Rudklao Suwankiri, Deputy Government Spokeswoman, disclosed that the cabinet had acknowledged the resolution of the meeting on the consideration of proposing amendments to regulations governing fraud prevention and manipulation by companies listed on the Stock Exchange of Thailand (SET), as suggested by the Ministry of Finance.
The Ministry of Finance reported that revisions to the Securities and Exchange Act B.E. 2535 (1992) concerning auditors and accounting firms are currently underway to align with audit practices and enforce penalties on individuals engaged in misconduct through the Thai capital market.
Furthermore, the Securities and Exchange Commission (SEC) has elevated the oversight of securities issuers under the “Strong Securities Issuers” project and promoted corporate governance reviews by having investment professionals act as representatives of empowered investors, following an international model that will be implemented in Thailand.
She also highlighted the approval from the Thailand Federation of Accounting Professions (TFAC) on the amendments to the Accounting Professions Act B.E. 2547 (2004), proposing increased powers for the council to monitor the activities of accountants, auditors, as well as accounting and auditing companies. This enhancement aims to elevate the quality and proactive nature of auditing practices.
Moreover, the Thai Bond Market Association (ThaiBMA) also suggested reinforcing measures to seize or freeze assets related to fraudulent activities and misconduct in securities issuance. This encompasses assets acquired through suspicious means or in connection with fraudulent activities. Additionally, guidelines and measures will be established to provide compensation to investors affected by fraudulent and manipulative practices.
