Bangkok, 12 January 2021 – The Securities and Exchange Commission (SEC) has repealed two regulatory notifications to keep pace with current situations and give more convenience to business operators without compromising proper investor protection in line with the Regulatory Guillotine scheme.
The
Regulatory Guillotine* scheme is one of the key projects supporting the
implementation of SEC Strategic Plan in the area of competitiveness enhancement
and connectivity. The scheme enables a regulatory framework that requires
issuance and revision of necessary rules and regulations and promotion of
effective enforcement in line with international standards and current
situations.
In this regard, SEC has reviewed regulations on the
operation of investment management business as prescribed in two notifications
by applying the guidelines of the Regulatory Guillotine scheme to ensure
appropriateness and consistency with current situations. The two notifications
are:
(1) Notification
of the Office of the Securities and Exchange Commission regarding Reporting of
Results of Public Offering of Investment Units dated 20 July 1992, and
(2) Notification of the Office of the
Securities and Exchange Commission regarding Appointment of Investment Unit Selling
and Redemption Agents dated 6 August 1993.
The repeal of the above notifications will be published in
the Government Gazette and become effective from 16 January 2021.
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Remark:
Regulatory Guillotine is the regulatory review of the existing laws and
regulations. The reviewed laws and regulations that are not necessary or do not
keep pace with situations or remain obstacles to living or occupations will be
abolished or revised to lessen burden on people. By doing so, methods used must
be done with speed, transparency, low costs with participation of all related
parties.