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CHAPTER7
INSTITUTIONS RELATED TO SECURITIES BUSINESS
DIVISION 1
CLEARING HOUSE,SECURITIES DEPOSITORY CENTRE AND SECURITIES REGISTRAR
 SECTION219.
- No person shall operate the business of a clearing house unless a license
has been obtained from the SEC.
- A clearing house means a centre where services for the settlement and
delivery of traded securities including related services are provided.
- SECTION
220.
- No person shall operate the business of a securities depository centre
unless a license has been obtained from the SEC.
- A securities depository centre means a centre where services for the
deposit and withdrawal of securities including related services for the purpose of account
clearing are provided.
- SECTION221.
- No person shall provide securities registrar services unless a license
has been obtained from the SEC.
- SECTION222.
- The provisions of Section 206 and Section 207 including the related penalty provisions shall
apply to a clearing house, a securities depository centre and a securities registrar
mutatis mutandis.
- SECTION223.
- In the operation of a clearing house, a securities depository centre or a
securities registrar, persons operating such businesses shall comply with the rules,
conditions and procedures as specified in the notification of the SEC.
- SECTION224.
- In cases where the operation of a clearing house, a securities depository
centre or a securities registrar is undertaken by the Securities Exchange, no license from
the SEC shall be required. In this regard, the board of directors of the Securities
Exchange, with the approval of the SEC, shall have the power to specify the rules,
conditions and procedures for such operation.
- The word "Securities Exchange" referred to in the first
paragraph and further referred to in this Division shall include any company established
by the Securities Exchange with not less than seventy-five percent of total shares sold
held by the Securities Exchange.
- SECTION225.
- Where securities are deposited with the Securities Exchange, the
depositor shall prepare a list of securities holders, whose securities have been deposited
with the Securities exchange, in accordance with the rules and procedures as specified by
the Securities Exchange. After the Securities Exchange has accepted the deposit of such
securities, the Securities Exchange may accept the transfer of such deposited securities
into its own name and shall hold such securities for the depositor or for any customer who
is the owner of such securities
- Securities which are in the name of the Securities Exchange in accordance
with the first paragraph shall be presumed to be securities held by the Securities
Exchange on behalf of those persons according to type, category and amount as appear in
the list of names prepared by the depositor.
- On the closing date of the register of the company which issues
securities, the Securities Exchange shall collect the accounts of all deposited securities
and the name lists of the holders of such securities, which existed on the date prior to
the first closing day, from the depositor of such securities and deliver them to the
registrar of the issuing company. Such lists shall be deemed to be a part of the
securities register, except for the names of those persons to whom the registrar of the
issuing company has notified objection within three business days from the receipt of such
lists, on the ground that the holding of securities by such persons is contrary to the law
or any restriction on transferability which have been registered in accordance with the
law.
- SECTION226.
- Upon having submitted the application to register the transfer of
securities certificates into the name of the Securities Exchange to hold securities on
behalf of other persons in accordance with the first paragraph of
Section 225 as well as the delivery of the securities certificates to the company
which issues securities, the Securities Exchange may submit the request to the issuing
company to provide a receipt in place of securities certificates. Such receipt shall have
the particulars in the form specified by the Securities Exchange. In such event, it shall
be deemed that securities certificates have been issued by the issuing company.
- SECTION227.
- Any securities owner who has deposited securities with the Securities
Exchange may request the Securities Exchange to issue the securities certificates in his
own name by submitting an application in accordance with the form specified by the
Securities Exchange.
- Upon receiving the application referred to in the first paragraph, the
Securities Exchange shall notify the company which issues securities, of the name of the
person who is the owner of such securities, and the issuing company so notified shall
enter the name of the securities owner in the register of the company as well as issue new
securities certiftcates, in the name of such securities owner.
- In submitting the application referred to in the first paragraph, if the
owner of the securities is a depositor who does not directly deposit such securities with
the Securities Exchange, the owner of such securities shall apply through the depositor of
such securities.
- SECTION228.
- The transfer of securities from the account of a securities depositor to
the account of another securities depositor may be made only when the Securities Exchange
has received a request from the securities depositor or when the clearing house of the
Securities Exchange has notified the Securities Exchange, at the end of each trading day,
of the delivery of the securities between members who have traded the securities in the
securities Exchange.
- The transfer of securities referred to in the first paragraph shall be
deemed to be the delivery of securities when the Securities Exchange has entered the name
of securities depositor in the accounts of the securities depositors.
- SECTION229.
- The provisions of this Division shall not apply to the Bank of Thailand.
 DIVISION
2 ASSOCIATIONS RELATED TO SECURITIES BUSINESS
- SECTION
230.
- Securities companies may jointly establish an association related to
securities business with an object of promoting, without seeking profit or sharing income
among themselves, securities business, only by virtue of the provisions of this Act.
- SECTION
231.
- The establishment of an association related to securities business shall
require a license from, and be registered with the Office.
- SECTION
232.
- In applying for a license and for registration, not less than fifteen
securities companies who are the the founders of the association shall submit the
application to the Office in accordance with the rules and procedures as specified in the
notification of the SEC.
- In considering the application for the establichment of an association
related to securities business, the Office shall have the power to issue a written order
summoning any person to come forward for an enquiry or requiring the delivery of any
documents.
- SECTION
233.
- The licensed and registered association related to securities business
shall be a juristic person.
- SECTION
234.
- An association related to securities business shall have its regulations
and such regulations shall at least contain the following particulars:
- name;
- object;
- location of the office;
- procedures for admission, rights and duties of members;
- disciplines and punishment of members;
- the operation of the association related to securities business,
appointment and vacation of office as well as the meetings of directors including general
meetings;
- other regulations as specified in the notification of the SEC.
- Regulations of an association shall be submitted for registration with
the Office together with the application for a license to establish an association related
to securities business. Prior to the granting of a license, if the Office deems
appropriate, it may order the alteration and modification of the regulations.
- SECTION
235.
- Members of an association related to securities business shall only be
securities companies.
- SECTION
236.
- The name of an association related to securities business shall be the
name as appears in the regulations only, and the name shall not use the phrase "of
Thailand" or any other phrases with similar meaning constituting the name of the
association related to securities business.
- The association related to securities business shall have a clearly
stated name plate placed in front of its office.
- SECTION
237.
- Relevant provisions in the law relating to trade associations concerning
the operation, control, dissolution and the related penalty provisions shall apply mutatis
mutandis to the extent that they are not contrary to or inconsistent with the provisions
of this Division. In this regard, the word "SEC" shall be substituted for the
work "Minister", the word "Office" for the word "registrar",
the words "association related to securities business" for the words "trade
association" and the powers and duties of a competent officer in accordance with the
law relating to trade associations shall be the powers and duties of a competent officer
under this Act.
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