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SEC suspends an investment consultant for failing to perform duties with responsibility and deliberation as a professional

Friday 3 January 2020 | No. 3 / 2020

Bangkok, 3 January 2020 – The SEC has suspended the approval of securities investment consultant for Mr. Pongsak Prapahtkamon for two months on account of failure to perform duties with responsibility and deliberation as a professional.

Following an inspection report from Bangkok Bank Public Company Limited, a limited broker dealer and underwriter (LBDU) licensee, and the SEC’s further investigation, it was revealed that Pongsak had affixed signature on subscription orders, redemption orders and switch orders of investment units, in his position as investment consultant, without meeting with or giving advice to a client in any way.

The SEC has considered that Pongsak’s misconduct of performing duties irresponsibly without professional due care is in violation of Clause 23(2) and he is deemed to have the prohibited characteristics of capital market business personnel under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 87/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7) dated 30 August 2017. The SEC has therefore imposed a two-month suspension on investment consultant Pongsak, effective from 6 January 2020.

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NEWS

Securities and Exchange Commission

Corporate Communication and Investor Service Department

Tel. (66)2033-9502-5 E-mail: press@sec.or.th

No. 3 / 2020	Friday 3 January 2020
SEC suspends an investment consultant for failing to perform duties with responsibility and deliberation as a professional
Bangkok, 3 January 2020 – The SEC has suspended the approval of securities investment consultant for Mr. Pongsak Prapahtkamon for two months on account of failure to perform duties with responsibility and deliberation as a professional.
Following an inspection report from Bangkok Bank Public Company Limited, a limited broker dealer and underwriter (LBDU) licensee, and the SEC’s further investigation, it was revealed that Pongsak had affixed signature on subscription orders, redemption orders and switch orders of investment units, in his position as investment consultant, without meeting with or giving advice to a client in any way. The SEC has considered that Pongsak’s misconduct of performing duties irresponsibly without professional due care is in violation of Clause 23(2) and he is deemed to have the prohibited characteristics of capital market business personnel under Clause 31(1) of the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 87/2557 Re: Rules on Personnel in the Capital Market Business dated 3 June 2014, as amended by the Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 48/2560 Re: Rules on Personnel in the Capital Market Business (No. 7) dated 30 August 2017. The SEC has therefore imposed a two-month suspension on investment consultant Pongsak, effective from 6 January 2020. ________________________

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