Whereas Section 261 of the Securities and Exchange Act B.E. 2535 establishes right to file an appeal against adjudication or order of the Office of the Securities and Exchange Commission or the Securities and Exchange Commission, for the purpose of enabling the Appellate Committee’s consideration and adjudication to be in order and on timely basis, the Appellate Committee specifies Rule of Practice as follows:
Clause 1 In this Rule of Practice :
“Chairman” means Chairman of the Appellate Committee;
“Committee” means the Appellate Committee;
“secretariat” means secretariat of the Appellate Committee;
“secretary” means secretary of the Appellate Committee;
“SEC Office” means the Office of the Securities and Exchange Commission;
“appeal” means appeal filed with the Appellate Committee in accordance with the SEC Notification applicable to the matter, including an appeal filed with a view to amending the appeal in proceedings.
Clause 2 The Legal Department of the SEC Office shall be secretariat having duty to undertake administrative function of the Committee as well as any other duty as appointed by the Committee,provided that Director of the Legal Department shall be secretary.
Clause 3 Upon the receipt of an appeal by secretariat, secretary shall submit a copy of appeal to the SEC Office or the SEC, as the case may be, to direct department in charge to be responsible for the matter of appeal.
In preparing an answer to appeal, department in charge shall clearly describe every issues or arguments brought by the appellant as the matter of appeal and shall demonstrate reasons or consideration in making decision or order which is the matter of appeal. The answer to appeal shall be completed and submitted to the SEC Office or the SEC, as the case may be, within thirty days from the date on which order directing preparation of the answer is received.
When the SEC Office or the SEC, as the case may be, receives the answer to appeal in accordance with the second paragraph, it shall review such answer and return the reviewed answer to the secretariat within fifteen days from the date on which it receives the answer.
Clause 4 When secretariat receives answer to appeal, it shall consider appeal and answer together with gathering evidence and facts relating to the matter of appeal as necessary in the light of circumstances with a view to creating a case file. Secretariat shall further prepare summary of factual and legal issues pertaining to matter of appeal as well as reasons and shall subsequently submit the case to the Committee, in which case arrangement for the Committee’s meeting to consider the appeal shall also be made.
In the course of preparing a case file for the Committee, the Committee may direct secretary to render additional opinions or observations for its consideration.
Clause 5 At least half of the Committee members shall form a quorum for consideration and adjudication of an appeal. In the Committee’s meeting, if the Chairman is not present at the meeting or cannot perform his duty, and if there is a Vice-Chairman, the Vice-Chairman present at the meeting shall be the Chairman of the meeting. If there is no Vice-Chairman or there is a Vice-Chairman who is not present at the meeting or cannot perform his duty, the Committee members present at the meeting shall elect one of the Committee members to be the Chairman of the meeting.
Each Committee member is entitled to one vote. In case of a tired vote, the Chairman of the meeting shall have a casting vote.
Clause 6 In considering an appeal, the Chairman shall appoint one of the committee members as a Committee member in charge of a case. The Committee member so appointed shall examine case file and deliberate his opinion to the meeting, during the course of which the Committee member in charge of a case may direct secretariat to gather additional evidence and fact pertaining any issue as considered appropriate.
Clause 7 In considering an appeal, if the Committee is of the view that the appeal does not comply with Section 261 of the Securities and Exchange Act B.E. 2535, in particular, where the appellant is not a person eligible to file an appeal or the appeal has not been filed within the specified period, the Committee shall not accept the appeal and shall direct secretary to issue written notice to the appellant stating the reasons therefor. If, however, the Committee thinks that the appeal complies with requirements so specified, it shall accept such appeal for consideration.
Clause 8 In case where the appellant files a motion for relief as to compliance with ruling or order of the SEC Office or the SEC, secretary shall review supporting reasons for filing of such motion and render opinion thereon to the Committee to issue an order together with the appeal. The Committee shall consider the motion urgently. If it is considered that the case is urgent and there is reasonable ground to support the motion, the Committee shall make an order as considered appropriate, with or without specifying any condition. In this regard, the provision of Clause 9 and Clause 11 shall, matatis mutandis, be applicable.
Clause 9 In consideration and adjudication of an appeal, if the Committee considers that it is necessary in the light of circumstances for justice, the Committee may order the appellant or department in charge to submit additional evidence, provide explanation or give statement to the Committee within specified period.
If the appellant fails to comply with the Committee’s order within the period specified under the first paragraph, the Committee may consider and adjudicate the appeal on evidence available in the case file or dismiss the appeal.
In case where the Committee dismisses the appeal, the appellant shall not be entitled to re-submit an appeal on that particular matter save where the appellant can demonstrate reasonable cause prohibiting the appellant from complying with the Committee’s order within the specified period.
Clause 10 Decision shall be made at the Committee’s meeting upon majority vote but decision on grant of relief as to compliance with adjudication or order of the SEC Office or the SEC shall be made by unanimous vote.
Any Committee member does not agree upon the Committee’s decision may add his dissenting opinion into the case file.
Clause 11 Adjudication on an appeal shall be made in writing with clear supporting reasons for each appealing issue and signed by Committee members considering the matter of appeal. The secretariat shall send the adjudication to the appellant without delay.
Given on the date of 12th March B.E. 2542
(Mr. Suthee Singhasaneh)
Chairman of the Appellate Committee
This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof.
Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office, accordingly, cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising out of or in connection with its use.