SEC has provided an update on the Strong Securities Issuers Project, which aims to enhance the quality of listed companies and the performance of personnel. They have also approved regulatory amendments by the SET to improve company screening and supervision.
The Securities and Exchange Commission (SEC) has issued an update on initiatives aimed at improving the quality of listed companies and the performance of personnel in the capital market. These initiatives are part of the Strong Securities Issuers Project and focus on preventing, deterring, and addressing inappropriate behaviors and misconduct.
A recent development in this area is the SEC Board’s approval of amendments to the Stock Exchange of Thailand (SET) regulations to improve the screening process for companies applying for SET listing and to strengthen supervision of listed companies, as proposed by the SET. The SEC also gives emphasis to effective enforcement, ensuring that wrongdoers in all cases, without exception, are subject to legal action.
- Amendments to SET Regulations: The SEC Board approved amendments to the Stock Exchange of Thailand (SET) regulations. These changes aim to improve the screening process for companies applying for SET listing and strengthen supervision of listed companies. Key points of these amendments include:
- Revising qualification requirements for applicants seeking SET listing and mai (Market for Alternative Investment) listing to ensure potential issuers have a strong financial background.
- Revising criteria for backdoor listings and trading resumption to match IPO regulations.
- Updating regulations on investor alerts and delisting of securities for companies displaying inappropriate behaviors.
- Revising disclosure rules for lists of shareholders and unitholders in the case of listed companies, trusts, and mutual funds.
- Enhancing Quality Standards: The SEC is also reviewing relevant regulations to further enhance the quality standards for applicants seeking SET and mai listing. For example, they are examining material transactions (MT) and related party transactions (RPT) regulations to ensure clearer disclosure of investment information by listed companies.
The Strong Securities Issuers Project is an initiative under the SEC Strategic Plan in the area of building trust and confidence in the capital market. The Project aims to enhance the quality of listed companies and the overall duty performance of the personnel associated with listed companies. In this regard, the SEC has been working with relevant organizations through various approaches and activities, using the key measures of preventing, deterring, and suppressing wrongful acts. So far, the Project has made significant progresses.
Source : SEC updates on the Strong Securities Issuers Project and law enforcement
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