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CHAPTER12
PENAL PROVISIONS
 SECTION268.
- Any person who contravenes Section 32, Section 33 or Section 34
shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding
two times the price at which all securities were offered for sale by such person but not
less that five hundred thousand baht, or both.
- SECTION
269.
- Any person who contravenes or fails to comply with the conditions issued
in accordance with Section 35 shall be liable to a fine
not exceeding five hundred thousand baht and a further fine not exceeding ten thousand
baht for every day during which the contravention continues.
- SECTION270.
- Any debenture issuer who issues debentures the particulars of which do
not comply with Section 40 or who fails to comply with
the second paragraph of Section 41 or who makes terms
and conditions or agreements which lack the material particulars as specified in
accordance with Section 42 or Section 43 shall be liable to a fine not exceeding two
hundred thousand baht.
- SECTION271.
- Any debenture issuer who fails to comply with Section 44 shall be liable to a fine not exceeding five
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION272.
- Any debenture holder representative who contravenes or fails to comply
with the rules, conditions or procedures issued in accordance with Section 46 shall be liable to a fine not exceeding five
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION273.
- Any company which contravenes or fails to comply with Section 50, Section 53, Section 191, Section 192
or Section 193 or contravenes or fails to comply with
the rules or procedures issued in accordance with Section 50
or Section 191 shall be liable to a fine not exceeding
one hundred thousand baht and a further fine not exceeding three thousand baht for every
day during which the contravention continues.
- SECTION274.
- Any company which contravenes or fails to comply with Section 56, Section 57
or Section 58(1) or (3) shall be liable to a fine not
exceeding one hundred thousand baht and a further fine not exceeding three thousand baht
for every day during which the contravention continues.
- Any director, manager, or person with power of management of any company
who fails to provide an explanation in accordance with Section
58(2) shall be liable to imprisonment for a term not exceeding three months or a fine
not exceeding one hundred thousand baht, or both.
- SECTION275.
- Any director, manager, person who holds management position, or auditor
who contravenes or fails to comply with Section 59, or
contravenes or fails to comply with the rules or procedures issued in accordance with Section 59 shall be liable to a fine not exceeding five
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION276.
- Any person who offers for sale or sells securities to the public or to
any person without having filed the registration statement and draft prospectus with the
Office in accordance with Section 65 or during the
period for which the Office orders the suspension of the effectiveness of the registration
statement and draft prospectus in accordance with Section 76
shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding
two times the price at which all securities were offered for sale by such person but not
less than five hundred thousand baht, or both.
- SECTION277.
- Any person who offers for sale or sells securities to the public or to
any persons prior to the effectiveness of the registration statement and draft prospectus
which have been filed with the Office in accordance with
Section 65 shall be liable to imprisonment for a term not exceeding one year or a fine
not exceeding one times the price at which all securities were offered for sale by such
person but not less than three hundred thousand baht, or both.
- SECTION278.
- Any person who makes a false statement or conceals material facts which
should have been stated in the registration statement or draft prospectus which have been
filed in accordance with Section 65 shall be liable to
imprisonment for a term not exceeding five years and a fine not exceeding two times the
price at which all securities were offered for sale by such person but not less than five
hundred thousand baht.
- SECTION279.
- Any person who contravenes or fails to comply with the second paragraph
of Section 64, the second paragraph of Section 66, the first paragraph of Section 81, or contravenes or fails to comply with the
rules or procedures issued in accordance with the second paragraph of Section 81 shall be liable to a fine not exceeding one
hundred thousand baht and a further fine not exceeding three thousand baht for every day
during which the contravention continues.
- SECTION280.
- Any person who contravenes or fails to comply with Section 77, Section 79 or
Section 80 shall be liable to imprisonment for a term
not exceeding one year or a fine not exceeding three hundred thousand baht, or both.
- SECTION
281.
- Any person who contravenes or fails to comply with Section 88 shall be liable to a fine not exceeding three
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION
282.
- Any securities company which contravenes or fails to comply with Section 92, Section 94, Section 96, Section 97, Section 98, Section 100,
Section 101, Section 102,
Section 103, Section 104,
Section 105, Section 106,
Section 108, Section 109,
Section 110, Section 112,
Section 113, Section 114,
Section 115, Section 116,
Section 117, Section 122,
Section 123, Section 124,
Section 125, Section 126,
Section 129, Section 130,
Section 133, Section 134,
Section 135, Section 136,
Section 195 or contravenes or fails to comply with the
rules, conditions or procedures or orders issued in accordance with the fourth paragraph
of Section 90, Section 91,
Section 92, Section 98(7)
or (10), the second paragraph of Section 100, Section 117, Section 141,
Section 142, Section 143,
Section 144, or Section
150 shall be liable to a fine not exceeding three hundred thousand baht and a further
fine not exceeding ten thousand baht for every day during which the contravention
continues.
- SECTION
283.
- Section 105 , Section 106, Section 108,
Section 109, Section 110,
Section 113, Section 114,
Section 115, Section 116,
Section 117 , Section
123, Section 129, Section
130, Section 133, Section
135, Section 140, Section
151 or the first paragraph of Section 195 or
contravenes or fails to comply with the rules, conditions or procedures or orders issued
in accordance with Section 92, Section 117 or Section 150,
and if it can be proved that the commission of such offences resulted from the instruction
from, the act of, or the failure to give instruction or to act which is a duty required to
be performed by, the director, manager or any person responsible for the operation of such
securities company, such person shall be liable to imprisonment for a term not exceeding
three months or a fine not exceeding two hundred thousand baht, or both.
- In cases where any securities company commits an offence under Section 97, Section 98, Section 112, Section 122,
Section 124, Section 125,
Section 126, Section 136,
Section 138 or Section
139 or contravenes or fails to comply with the rules, conditions or procedures or
orders issued in accordance with the fourth paragraph of Section
90, Section 91, Section
98(7) or (10), Section 141, Section 142, Section 143
or Section 144, and if it can be proved that the
commission of such offences resulted from the instruction from, the act of, or the failure
to give instruction or to act which is a duty required to be performed by, the director,
manager or any person responsible for the operation of such securities companies, such
person shall be liable to imprisonment for a term not exceeding one year or a fine not
exceeding three hundred thousand baht, or both.
- SECTION
284.
- Any mutual fund supervisor who neglects or fails to perform his duty in
accordance with Section 127 or the first paragraph of Section 128 shall be liable to a fine not exceeding five
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION
285.
- Any auditor who contravenes or fails to comply with Section 130 or Section 131
shall be liable to imprisonment for a term not exceeding three months or a fine not
exceeding one hundred thousand baht and a further fine not exceeding three thousand baht
for every day furing which the contravention continues, or both.
- SECTION
286.
- Any custodian who contravenes or fails to comply with Section 137 shall be liable to a fine not exceeding three
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION
287.
- Any auditor of a company which issues securities in accordance with Section 32, Section 33 or
Section 34, a securities company, a mutual fund, or a
company whose securities are listed in the Securities Exchange or traded in an
over-the-counter centre, who performs audit work on the accounts in order to give his
opinion on financial statements which does not comply with the provisions of the law
relating to auditors or additional requirements as specified in the notification of the
SEC or makes false reports or contravenes the first paragraph of Section 62 or Section 107 shall
be liable to imprisonment for a term not exceeding two years or a fine not exceeding five
hundred thousand baht, or both.
- SECTION
288.
- Any person who contravenes or fails to comply with Section 93, Section 95 or
Section 156 shall be liable to imprisonment for a term
of six months to three years and a fine of sixty thousand baht to three hundred thousand
baht and a further fine not exceeding three thousand baht for every day during which the
contravention continues.
- SECTION
289.
- Any person who undertakes securities business without having obtained a
license from the Minister in accordance with Section 90 or
contravenes Section 155,
Section 209, Section 219, Section 220 or Section 221 shall
be liable to imprisonment for a term of two to five years and a fine from two hundred
thousand baht to five hundred thousand baht and a further fine not exceeding ten thousand
baht for every day during which the contravention continues.
- SECTION
290.
- Any over-the-counter centre which contravenes of fails to comply with the
second paragraph of Section 171, Section 188, Section 212
or Section 213 or contravenes or fails to comply with
the conditions or orders issued in accordance with Section
186(1) or Section 206 shall be liable to a fine not
exceeding three hundred thousand baht and a further fine not exceeding ten thousand baht
for every day during which the contravention continues.
- SECTION
291.
- Any person who contravenes or fails to comply with orders issued in
accordance with Section 186(2) shall be liable to
imprisonment for a term not exceeding one year or a fine not exceeding three hundred
thousand baht, or both.
- SECTION
292.
- Any person who operates a business of a clearing house, a securities
depository centre or a securities registrar who fails to operate in accordance with the
rules, conditions or procedures issued in accordance with
Section 223 shall be liable to imprisonment for a term not exceeding one year or a
fine not exceeding three hundred thousand baht and a further fine not exceeding ten
thousand baht for every day during which the contravention continues, or both.
- SECTION
293.
- association related to securities business which contravenes or fails to
comply with Section 236 shall be liable to a fine not
exceeding one hundred thousand baht and a further fine not exceeding three thousand baht
for every day during which the contravention continues.
- SECTION
294.
- Any securities companies which agree to promote securities business
without seeking profit or sharing income among themselves, by not establishing as an
association related to securities buisness in accordance with this Act shall be liable to
a fine not exceeding five hundred thousand baht and a futher fine not exceeding ten
thousand baht for every day during which the contravention continues.
- SECTION
295.
- Any person who fails to comply with the order of the Office in accordance
with the second paragraph of Section 232 shall be
liable to a fine not exceeding on hundred thousand baht.
- SECTION
296.
- Any person who contravenes Section 238,
Section 239, Section
240, Sction 241 or
Section 243 shall be liable to imprisonment for a term not exceeding two years or a
fine not exceeding two times the benefit received or which should have been received by
such person as a result of such contravention but such fine shall be not less than five
hundred thousand baht, or both.
- SECTION
297.
- Any person who analyses the financial condition, business operation or
trading prices of securities of a company or a jurisstic person who issues securities or
whose securities are listed in the Securities Exchange or traded in an over-the-counter
centre by distorting the facts concerning the information used in the analysis or by using
information, with the knowledge that it is false, in the analysis, and the results of the
analysis may cause damage to the company, the juristic person or any person, or may affect
the trading prices of securities of such company or juristic person, shall be liable to
imprisonment for a term not exceeding two years or a fine not exceeding five hundred
thousand baht, or both.
- SECTION
298.
- Any person who contravenes or fails to comply with Section 246, Section 247, Section 248, Section 249, Section 251, Section 252, Section 253, Section 254, Section 255 or Section
256 or contravenes or fails to comply with the conditions issued in accordance with
Section 247 shall be liable to imprisonment for a term
not exceeding two years or a fine not exceeding five hundred thousand baht and a further
fine not exceeding ten thousand baht for every day during which the contravention
continues, or both.
- SECTION
299.
- Any person who contravenes or fails to comply with Section 250
shall be liable to a fine not exceeding three
hundred thousand baht and a further fine not exceeding ten thousand baht for every day
during which the contravention continues.
- SECTION
300.
- In cases where a person who commits an offence under Section 268, Section 269,
Section 270, Section
271, Section 272,
Section 273, Section 274, Section 279, Section 280, Section 281, Section 284, Section 286, Section 290,
Section 292, Section
296, Section 297,
Section 298 or Section 299 is a juristic person,
and if it can be proved that the commission of such offences resulted from the instruction
from, the act of, or the failure to give instruction of to act which is a duty required to
be performed by, the director, manager or any person responsible for the operation of such
juristic person, such person shall also be liable to the penalties as provided for such
offences.
- SECTION
301.
- In cases where a person who commits an offence under Section 278, Section 288
or Section 289, is a juristic person, and if it can be
proved that the commission of such offences resulted from the instruction from, the act
of, or the failure to give instruction or to act which is a duty required to be performed
by, the director, manager or any person responsible for the operation of such juristic
person, such person shall also be liable to the penalties as provided for such offences.
- SECTION
302.
- Any person who gives false testimony to the competent officer, which may
cause damage to other persons or to the public shall be liable to imprisonment for a term
not exceeding six months and a fine not exceeding sixty thousand baht.
- SECTION
303.
- Any person who obstructs or fails to comply with the orders of or fails
to give assistance to, the competent officer who executes his duty in accordance with Section 264 or Contravenes the third paragraph of Section 145 shall be liable to imprisonment for a term not
exceeding six months and a fine not exceeding sixty thousand baht.
- SECTION
304.
- Any person who removes, damages, destroys or renders useless any seal or
mark which the competent officer has stamped or affixed on any object in the execution of
his duty in accordance with Section 264 as evidence for
the seizure, or attachment or the keeping of such object shall be liable to imprisonment
for a term not exceeding three years and a fine not exceeding three hundred thousand baht.
- SECTION
305.
- Any person who damages, destroys, conceals, takes away, or loses or
renders useless any property to document which the competent officer has seized, attached,
kept, or ordered to be delivered as evidence in accordance with Section 264, and regardless of whether or not the competent
officer would keep such property or document himself or would order such person or other
persons to deliver or to keep it, shall be liable to imprisonment for a term of six months
to three years and a fine of sixty thousand baht to three hundred thousand baht.
- SECTION
306.
- Any director, manager, or person responsible for the operation of any
juristic person under this Act, who dishonestly deceives the public by the assertion of a
falsehood or the concealment of facts whichshould be revealed to the public, and by such
deception, obtains property from the public or from a third person so deceived, or leads
the public or third person so deceived to execute, revoke, or destroy a document of right,
shall be liable to imprisonment for a term of five to ten years and a fine of five hundred
thousand baht to one million baht.
- SECTION
307.
- Any director, manager, or person resposible for the operation of any
juristic person under this Act, who is entrusted to manage the property of such juristic
person, or property of which such jurictic person is a co-owner, who dishonestly violates
his duties by any means and causes damage to the usefulness in the nature as being a
property of such juristic person, shall be liable to imprisonment for a term of five to
ten years and a fine from five hundred thousand baht to one million baht..
- SECTION
308.
- Any director, manager, or person responsible for the operation of any
juristic person under this Act, who possesses property belonging to such juristic person,
or of which such juristic person is a co-owner, and dishonestly convertss such property to
himself or a third party, shall be liable to imprisonment for a term of five to ten years
and a fine from five hundred thousand baht to one million baht.
- SECTION
309.
- Any director, manager, or person reponsible for the operation of any
juristic person under this Act, who takes away, damages, destroys, causes depreciation in
value or renders useless any property which the juristic person has the duty to look after
or which is in th possession of such juristic person, if it is committed in order to cause
damage to other persons or the public, shall be liable to imprisonment for a term not
exceeding five years and a fine not exceeding five hundred thousand baht.
- SECTION
310.
- Any director, manager, or person responsible for the operation of any
juristic person under this Act, who knows that a creditor of such juristic person, or that
a creditor of another person who is entitled to exercise his right as a creditor against
such juristic person to enforce the payment of debt from such juristic person, uses or may
use his right through the court to enforce payment:
- removes, conceals or transfers to another person the property of such
juristic person; or
- maliciously creates a false debt for such juristic person;
- if such action is done in order to prevent his creditor from receiving
full or part payment, shall be liable to imprisonment for a term of five to ten years and
a fine of five hundred thousand baht to one million baht.
- SECTION
311.
- Any director, manager, or person responsible for the operation of any
juristic person under this Act, who acts or omits to act in order to obtain unlawful gains
for himself or another person and causes damage to such juristic person, shall be liable
to imprisonment for a term of five to ten years and a fine of five hundred thousand baht
to one million baht.
- SECTION
312.
- Any director, manager, or person responsible for the operation of any
juristic person under this Act, who commits or permits another to act so as to:
- damage, destroy, alter, abridge, or falsify accounts or documents or
collateral of such juristic person or related to such juristic person;
- make false entries or fail to enter any material statement in the
accounts or documents of such juristic person or related to such juristic person; or
- keep incomplete, incorrect, out-of-date, or inaccurate accounts;
- if such action is done or permitted to be done to deceitfully deprive the
juristic person or its shareholders of their rightful benefit or to deceive any person,
shall be liable to imprisonment for a term of five to ten years and a fine of five hundred
thousand baht to one million baht.
- SECTION
313.
- Any director, manager, or person responsible for the operation of a
company or a juristic person whose securities are listed in the Securities Exchange or
traded in any over-the-counter centre, and who contravenes Section
307, Section 308,
Section 309, or Section 311, shall be liable to
imprisonment for a term of five to ten years and a fine of two times the price of the
property or benefit which the person obtains through the contravention of such Sections,
as the case may be, but such fine shall be not less than five hundred thousand baht.
- SECTION
314.
- Any person who causes a director, manager, or any person responsible for
the operation of any juristic person under this Act, or an auditor to commit an offence as
provided in Section 287, Section 306, Section 307, Section 308, Section 309,
Section 310, Section
311, or Section 312, whether by instruction,
order, threat, employment or by any other means, shall be liable to the penalties an
provided in such Sections.
- SECTION
315.
- Any person who does any act to assist or facilitate a director, manager,
or any person responsible for the operation of any juristic person under this Act, or an
auditor to commit an offence as provided in Section 287, Section 306, Section 307, Section 308, Section 309, Section 310, Section 311,
or Section 312 whether before or at the time of the
commission of the offence, shall be liable to the penalties as provided in such Sections,
unless the person is not aware of such assistance or facilitation.
- SECTION
316.
- Any person, in the performance of his duty under the powers and duties
provided in accordance with this Act, having acquired confidential information of any
person which, under normal circumstances, should not be disclose, who discloses such
information to another person, shall be liable to imprisonment for a term not exceeding
one year or a fine not exceeding one hundred thousand baht, or both.
- The provisions of the first paragraph shall not apply to disclosure in
the following cases:
- disclosure in the performance of his duty;
- disclosure for the purpose of investigation or trial;
- disclosure relation to the commission of offences under this Act;
- disclosure for the purpose of rectifying the condition or operation of a
securities company;
- disclosure to an auditor of any juristic person under this Act;
- disclosure to the authorities or domestic and international agencies
which are responsible for the supervision of securities, the Securities Exchange or the
supervision and examination of financial institutions;
- disclosure upon written consent of such person.
- SECTION
317.
- A Settlement Committee appointed by the Minister shall have the power to
settle offences under Section 268, Section 269, Section 270, Section 271, Section 272, Section 273, Section 274,
Section 275, Section
276, Section 277,
Section 279, Section 280, Section 281, Section 282, Section 283, Section 284, Section 285, Section 286, Section 287, Section 290, Section 291, Section 292,
Section 293, Section
294, Section 295, Section
296, Section 297, Section
298, Section 299, and Section 300.
- The Settlement Committee appointed by the Minister under the first
paragraph shall comprise three persons, one of whom shall be an investigating officer
under the Criminal Procedure Code.
- Where a case has been settled by the Settlement Committee and the alleged
offender has paid the fine as determined by the Settlement Committee within the period of
time specified by the Settlement Committee, such case shall be regarded as settled.
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