The Cabinet’s Meeting convened today has passed a resolution, approving a proposed emergency decree to amend the Securities and Exchange Act with the main focus on the enhancement of corporate governance and law enforcement measures, as proposed by the Ministry of Finance.
Mrs. Pornanong Budsaratragoon, SEC Secretary-General, said: “This legislative amendment involves improvements across multiple areas, from increasing efficiency in short-selling supervision to ensure fairness and transparency, to supervising capital market professional to elevate their role of inspection and preventing listed company fraud. The proposed amendments also aim to enhance the reporting of creation of obligations in securities to ensure that investors receive essential, comprehensive, and sufficient information for investment decision-making. Moreover, additional legal measures would be in place to prevent potential damages from listed company transactions and enhance law enforcement effectiveness by increasing the SEC’s authority in case proceedings.
“Over the years, the SEC has undertaken various measures to enhance governance, ensuring transparency and fairness for all stakeholders. Additionally, continuous efforts have been made to prepare our personnel for law enforcement. The legal amendments under the SEC’s supervision are part of this governance enhancement. The issuance of an emergency decree, as approved by the Cabinet, will expedite implementation and strengthen confidence in the Thai capital market. This, in turn, serves as a foundation to mitigate potential adverse impacts on the capital market. Furthermore, reinforcing market resilience is a key mechanism in driving the country’s economic growth.
“As an inquiry official in high-impact cases, the SEC would have the authority to conduct investigations and, upon completing the case file, would submit the case along with our opinions to the public prosecutor for consideration of prosecution. This approach follows the check and balance principle within the judicial process. In such proceedings, the SEC can integrate collaboration with inquiry officials, police officers, special case inquiry officials and special case officers, as applicable. These joint efforts for case investigation that optimize our respective expertise will help to improve efficiency and expedite legal proceedings in high-impact cases,” added SEC Secretary-General.
