2008年-世界发展银行全球_Thailand_Financial_Sector_Assessment_Program___Implementation_of_the_IOSCO_Objectives_and_Principles_of_Securities_Regulation_48页_775kb

报告摘要

Summary of Thailand's Implementation of IOSCO Principles

Core Content

This document is part of the Financial Sector Assessment Program (FSAP) conducted by the World Bank and the International Monetary Fund (IMF). It presents a detailed assessment of the implementation of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation in Thailand, as of April 2008. The report outlines the current status of regulatory compliance, identifies key areas of improvement, and provides a recommended plan of actions to enhance the regulatory framework.

Main Findings

The assessment highlights both strengths and weaknesses in the implementation of the IOSCO principles. Key findings include:

Regulatory Authority and Independence: The SEC is partially independent, but the Minister of Finance retains significant influence over licensing and operational decisions.
Enforcement and Compliance: The SEC has made efforts to enforce regulations but lacks full civil enforcement powers, which limits its ability to address market misconduct.
Transparency and Information Sharing: The SEC has implemented measures to increase transparency in the equity market, but there are still gaps in the bond market and in information sharing with foreign regulators.
Accounting and Auditing Standards: The transition to International Accounting Standards (IAS) is ongoing, and the regulatory body (FAP) is in a formative stage, requiring additional resources.
Market Intermediaries: Licensing and prudential requirements for intermediaries are not fully aligned with equitable practices, and there are limitations in the SEC's ability to respond to firm failures.
Collective Investment Schemes: There is a comprehensive system for licensing and oversight of mutual funds and investment schemes.

Key Principles and Implementation Status

Principle	Implementation Status	Comments
1. Clear responsibilities for the regulator	Broadly Implemented	The responsibilities of the SEC are outlined in the SEA and the Derivatives Act (DA), but final licensing authority is still held by the Minister of Finance.
2. Operational independence and accountability	Broadly Implemented	The SEC is operationally independent but faces potential interference from the Minister of Finance.
3. Adequate powers and resources	Broadly Implemented	The SEC has the powers to conduct inspections and investigations, but the final licensing decision is not in its hands.
4. Clear and consistent regulatory processes	Fully Implemented	The SEC has implemented public disclosure of inspection reports and grades.
5. Professional standards for staff	Partly Implemented	The SEC should expand restrictions on employee investments to include spouses, children, and accounts under their authority.
6–7. Use of Self-Regulatory Organizations (SROs)	Broadly Implemented	The SET and TFEX act as SROs, but the SEC lacks authority to review their rules or disciplinary actions.
8–10. Enforcement powers	Partly Implemented	The SEC lacks civil enforcement authority and cannot suspend trading or bar individuals from serving as directors.
11–13. Cooperation in regulation	Partly Implemented	There is no formal information sharing mechanism between the SEC and other regulatory bodies, such as the BOT.
14–16. Disclosure for issuers	Fully Implemented	The SEC has a comprehensive disclosure system, and the transition to IAS is underway.
17–20. Collective Investment Schemes	Fully Implemented	Licensing and oversight of mutual funds are comprehensive, with annual audits and prospectus requirements.
21–24. Market Intermediaries	Partly Implemented	Licensing is not equitable, and the SEC lacks authority to manage firm failures effectively.
25–30. Secondary Market	Broadly Implemented	Equity market transparency is sound, but improvements are needed in the debt market and in clearing and settlement systems.

Key Recommendations

The report provides a list of recommended actions to improve the implementation of the IOSCO principles:

Principles Relating to the Regulator (P 1–5)

Create a formal coordination mechanism among regulatory bodies.
Transfer final licensing authority over securities firms to the SEC.
Amend the SEA to clarify that the Minister of Finance cannot interfere in daily SEC operations.
Expand restrictions on employee investments to include family members and accounts under their control.
Amend laws to allow the SEC to act independently in legal matters.

Principles of Self-Regulation (P 6–7)

Amend the SEA to allow the SEC to review and approve all SET rules.
Establish an appellate review mechanism for SRO disciplinary actions.
Examine the adequacy of FAP resources and consider increasing its funding.

Principles for the Enforcement of Securities Regulation (P 8–10)

Expand the SEC's surveillance of the OTC debt market.
Increase the SEC's civil enforcement authority, including the ability to impose fines and suspend trading.
Enable the SEC to directly refer criminal actions to the Public Prosecutor.
Amend the SEA to allow courts to enforce SEC requests for testimony or documents.
Permit private class actions and establish a Settlement Committee for civil enforcement.

Principles for Cooperation in Regulation (P 11–13)

Finalize formal MOUs with other Thai regulatory bodies for information sharing.
Create a coordinating body for regulatory discussions.
Amend the SEA to enable the SEC to seek information for foreign regulators in line with international standards.

Principles for Issuers (P 14–16)

Amend the SEA to implement corporate governance recommendations from the 2005 ROSC.
Include provisions for shareholder meetings, cumulative voting, and extended fiduciary duties.
Implement ROSCs for accounting and auditing standards during the transition period.

Principles for Market Intermediaries (P 21–24)

Review and revise the licensing policy for new securities dealers.
Ensure the 2012 licensing deadline is not extended.
Extend the record retention period for customer calls.
Empower the SEC to appoint liquidators, protect customer assets, and address bankruptcy-related issues.
Clarify the definition of prohibited market misconduct.

Principles for the Secondary Market (P 25–30)

Improve transparency in the debt market by providing better access to bid and offer quotations.
Amend the SEA to allow the SEC to review all SET rules.
Clarify definitions of insider trading and market manipulation.
Conduct a full ROSC on the securities clearance and settlement system.
Grant the TSD legal authority as a central counterparty and ensure member firm deposits are protected.

Conclusion

The SEC has made significant progress in implementing the IOSCO principles, particularly in areas such as transparency and enforcement. However, there are notable gaps in regulatory independence, enforcement capabilities, and coordination with other bodies. The recommended actions aim to strengthen the regulatory framework, enhance accountability, and ensure that the SEC can effectively safeguard investors and maintain market integrity.

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