SEC is conducting a public hearing on the principle excluding promulgation of research analysis among investors in ASEAN countries from being regarded as the activity of investment consultant, in order to increase opportunities for, and facilitate, investors to access information of products in ASEAN capital market, and to complement an initiative of ASEAN Capital Markets Forum (ACMF) which aims to facilitate cross-border investment in the ASEAN region. SEC has already put in place rules permitting securities brokers or investment advisors to promulgate research analysis. The promulgation of research analysis by non-licensed business operators may be regarded as carrying out the investment advisory service business because such promulgation must only be made by a licensed business operator.

SEC is therefore considering excluding a business operator promulgating research analysis in the ten ASEAN countries from applying for investment advisor license provided that significant conditions prescribed by ACMF, for example, the research report is produced by licensed person by the home regulator and has already been promulgated in the home country, the promulgation is made upon consent of the producer of the research report, the promulgation is made via the promulgation channels only, and the research report is made available without being edited or modified from the original report

The consultation paper is available at www.sec.or.th/hearing. Stakeholders and interested parties are welcome to submit comments and recommendations via the website, facsimile to 0-2033-9660, or email: juthaporn@sec.or.th or witchulada@sec.or.th. The public hearing ends on 26 September 2018.

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Note: The ten ASEAN countries are, namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Vietnam, and Thailand.