Securities and Exchange Commission Thailand


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SEC News Release

No. 99/2004

Thursday, December 23, 2004


SEC Announces its 2005 Action Plan
The SEC revealed its 2005 Action Plan aiming at elevating good corporate governance of listed companies and preparing the Thai capital market on par with international standards. The SEC will also increasingly communicate the progress of market developments to foreigners and expedite the amendments to related laws. 

Today (December 23, 2004), Mr. Thirachai Phuvanatnaranubala, SEC Secretary-General, stated that During my first year as the Secretary-General of the SEC, the SECs works concentrated in the areas of market orderliness, increasing quality of products, and setting up of mechanisms to accommodate smooth transactions in the Thai capital market. Our goals are to assure investors confidence as well as efficient fund mobilization of business operators.

This 2005 Action Plan will be carried on in accordance with the 3-year Strategic Plan (2005-2007). However, in the course of intensified global capital market linkage, our next years mission will place importance on improving good corporate governance of the Thai listed companies and preparing the Thai capital market on par with international standards whereas related laws have to be developed or amended to support the aforesaid developments.

Currently, the Thai stock markets P/E ratio is lower than other countries in this region, but the market is still not so attractive to foreign investors. Our urgent task is therefore to attract more foreign investors attention by enhancing quality of products. Even though overall good corporate governance of Thai listed companies has continually improved, there is still room for further improvement. For example, all listed companies should comply with the good corporate governance principles and place high importance on roles and duties of company directors as well as conduct transparent connected transactions. In addition, the progress of our market development should be efficiently communicated to promote the good image on corporate governance of Thailand in the views of foreign investors.

Mr. Phuvanatnaranubala continued that In 2006, Thailand, with the Bank of Thailand as the lead coordinator, will participate in the World Bank and International Monetary Fund (IMF)s Financial Sector Assessment Programme (FSAP). In the meantime, the SEC is responsible for preparing the Thai capital market supervision to be in line with the IOSCO Objectives and Principles. We have planned that in 2005, we will apply to enter into the committer list of IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMOU). This will benefit the Thai capital market in preventing and combating the cross-border securities violation.

To achieve satisfied assessment results in the FSAP, the SEC will explore ways to remove obstacles that may presently hinder the Thai capital market supervision to be in line with the IOSCO Objectives and Principles. Meanwhile, we will also expedite the law amendments so as for the SEC to have its power in supervising capital market on par with other countries securities regulators. This will not only enhance both locals and foreigners confidence that the Thai capital market has high quality products but also investors will be able to receive quality services under the internationally accepted supervision standards, Mr. Phuvanatnaranubala concluded.


The Securities and Exchange Commission, Thailand
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