Bangkok, 19 May 2021 – The Securities and Exchange Commission (SEC) has issued regulations to support the submission of 345 reports via electronic means to replace the hardcopy submission and to discontinue submission of reports that are no longer necessary or to revise the methods for preparing and submitting information. Such new regulations aim to reduce burdens and provide more convenience for the private sector while ensuring sufficient information is still submitted to support oversight and investor protection. The new regulations have come into force since 16 May 2021.
The SEC will issue further regulations to revise the report submission
of securities companies, derivatives intermediaries and trustees. In this
regard, all reporting data will be reviewed collectively and concurrently and
the consideration is divided into three areas, namely (1) acceptance of reports
via electronic system instead of hardcopy submission, (2) discontinuation of
reports to the SEC to be replaced with other disclosure means, for example,
disclosure of information via generally accessible channels of business
operators or preparation and storage of information in a manner ready for
retrieval upon the SEC’s request, and (3) cancellation of reports that are no
longer necessary. Under the current regulations, only 33 reports can be
submitted via electronic means. After the new regulations come into force,
further 345 reports* will be submitted in the same method.
SEC Secretary-General Ruenvadee Suwanmongkol said: “The SEC aims to
facilitate e-submission services and has the concept to review the overall report
submission system and to implement such action. In this regard, we take all
reports into consideration and decide which reports become irrelevant and thus
should be repealed and which matters can be disclosed via other means and which
reports remain necessary and may be reported electronically in lieu of hardcopy
submission. This streamlining process is in line with the Regulatory Guillotine
scheme**. In addition, the SEC invited capital market business sectors to
comment and discuss on the direction and development for e-submission services.
Opinions and suggestions of private organizations in the financial and capital
markets as well as those from relevant state agencies were taken into account
during the focus group consultation on 26 March 2021. The SEC will notify the agenda
to submit e-reports starting from the second quarter and the e-reporting
acceptance is scheduled for completion within the fourth quarter of this year.”
* Seven types of securities business:
securities brokerage, securities dealing, securities underwriting, securities
investment advisory, mutual fund management, private fund management, and limited
brokerage, dealing and underwriting of investment units (LBDU), are subjected
to submission in total of 280 reports. Derivatives intermediaries are required
to submit 22 reports. There are 43 reports for issuance and offering for sale
of securities.
** 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.