Wider use of market, sustained development among strategies
The Securities and Exchange Commission this year is geared towards greater use of the capital market, a strong foundation for sustainable development, regulatory-regime efficiency and rising benefits from emerging Asia to serve market needs.
Secretary-general Vorapol Socatiyanurak yesterday announced these as the SEC’s four key strategies for the year.
He cited six initiatives to achieve the strategic goals: wealth management for the mass market; the capital market for all; preparation of the Sustainable Development Master Plan for improving the quality of businesses; common rules to accommodate the offering of new financial products to meet market needs and financial innovation; networking and continued capacity-building for the Greater Mekong Subregion, and fund-raising vehicles for investment in the infrastructure of GMS countries; and opportunities for Thai mutual funds.
“The SEC’s six initiatives clearly reflect the direction of the Thai capital market’s development under the SEC’s strategic plan; [they have been] prepared to correspond with short-term and long-term changing environments, both domestically and internationally,” Vorapol said.
The first of the four key strategies is to enhance the financial management ability of retail investors and the public, as well as accessibility to the capital market.
The second strategy is to build a strong foundation for sustainable development, with businesses in the capital market, investors and a mechanism to drive market discipline as the priorities.
The third is for regulations aimed at shortening procedures while taking into account levels of risk and complexity.
The fourth is to exploit growing Asia’s benefits, with the SEC playing an active role in supporting the development of neighbouring countries by facilitating the investment of businesses in the region for mutual benefit and sustainable growth.
“The SEC has a strong determination to develop the Thai market for [the benefit of] all and [make it] actually able to respond to all parties’ needs,” Vorapol said.
“Our market will have strong immunity based on good corporate-governance practice, and will be an important source of fund-raising and investment for the private sector and investors, so as to function as the main pillar for driving forward the economy to sustainable growth on a par with international counterparts,” said the agency chief.
Last year, amid global uncertainties arising from the US and European economic problems, the SEC geared the capital market as having a regional and national role for development via the new-shares project for the provinces and the debenture project for small and medium-sized enterprises, he said.
Real estate investment trusts also gained SEC approval for establishment last year, he added.
During the year, the commission also promoted the Stock Exchange of Thailand’s establishment of connections with other countries through Asean linkage, to provide more convenient and faster securities trading.
Moreover, the securities watchdog adjusted its regulations for more transparent information disclosure, less complexity of financial statements and financial status, and interrelated transactions among executives and related persons, Vorapol said.
A suitability test for additional offers of shares and debentures and a Derivatives Investor Protection Fund were also promoted for establishment in 2012.