum for heads of securities regulators in the ASEAN region to discuss policy issues relating to capital market development. The ACMF was chaired by the SEC Thailand during August 2008 - September 2011.  The current Chair of the ACMF is Securities Commission Malaysia.

 
ASEAN Capital Markets Integration
 
On April 9, 2009 at the 13th ASEAN Finance Ministers’ Meeting (AFMM) in Thailand, the ASEAN Finance Ministers endorsed the ACMF’s Implementation Plan to promote the development of an integrated capital market to achieve the objectives of the AEC Blueprint 2015. The Implementation Plan is a roadmap that offers a comprehensive set of strategic initiatives, specific actions and milestones for ASEAN securities regulators to ensure appropriate sequencing of initiatives, with an aim to present ASEAN as an asset class appealing to global investors and enhance competitive edge of ASEAN capital markets in the global arena.
 
The ACMF received technical assistance from the Asian Development Bank (ADB) and experts from private sectors to ensure practicality and overall benefits for stakeholders.
 
Click to learn more about the ACMF and the Implementation Plan.  
 
The ACMF initiatives under the Implementation Plan are as follows:

International Forum of Independent Audit Regulators (IFIAR)

 

The SEC became member of the International Forum of Independent Audit Regulators in September 2010. The IFIAR accedes to the SEC participation and contribution in terms of global audit regulatory developments and opportunity to share insights, knowledge of audit market environment and practical experiences of independent audit regulatory activities as well as promote collaboration on regulatory activities and matters pertaining to the public accounting profession.

  
The IFIAR was established on September 15, 2006 with the following objectives:
 
1. To share knowledge of the audit market environment and practical experience of  independent audit regulatory activity;
2. To promote collaboration in regulatory activity; and
3. To provide a focus for contacts with other international organizations that share interest in audit quality.

 

ASEAN Audit Regulators Working Group

 
The ASEAN Audit Regulators Working Group was recently established to enhance closer collaboration among ASEAN audit regulators in promoting audit quality, exchanging technical training development and presenting a collective ASEAN voice on international forums. Currently, members of the working group comprise independent audit regulators from three ASEAN jurisdictions, namely the Audit Oversight Board of Malaysia (AOB), the Accounting and Corporate Regulatory Authority of Singapore (ACRA), and the SEC Thailand.  

 

Cooperation with Foreign Regulators

 
The SEC places a strategic focus on proactive alliance with fellow regulators through assistance and information sharing to enhance supervisory efficiency and enforcement. So far, the SEC has signed MoUs, Letter of Intent and Exchange of Letters for Cooperation with 23 foreign securities regulators, and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (IOSCO MMoU) since June 2008.
 
The MoUs provide clear mechanisms for exchange of information, which include setting up the terms and conditions for sharing and protecting confidentiality of non-public information. Bilateral MoUs, in recent years, have proven to be very important for investigation purposes, undertaken by the SEC and other securities regulators around the world.   
 

No.

Jurisdiction

Authority

Date

1.

Argentina

Comisión Nacional de Valores (CNV)

6 November 1997

2.

Australia

Australian Securities and Investments Commission (ASIC)

14 April 1997

3.

Brazil

Comissão de Valores Mobiliários (CVM)

31 October 1997

​4. Cambodia Securities and Exchange Commission of Cambodia ​2 April 2014

5.

Chile

Superintendencia de Valores y Seguros de Chile

6 November 1995

6.

China

China Securities Regulatory Commission (CSRC)

11 April 2007

​7. China Financial Affairs Office of Kunming Municipal People’s Government (FAKM) ​8 April 2013

8.

Chinese Taipei

Financial Supervisory Commission (FSC)

18 June 1996

9.

Hong Kong

Securities and Futures Commission (SFC)

12 November 1993

10.

India

Securities and Exchange Board of India (SEBI)

10 April 2007

11.

Indonesia

Financial Services Authority (OJK)

15 October 2003

12.

Israel

Israel Securities Authority (ISA)

17 July 2006

​13. ​Japan (EOL) ​Financial Services Agency (FSA) ​25 February 2014
​14. ​Korea Financial Service Commission / Financial Supervisory Service​ ​12 June 2012
15.​
Lao PDR
Securities and Exchange Commission Office​
29 June 2011
16.
Luxembourg​​ Commission de Surveillance du Secteur Financier (CSSF)​​ 28 November 2012​​

17.

Malaysia

Securities Commission (SC)

4 April 1994

18.

Singapore (LOI)

Monetary Authority of Singapore (MAS)

15 September 2005

19.

Singapore

Monetary Authority of Singapore (MAS)

16 August 2007

20.

South Africa

Financial Services Board of South Africa (FSB)

19 November 2000

21.

Sri Lanka

Securities and Exchange Commission of Sri Lanka (SEC)

10 December 2001

22.

United Arab Emirates

Dubai Financial Services Authority (DFSA)

12 March 2006

23.

United Arab Emirates

Emirate Securities and Commodities Authority (ESCA)

16 July 2007

24.

Vietnam

State Securities Commission (SSC)

24 November 2006

 

 

Alternative Investment Fund Managers Directive (AIFMD)

 
In addition, the SEC has also entered into Memorandum of Understanding (MOUs) concerning consultation, cooperation, and the exchange of information related to the supervision of Alternative Investment Fund Managers (AIFMD) with EU and European Economic Area (EEA) members. The AIFMD is European legislation which covers all non-UCITS funds in Europe or foreign funds marketing to Europe. The AIFMD has been introduced by European Securities and Markets Authority (ESMA) which came into force on 22 July 2013.
 
AIFMD is applicable to Thai funds under following circumstances: 
 
1. offering units of the Alternative Investment Funds (AIFs) established in Thailand to investors in Europe or/and;
2. establishing and managing the AIFs in Europe or/and;
3. performing a delegated function to the AIFs established in Europe or/and;
4. being the master fund in which an AIF in Europe invests at least 85 % of its assets in units or shares(Note: AIFMD is not applicable to the case that a fund established in Thailand invests its assets in units or shares of an AIF established in Europe. However, the cooperation arrangement of such case is covered by the MOUs.)
 
The SEC has entered into MOUs on AIFMD with 26 jurisdictions (27 regulatory agencies), comprising 23 EU authorities and 3 EEA authorities as listed in the table below. This MOU is a statement of intent to consult, cooperate and exchange information in connection with the supervision and oversight of the AIFMs that operate on a cross-border basis in the jurisdictions of the signatories.
 
Several alternative investment funds established in Thailand have marketed in European countries under this scheme.

 

 

 

 

 

No.
Jurisdiction
Authority
Date
1.
Austria
Financial Market Authority
22 July 2013
2.
Bulgaria
Financial Supervision Commission
22 July 2013
3.
Cyprus
Cyprus Securities and Exchange Commission
22 July 2013
4.
Czech Republic  
Czech National Bank
22 July 2013
5.
Denmark
Finanstilsynet (Financial Supervisory Authority)
22 July 2013
6.
Estonia
Estonia Financial Supervision Authority
22 July 2013
7.
Finland
Finanssivalvonta (Financial Supervisory Authority)
22 July 2013
​8.
​France
Autorité des Marchés Financiers
​19 September 2014
​9.

​Greece

Hellenic Capital Market Commission
22 July 2013
10. 
Hungary
Pénzűgyi Szervezetek Állami Felűgyelete
(The Central Bank of Hungary)
22 July 2013
11.
Iceland
Fjármálaeftirlitið
(Financial Supervisory Authority)
22 July 2013
12.
Ireland
Central Bank of Ireland
22 July 2013
13.
Latvia
Finanšu un kapitāla tirgus komisija
22 July 2013
14.
Liechtenstein
Finanzmarktaufsicht
(Financial Market Authority)
22 July 2013
15.
Lithuania
Bank of Lithuania
22 July 2013
16.
Luxembourg
Commission de Surveillance du Secteur Financier
22 July 2013
17.
Malta
Malta Financial Services Authority
22 July 2013
18.
Norway
Finanstilsynet
(Financial Supervisory Authority)
22 July 2013
19.
Poland
Polish Financial Supervision Authority
22 July 2013
20.
Portugal
Comissão do Mercado de Valores Mobiliários
(Securities Market Commission)
22 July 2013
21.
Romania
Romanian Financial Supervisory Authority
22 July 2013
22.
Slovak Republic
Národná banka Slovenska
22 July 2013
23.
Spain
Comisión Nacional del Mercado de Valores
22 July 2013
24.
Sweden
Finansinspektionen
22 July 2013
25.
The Netherlands
Autoriteit Financiële Markten
(Netherlands Authority for the Financial Markets)
22 July 2013
26.
United Kingdom
Financial Conduct Authority
22 July 2013
​27.
​Gibraltar (British Oversea Territory)
Financial Services Commission
​9 September 2014

 

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Last updated on 28 March 2017
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