SEC suspends an investment consultant for not taping client’s orders

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Bangkok, January 23, 2013 – The SEC imposed a two month suspension on Arporn Piyapanich, a securities market investment consultant of SCB Securities Co., Ltd., effective from January 23, 2013.

The SEC received a  report  from SCB Securities Co., Ltd. that Arporn frequently failed to record her clients’ securities trading orders. She then admitted that when orders had been executed completely from many of her clients, she confirmed the clients’ trading orders via telephone, as she understood that these could have been evidence of the clients’ trading orders. However, Arporn failed to record her accepting of security trading orders from her clients and has already been cautioned two times by SCB Securities Co., Ltd. and the SEC.

An investment consultant must keep  tape evidence of all investment advice and a client’s securities trading orders when obtaining orders from clients. In this regard, the aforesaid actions are in violation of Clause 20(3) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. The SEC therefore suspended Arporn from duty as an approved securities market investment consultant for a period of two months

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