This was discussed in a recent meeting of the Securities and Exchange Commission with the Thai Bankers’ Association and the Association of International Banks on the importance of financial planning and the “crucial” role of commercial banks in distributing capital market products due to their nation-wide reach.
"The banks’ investment consultants should be equipped with capability to provide preliminary advice to investors to raise their awareness on asset allocations. In addition, they should be able to give advice on suitable financial products to investors with a view to achieving sufficient savings upon retirement. Since all investment consultants must be prompt to provide the said services by the next 2 years, there is time for all commercial banks to develop the staff competency," the SEC said.
The regulator requires all the investment consultants in the region to provide the “basic” asset allocation services in 2016, the SEC clarified in a mail separately.
Further, the regulator also said it is willing to help and abolish regulatory impediments so that commercial banks can support the securities companies and asset management companies to expand business overseas, SEC Secretary-General Vorapol Socatiyanurak said in in a statement.
Addressing International Adviser’s query on this, the SEC said: "In cases where certain SEC regulations are seen as an obstacle to business, the SEC will always consider whether those comments and opinions are valid."
“In addition, the SEC has continually been collaborated with other regulators in term of regulations, roles and duties of regulators, and enforcement cooperation and kept strengthen(ing) these relationships. If there is any hindrance when banks’ subsidiaries (are) seeking business opportunities overseas, the regulator’s collaboration might be able to accommodate. For example, offering of overseas financing instruments – equity or investment units for institutional investors in ASEAN countries."
Recently, the SEC had unveiled its strategic plan for 2014-2016 aiming to emerge as a regional investment hub. The plan also highlighted measures for raising the professional standards of advisers so as to offer efficient asset allocation services.
https://ia-live.onyx-sites.io/news/asia/sec-outlines-plan-to-develop-thai-capital-mkt
