Bangkok, 30 October 2020 – The Securities and Exchange Commission (SEC) is seeking public comments on the proposed amendment of regulations on how securities business operators and derivatives business operators shall handle their customer’s complaint, along with changing the way the operators shall report their complaints’ handling to SEC from paper based to electronic based, in order to reduce burden on the operators as well as enhance the efficiency of customer complaints' handling.
Under the existing regulations, each business operator allows
to prepare the customer complaints’ handling report in its own style and
classify the type of complaints as it deems appropriate. Such variations have caused
SEC extra time on processing the data for regulatory use. In addition, the current
regulation which requires the operator to submit the report in paper form to
SEC has incurred an undue burden to the business.
SEC, therefore, proposes to amend the regulations by requiring
the business operators to submit the report in electronic form instead of paper in order to reduce burden on the operators. The report shall, however, contain
information as specified by SEC. The required information will enable SEC
to efficiently monitor the operator’s progress in resolving the complaints, and
design the appropriate supervisions and measures to prevent the recurring
of problems in the future. Information from the report, such as frequent
complaint matters, cause of complaint, degree of customer’s knowledge and
understanding, branch mentioned in the complaint, type of securities commonly
named in the complaint, and amount of time the operator spent to resolve the problems, etc.,
will be analyzed and put into good use by SEC to ensure that customer received
the appropriate level of protection.
The amendment of this regulation is part of SEC’s Regulatory
Guillotine* project. The objective of this amendment is to ensure that customer
complaints are handled appropriately, especially in the case where the
operator failed to comply with relevant regulations. It also aims to
ensure that the business operators have in place the system
and measures to prevent such incidents from happening again.
The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=665. Stakeholders and interested parties are welcome to give
comments and suggestions via the website or email to kornwara@sec.or.th. The public hearing will end on 30
November 2020.
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Note:
*Regulatory Guillotine refer to a rapid, transparent, and
low-cost method coupling with stakeholder participation to review existing laws
and regulations. Whereas the laws or regulations that are no longer necessary
or outdated, or become obstacles to public livelihood or occupation will be repealed
or revised to eliminate burden on people and related parties.