Currently, online media and social media have become key channels that play an important role in facilitating public access to financial information. Such channels include the provision of information in various forms, including investor education, investment recommendations, as well as solicitation or referral to the use services of business operators. This may give rise to risks in several aspects, such as the accuracy of information, reliability, and the provision of advice without proper authorization.

The SEC therefore aims to enhance the supervisory framework governing the use of IBA services by business operators to ensure greater clarity and alignment with current practices, particularly with respect to persons providing financial information on online platforms who perform functions as IBAs. This is to establish supervisory standards that are consistent with the prevailing environment, prevent regulatory arbitrage, and protect investors by ensuring that they receive transparent and sufficient information to support their decision-making. In this regard, the SEC proposes the principles for prescribing regulations on IBAs to cover the entire process from selection, appointment, operations, and supervision. The key points are summarized as follows:
          (1) Definition of IBAs: an individual or juristic person who performs the function of introducing or soliciting clients to use services related to securities or derivatives businesses, regardless of whether remuneration is received.
          (2) Selection process: business operators must conduct due diligence to ensure that IBAs are reliable and capable of complying with the applicable rules and regulations.
          (3) Arrangement of agreement: business operators must enter into a written agreement with IBAs, taking into account compliance with the relevant rules and regulations.
          (4) Scope of operations: IBAs are required to operate within the prescribed scope, such as providing and disseminating information about business operators, collecting account opening application documents, and conducting preliminary client screening. In this regard, IBAs must not perform core business functions of business operators (negative list), including approval of credit limits or account opening, provision of investment advice, execution of trading orders, management or custody of client assets, as well as acting as an attorney‑in‑fact for clients.
          (5) Remuneration: business operators may pay remuneration in the form of both up‑front fees and retaining fees, provided that such arrangements are transparent, do not result in excessive fees charged to clients, and do not create incentives for solicitation that are inconsistent           
          (6) Monitoring and supervision: business operators must regularly monitor and supervise the performance of IBAs and establish measures in cases where IBAs fail to comply with the applicable rules and regulations, including reporting to the SEC on a semi‑annual basis.
          (7) Disclosure: business operators must ensure that IBAs disclose to investors that they act as IBAs of the business operators and receive remuneration.

In this regard, if any relevant association has established guidelines on operational standards relating to IBAs and such guidelines have been approved by the SEC, business operators shall also comply with such association’s guidelines.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1175  and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzMwMkRHQV9MQVdfRlJPTlRFTkQ=.  Stakeholders and interested parties are invited to submit comments via these websites or by email to sukritta@sec.or.th or ekarit@sec.or.th. The public hearing ends on 5 July 2026.