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​​​​​International Relations


 

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 Securi​ties Commissions (IOSCO)


Alternative Investment Fund ​Managers Directive (AIFMD)​

 


 

International Organization of Securities Commissi​ons (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 124 regulators around the world (including 19 in Asia-Pacific) that are signatories of the IOSCO MMoU (as of July 2020).

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 athttps://www.iosco.org/about/?subsection=mmou
 

 

• IOSCO Asia-Pacific Regional Committee (APRC)

The SEC has been actively involved in the IOSCO APRC, which comprises 24 members representing securities regulators from Asia-Pacific jurisdictions (as of July 2020). 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 committee has been established in 2013 with 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 80 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 Foru​m (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 before the chairmanship was handed over to Securities Commission Malaysia thereafter. Since 2019, the Chairmanship of the ACMF has been rotated to coincide with the country’s Chair of ASEAN. ​

 

•​ 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 2009 - 2015 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.

To guide the ACMF on the next phase of the integration agenda post-2015, the ACMF Action Plan was developed to be in line with the ASEAN Economic Community Vision 2025. It was divined into 2 phases: (1) the ACMF Action Plan 2016 – 2020 is the current plan guiding the ACMF over a 5-year period; and ACMF Action Plan 2021 – 2025 is under the developing process (as of July 2020).​​

​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 the ACMF Action Plan 2016 - 2020.  
 
​​Click to learn more about The ACMF initiatives.​


 

 

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 Wo​rking 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 acollective 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 27 foreign securities regulators

 

A​uthorityJurisdictionDate

1.

Comisión Nacional de Valores (CNV)

Argentina

6 November 1997

2.

Australian Securities and Investments Commission (ASIC)

Australia

18 April 1997

3.

Comissão de Valores Mobiliários (CVM)

Brazil

31 October 1997

4.

Monetary Authority of Brunei Darussalam (MABD)

Brunei

25 October 2017

5.

Securities and Exchange Commission of Cambodia

Cambodia

2 April 2014

 

17 September 2019

6.

Superintendencia de Valores y Seguros de Chile

Chile

6 November 1995

7.

China Securities Regulatory Commission (CSRC)

China

11 April 2007

8.

Financial Affairs Office of Kunming Municipal People's Government (FAKM)

China

8 April 2013

9.

Financial Supervisory Commission (FSC)

Chinese Taipei

18 June 1996

10.

Securities and Futures Commission (SFC)

Hong Kong

12 November 1993

24 November 2004 (Letter of Intent)

11.

Securities and Exchange Board of India (SEBI)

India

10 April 2007

12.

Financial Services Authority (OJK)

Indonesia

15 October 2003

13.

Israel Securities Authority (ISA)

Israel

17 July 2006

14.

Financial Services Agency (FSA)

Japan

25 February 2014

15.

Financial Service Commission / Financial Supervisory Service 

Korea

12 June 2012

16. 

Securities and Exchange Commission Office

Lao PDR

29 June 2011

 

9 March 2014

17.

Commission de Surveillance du Secteur Financier (CSSF)

Luxembourg

28 November 2012

18.

Securities Commission (SC)

Malaysia

4 April 1994

19.

Securities and Exchange Commission of Myanmar (SECM)

Myanmar

13 May 2013

 

16 October 2017

20

Central Bank of Myanmar (CBM)

Myanmar

8 May 2018

21

Capital Market Authority - Sul tanate of Oman (CMA)

Oman

15 September 2005

22.

Monetary Authority of Singapore (MAS)

Singapore

16 August 2007

23.

Financial Services Board of South Africa (FSB)

South Africa

19 November 2000

24.

Securities and Exchange Commission of Sri Lanka (SEC)

Sri Lanka

10 December 2001

25.

Dubai Financial Services Authority (DFSA)

United Arab Emirates

12 March 2006

26.

Emirate Securities and Commodities Authority (ESCA)

United Arab Emirates

16 July 2007

27.

State Securities Commission (SSC)

Vietnam

24 November 2006

  
 


 

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 Commission22 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




 


For More Information

Strategy and International Affairs Department

Tel. +66-2263-6255 / +66-2033-9671