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Procedure
In general, the SEC, as a regulator empowered by the Securities and Exchange
Act of 1992, the Provident Funds Act of 1987, the Royal Enactment on Special
Purpose Juristic Persons for Securitization of 1997, and the Derivatives Act of
2003, will assume its primary responsibility investigating into possible
offences of those laws. If the SEC deems a criminal violation has occurred, it
will pursue the matter by filing a criminal complaint with the Royal Thai
Police for further investigation according to the Thai Criminal Procedure Code.
However, under Section 317 of the Securities and Exchange Act of 1992, Section
42 of the Provident Fund Act of 1987, Section 43 of the Royal Enactment on
Special Purpose Juristic Persons for Securitization of 1997 and Section 155 of
the Derivatives Act of 2003, certain offences can be criminally fined by the
Settlement Committee appointed by the Minister of Finance. In this connection,
if the fine is fully received within the period specified by the Committee, the
matter is considered settled.
On the contrary, to criminally pursue offences not specified by the Sections
mentioned above – the SEC has no power to prosecute in its own name – a
criminal complaint shall be filed with the inquiry official of the Economic
Crime Investigation Division (ECID) of the Royal Thai Police or the special
investigator of the Department of Special Investigation (DSI), Ministry of
Justice. Should a contravention is believed to have occurred, the matter will
be forwarded by the ECID or the DSI to the Office of the Attorney General (OAG)
for criminal prosecution.
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