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Annex IV. Report on the Observance of Standard and Codes:
IOSCO Objectives and Principles of Securities Regulation—
Summary Assessment
1
A. Summary
1. The SEC has significantly improved its level of implementation of the IOSCO Objectives
and Principles of Securities Regulation. Amendments to the SEA (i) empowered the SEC to bring
and enforce civil actions for violations, (ii) improved the rights of minority shareholders,
(iii) strengthened protection of investor assets, and (iv) provided the SEC with greater authority to
cooperate with foreign regulators. Moreover, as a result of a recent decision by the Thai Office of
Auditor General, State Owned enterprises (SOEs) listed on the SET will be audited by licensed
auditors rather than by the Thai Office of the Auditor General, enhancing the credibility of such
audits. Following a recent SEA amendment that provides the SEC with expanded authority, the SEC
should undertake a comprehensive review of the SET rules. The SEA should be further amended to
enable the SEC to institute civil proceedings for any violation of the SEA or SEC regulations and to
enhance the SEC’s operational independence. The SEC should also direct the Thai Bond Market
Association (TBMA) to revise its rules on pre-trade quotes and require same-day indicative quotes,
and the authorities should develop a roadmap to implement mandatory centralized clearing of OTC
derivatives contracts.
B. Introduction
2. This assessment was conducted in February 2019 as part of the FSAP conducted jointly
by the IMF and the World Bank. The previous IOSCO assessment of Thailand was conducted in
2009.
C. Information and Methodology Used for Assessment
3. This assessment applies the current IOSCO Principles as approved in 2010 and the
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