-Unofficial translation-
Ministerial Regulation​ No. 8 (B.E. 2539)
Promulgated under the Securities and Exchange Act B.E. 2535

 
 

 

 
 
 
 

By virtue of Section 7 and the fourth paragraph of Section 90 of the Securities and Exchange Act B.E. 2535, the Finance Minister hereby issues Ministerial Regulation as follows:

 


 

Clause 1 Limited company to be established to operate securities business in the category of mutual fund management for foreign investors shall-
(1) be limited company established by the Stock Exchange of Thailand and whose shares are held by the Stock Exchange of Thailand not less than ninety-nine percent of the total shares sold.
(2) have a paid-up registered capital not less than the amount specified in the law concerning securities and exchange.
(3) have objectives to:
   (a) manage investment according to the mutual fund project by means of issuing investment units for sale to foreign investors;
   (b) make investment by proceeds from the sale of investment units of each project in shares of a company listed in the Stock Exchange of Thailand, and such the company voluntarily allows the mutual fund to invest in its shares.
   (c) operate other businesses relating to those specified in Sub-clause (a) and (b) as permitted by the SEC.

 

 

 

 

Clause 2 In applying for the Minister’s approval on establishment of limited company to operate securities business in the category of mutual fund management for foreign investors, the Stock Exchange of Thailand shall submit the application to the SEC, via the SEC Office together with supplementary documents specified by the SEC’s Notification as published in the Government Gazette.

 


 

Clause 3 The SEC shall recommend the Minister to grant his approval on establishment of limited company within thirty days from the date on which the SEC Office receives complete application and supplementary documents, and the Minister shall complete his consideration and approve establishment of such company within thirty days from the date of receiving the SEC’s recommendation.

 
 
 
 

Clause 4 When the Minister grants his approval under Clause 3, the Stock Exchange of Thailand shall proceed with establishment of limited company under Clause 1, and the company so established shall file an application for securities business license in the category of mutual fund management for foreign investors with the SEC via the SEC Office within sixty days from the date of receiving approval on establishment of such limited company, in form and together with supplementary documents specified in the SEC’s notification as published in the Government Gazette.

 


 
Clause 5 Once the SEC receives complete application and supplementary documents and is of the view that the established company has correct qualification as specified, the SEC shall recommend the Minister to grant securities business license in the category of mutual fund management for foreign investors within thirty days from the date of receiving complete application and supplementary documents, and 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 mutual fund management for foreign investors shall be in form attached herewith.

 

 

 

 

Clause 6 Securities company obtaining the license under this Ministerial Regulation shall have the Stock Exchange of Thailand held its shares not less than ninety nine percent of total shares sold throughout the license period, and shall have directors, managers or persons with managerial authority in any department or in higher level approved by the SEC Office.

 


 
Clause 9 Fees shall be prescribed as follows:
(1) application for securities business license in the category of mutual fund management for foreign investors Baht 500;
(2) securities business license in the category of mutual fund management for foreign investors Baht 50,000.

 

 

 

 
 

Given on the date of the 26th of September B.E. 2539

 
 
 
Bodi Chunnananda
 
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 unofficial reviews 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.