-Unofficial translation-
Ministerial Regulation Concer​ning Approval on Undertaking of Securities Business
in the Category of Venture Capital Management B.E. 2545

 
 
By virtue of Section 7 and the fourth paragraph of Section 90 of the Securities and Exchange Act B.E. 2535, which is an Act containing provision in relation to restrictions of rights and liberties of persons, in respect of which Section 29, in conjunction with Section 35, Section 36, Section 45, Section 48 and Section 50 of the Constitution of the Kingdom of Thailand allowed to be done by virtue of provisions of law, Finance Minister issues Ministerial Regulation as follows:
 
 
 
Clause 1 Person eligible to apply for securities business license in the category of venture capital management under this Ministerial Regulation shall-
(1) be a limited company or a public limited company newly established to operate securities business in the category of venture capital management;
(2) have objectives limited to operating securities business in the category applying for the license, and other businesses as permitted by the SEC;
(3) be able to show that its operational system will be prompt for operating securities business in the category of venture capital management; consideration on which will be taken into account its internal control system, record keeping system and system for making reports concerning venture capital management;
(4) be able to show that its human resource will be prompt and adequate with a view to responsibility for venture capital management consideration on which shall be based on the company executives’ knowledge,competence, honesty and working experience.
 
 
 
Clause 2 Person intending to establish a limited company or public limited company for operating securities business in the category of venture capital management shall file an application for approval of establishing such a limited company or public limited company for operating securities business in the category of venture capital management with the SEC Office within the period of time, in form and together with supplementary documents as specified by the SEC’s Notification.
 
 
 
Clause 3 In case where the SEC is of the view that limited company or public limited company so established has qualifications as specified in this Ministerial Regulation, the SEC shall recommend the Minister to grant his approval on the establishment of such limited company or public limited company within sixty days from the date on which the SEC Office receives complete application and supplementary documents.
The Minister shall complete his consideration for approval on the establishment of limited company or public limited company under the first paragraph within thirty days from the date receiving the SEC’s recommendation.
 
 
 
Clause 4 Upon the Minister’s approval under Clause 3, the approved person shall proceed with establishment of new limited company or public limited company for operating securities business in the category of venture capital management as approved, and the newly established limited company or public limited company shall, within thirty days from the date on which the approval is granted, file the application for securities business license in the category of venture capital management with the SEC Office, provided that the application shall be in form and filed together with supplementary documents as specified in the SEC’s Notification. In case where the approved person fails to establish new limited company or public limited company or fails to file the application for license within the period of time specified under the first paragraph, such approval shall be terminated.
 
 
Clause 5 In case where the SEC is of the view that the applicant under Clause 7 has qualifications as specified in this Ministerial Regulation, the SEC shall recommend the Minister to make consideration regarding issuance of license within thirty days from the date on which the SEC Office receives complete application and supplementary documents. The Minister shall complete his consideration within thirty days from the date of receiving the SEC’s recommendation. Securities business license in the category of venture capital management shall be in form specified in the SEC’s Notification.
 
 
Clause 6 In issuing securities business license in the category of venture capital management, there shall be a condition specifying that the licensee shall maintain its qualifications as specified in this Ministerial Regulation throughout the license period and shall undertake business operation in accordance with criteria, conditions and procedures as specified in the SEC’s Notification.
 
 
 
Clause 7 Fees shall be prescribed as follows:
(1) Application fee Baht 10,000
(2) Venture capital management license Baht 10,000
The licensee shall pay license fee on the date of obtaining the license.
 

 
 
Given on the date of 10th January B.E. 2545
 
 
Somkid Jatusripitak
Finance Minister
 
 
 
 

 
 
This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof.
 
 
 
Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office, accordingly, cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising out of or in connection with its use.