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SEC public hearing on proposed amendment to regulations regarding digital asset business operator’s advertisement



Monday 9 October 2023 | No. 179 / 2023


Bangkok, 9 October 2023 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations which currently require digital asset business operators (“DA operators”) to submit each advertisement piece for the SEC approval 10 days prior to publication. In response to feedbacks that the SEC received about the current approval requirement being burdensome, the SEC is now revising such requirement to reduce DA operators’ workload and waiting time while enhancing the role of DA operators’ Board of Directors and the Compliance Unit as a checker for any advertisement that DA operators carry out. 

On 15 August 2023, the SEC Board Meeting No. 12/2566 approved the proposed amendment to such advertisement regulations. The SEC is therefore inviting the public and the business sector to comment on the proposed amendment and the draft regulations. The proposed amendment is summarized as below:  
          1) the current regulation requiring DA operators to submit each advertisement piece and relevant details to the SEC for approval (Clause 34/5 of the Notification of the Securities and Exchange Commission No. Kor Thor. 19/2561 Re: Rules, Conditions and Procedures for Undertaking Digital Businesses, dated 3 July 2018) is to be revoked;       
          2) DA operators are to be required to seek approval from their CEO* before launching any advertisement. Additionally, DA operator’s Compliance Unit would be required to closely monitor advertisements and report to the Board of Directors every month and submit such monthly reports to the SEC on a quarterly basis.     

The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=946 and the legal hub system at https://law.go.th/. Stakeholders and interested parties are welcome to submit comments and suggestions via the websites or email: pitchal@sec.or.th. The public hearing ends on 7 November 2023.  

___________________

Remark:
* Any individuals appointed by the Board of Directors of DA operator to be the highest-ranking manager regardless of what the job title may be, including whomever assigned by the highest-ranking manager.    
 

 





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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 179 / 2023 Monday 9 October 2023
SEC public hearing on proposed amendment to regulations regarding digital asset business operator’s advertisement

Bangkok, 9 October 2023 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations which currently require digital asset business operators (“DA operators”) to submit each advertisement piece for the SEC approval 10 days prior to publication. In response to feedbacks that the SEC received about the current approval requirement being burdensome, the SEC is now revising such requirement to reduce DA operators’ workload and waiting time while enhancing the role of DA operators’ Board of Directors and the Compliance Unit as a checker for any advertisement that DA operators carry out. 

On 15 August 2023, the SEC Board Meeting No. 12/2566 approved the proposed amendment to such advertisement regulations. The SEC is therefore inviting the public and the business sector to comment on the proposed amendment and the draft regulations. The proposed amendment is summarized as below:  
          1) the current regulation requiring DA operators to submit each advertisement piece and relevant details to the SEC for approval (Clause 34/5 of the Notification of the Securities and Exchange Commission No. Kor Thor. 19/2561 Re: Rules, Conditions and Procedures for Undertaking Digital Businesses, dated 3 July 2018) is to be revoked;       
          2) DA operators are to be required to seek approval from their CEO* before launching any advertisement. Additionally, DA operator’s Compliance Unit would be required to closely monitor advertisements and report to the Board of Directors every month and submit such monthly reports to the SEC on a quarterly basis.     

The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=946 and the legal hub system at https://law.go.th/. Stakeholders and interested parties are welcome to submit comments and suggestions via the websites or email: pitchal@sec.or.th. The public hearing ends on 7 November 2023.  

___________________

Remark:
* Any individuals appointed by the Board of Directors of DA operator to be the highest-ranking manager regardless of what the job title may be, including whomever assigned by the highest-ranking manager.