The SEC has proposed enhancing the supervision of business operators’ use of IBA services to ensure greater clarity and alignment with current practices, thereby establishing supervisory standards and protecting investors by ensuring that they receive transparent and sufficient information to support their decision-making. Accordingly, the SEC conducted a public hearing on the proposed principles from June to July 2026, during which most respondents expressed support.

The SEC is therefore seeking public comments on the draft notification, with the key points as follows:

            (1) Definition of IBAs: a person, other than an investment consultant of a business operator, who performs the function of introducing or soliciting clients to use services related to securities or derivatives businesses, regardless of whether remuneration is received. 

            (2) Selection process and agreement requirements: Business operators must conduct due diligence on the information and credibility of IBAs and enter into a written agreement with IBAs.

            (3) Scope of operations: IBAs may perform activities within the prescribed scope, including distributing and collecting account opening application documents, reviewing the completeness of documents, conducting preliminary client screening, and disseminating information about the business operator.

            (4) Remuneration paid to IBAs: Remuneration must be appropriate and transparent and must not create incentives to solicit customers to engage in transactions beyond what is necessary.

            (5) Monitoring and supervision: Business operators must regularly monitor and supervise the performance of IBAs, establish measures in cases where IBAs fail to comply with the applicable rules and regulations, and submit reports to the SEC twice a year.

            (6) Disclosure: Business operators must ensure that IBAs disclose to investors that they are IBAs of the business operator and whether they receive remuneration from the business operator.

            (7) Compliance with association rules: Business operators must also comply with the rules governing the engagement of IBAs prescribed by the Association of Thai Securities Companies (ASCO) and approved by the SEC.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1225 and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=ODQ1OURHQV9MQVdfRlJPTlRFTkQ= Stakeholders and interested parties are invited to submit comments through either website or by email to sukritta@sec.or.th or ekarit@sec.or.th. The public hearing ends on 5 November 2026.