Due to the information relating to asset appraisal regarding capital market transaction is significant and has impact on making investment decision of the public, appraisal requires a knowledgeable, capable and responsible person to perform. The SEC have stipulated the undertaking of the asset appraisal by an appraisal company whose name appears in the SEC Office's approved listed.
Duties and scope of work of appraisers
In order to value the asset for capital market transaction, an appraisal company in capital market and a lead appraiser shall perform duties in accordance with standards and ethics regarding appraisal profession and with additional requirements regarding asset appraisal for widely used. In this regard, the appraisal report shall explicitly specify the objective of the asset appraisal that it is widely used, and shall be affixed the signature by the following persons:
Any director who is authorized to affix his signature on behalf of the appraisal company in capital market;
The lead appraiser approved who is an employee or a staff of the appraisal company in capital market.
Qualifications of appraisers
|"Appraisal company in capital market" means a juristic person having narmal business purpose to value any asset and wish to contribute appraisal services for capital market transaction.|
"Lead appraiser" means a personnel of the appraisal company in capital market affixing the signature in the appraisal report for capital market transaction, as practicing appraiser.
Having paid-up capital of not less than 2 million Baht;
Having clear, thorough and sufficient criteria and guidelines for asset appraisal, including operational system to ensure that it would be able to comply with standards and ethics regarding appraisal profession for widely used appraisal;
Having experience in appraisal services in Thailand continuously for not less than 1 year;
Having a manager and a person holding executive position responsible for the working field relating to asset appraisal who have knowledge and working experience in asset appraisal;
Having a total number of the appraisers not less than 5 persons. In this regard, at least 2 persons shall be lead appraisers obtaining approval from the SEC;
Not appearing that the applicant possesses prohibited characteristics as prescribed;
Not appearing that its directors, manager and person holding executive position as a division manager or an equal position responsible for the working field of asset appraisal, possess prohibited characteristics as prescribed;
Not being ordered by the SEC to suspend functioning as appraisal company in capital market or being under the period of time that the SEC could refuse to accept the application.
Being full time casual worker or employee of the applicant;
Practicing on asset appraisal continuously for not less than 1 year prior to seeking the approval thereof and still practicing such action during submitting the application;
Having knowledge and working experience relating to asset appraisal in Thailand as prescribed;
Being able to demonstrate that such person is acknowledgeable and capable person in valuing the asset for widely used appraisal as prescribed;
Not appearing that he possesses prohibited characteristics as prescribed;
Not being ordered by the SEC to suspend functioning as lead appraiser or being under the period of time that the SEC could refuse to accept the application;
Having passed the test of competence or taken professional course prescribed (if any).
Registration with the institute of appraisal profession
It shall be deemed that an appraisal company and natural person, who have been registered to be an appraiser for widely used appraisal by the Institute of Appraisal Profession, are an appraisal company in capital market and a lead appraiser obtaining an approval from the SEC. The Institute of Appraisal Profession under the first paragraph shall be recognized by the SEC as an appropriate organization for supervising and promoting appraisal profession as prescribed.
Related Rules and Regulations