Brokers told to keep 5 years' data
The Securities and Exchange Commission (SEC) has issued a circular instructing all brokers to keep stock-transaction records of their customers for at least five years. An SEC source said yesterday the new rule would take effect on November 16.
The letter was signed by Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula on behalf of the securities watchdog's chairman. Data collection for the stock transactions for the first two years must be ready to be forwarded in the event of an SEC request. The SEC also asked brokers to make transactions ordered only by real customers, and they must have a compliance unit check up on the deals. This regulation will take effect next January 1. SEC senior assistant secretary-general Pravej Ongartsittigul said the regulations were meant to be implemented ahead of anti-money-laundering measures that would take effect next year.
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