Bangkok, 15 March 2017 - The SEC has suspended two securities investment consultants, {A} for failing to perform duties with deliberation as a professional, and {B} for performing duties or providing services dishonestly. Both persons were working at Bangkok Bank Public Company Limited (BBL) at the time of their misconduct.

In the case of {A}, BBL's inspection report and the SEC's further investigation have revealed that he confirmed with a customer that the RMF units the customer had bought in 2011 were redeemable without breaching the terms and conditions of the tax benefits. However, the actual redemption was in fact a breach of such terms and conditions, and consequently caused damage to the customer who had to return the tax deduction money to the Revenue Department and pay for the capital gain tax plus a fine.

In the case of {B}, BBL's inspection report and the SEC's further investigation have revealed that she affixed her signature in the Investment Consultant Box of the LTF (long-term equity mutual fund) Redemption Form without providing services in such capacity, nor did she examine the unit holding report of the customer's fund investment portfolio before the customer's partial unit redemption order was executed in breach of the terms and conditions of the tax benefits. As a result, the customer had to return the tax deduction money to the Revenue Department and pay for the capital gain tax plus a fine.

BBL has already paid compensations for the damage incurred to both customers before closing the complaint cases.

The demeanor of {A} was a failure to perform duties with responsibility and deliberation as a professional, and {B}'s was a failure to perform duties or provide services honestly. Both cases were in contravention of the Notification of the Capital Market Supervisory Board*. The SEC has therefore suspended the approval as securities investment consultant for {A} and {B} for two months and three months, respectively, both starting from 16 March 2017.

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Note:
* {A} violated Clause 23(2), and {B} Clause 23(1), both being the prohibited characteristics of capital market personnel under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 8/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014.