The cabinet yesterday approved a bill to amend the Securities and Exchange Act to enhance efficiency in regulating stock trading.
According to Deputy Government Spokesman Karom Polpornklang, the cabinet agreed in principle with the bill proposed by the Finance Ministry.
The next step is to forward the bill to the Council of State for review and to gather feedback from the Office of the Judiciary, the Office of the Attorney-General, and the Department of Special Investigation to refine the legislation, he said.
The cabinet also instructed the Securities and Exchange Commission (SEC) to develop measures to improve the efficiency of its personnel and collaborate with agencies to investigate violations of the Securities and Exchange Act, Mr Karom said.
Key provisions of the bill include enhancing oversight of short selling, improving the quality of capital market professionals, and empowering securities issuers and listed companies.
The bill also aims to strengthen legal measures to detect unlawful activities, prevent potential damages, and authorise the management of frozen assets.
Additionally, it would allow investigations into cases that could severely impact confidence in the capital market or the broader economy, Mr Karom said.
The bill mandates that reports on significant events be submitted to the SEC and establishes penalties for non-compliance. These measures are intended to integrate the operations of enforcement agencies.
