No police 👮🚓 knocking on the front door, you must read!!
By Speaker from the SEC - Mr. Pope on 28/06/2025.
From THE INFLUENCER class: Financial & Investment.
👉 The concept of this article:
ㆍUnderstanding the laws and ethical requirements for disseminating financial information.
ㆍKey regulations and guidelines of the SEC.
ㆍEthics of disseminating information: Conflicts of interest and fair presentation.
ㆍWhat should and shouldn't be done in creating financial content.
ㆍAvoiding misleading references.
ㆍAppropriate warnings and disclaimers.
ㆍCase study: Analyzing real examples of compliance and violations.
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📌 This article will be a bit long, I assure you it won't be read in 2 minutes. I recommend that if you want to save it for study, share it for your friends to read, or save it on Twitter first because it will definitely be long.
I spent quite a bit of time organizing this. If you like this kind of article, please support me by liking/commenting/sharing and following my page. ^__^
📌Table of contents:
👉 Who regulates what?
👉 The role of the SEC.
👉 The purpose of supervising the capital market by the SEC.
👉 There are 4 types of SEC oversight.
👉 Related regulations if you want to be a Finfluencer & in the capital market.
👉 What information can be communicated for investment education?
👉 Steps for teenagers to build themselves as Finfluencers
👉 Why does the government need to be concerned?
👉 What does the SEC do if wrongdoing occurs?
👉 Types of personnel approved by the SEC.
👉 Overview of advertising and promotions.
👉 Understanding Conflict of Interest (COI)?
👉 Examples of related laws.
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👉 Who regulates what?
📌 BOT Bank of Thailand.
Financial Market & Money Market: A market for short-term borrowing and investment.
📌 Thai SEC.
Capital Market: A source for long-term fundraising and investment, subdivided into stock markets and bond markets.
📌 BOT Bank of Thailand.
Foreign exchange market: A source for trading various currencies & for international trade and investment.
📌 Thai SEC.
Derivatives Market: A market for trading financial derivatives whose prices depend on underlying assets.
📌 OIC.
Insurance market: Life insurance & Non-life insurance.
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👉 The role of the SEC.
📌 The SEC is a government agency established.
According to the Securities and Exchange Act B.E. 2535
Has the duty to promote, develop, and supervise the capital market, e.g.,
* Fundraising.
* Products and services.
* Relevant businesses.
* Holding securities to dominate the business.
* Unfair practices.
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👉 The purpose of supervising the capital market by the SEC.
ㆍBuilding credibility and confidence in the capital market.
ㆍPreventing price and volume manipulation in securities trading.
ㆍGuidance to ensure that trading is transparent and fair.
ㆍCreating equality and fairness in the capital market.
ㆍPreventing exploitation from those with insider information.
ㆍCreating equal and fair trading opportunities.
📌 Promoting the efficiency of the capital market.
ㆍPromoting investment and fundraising to be efficient.
ㆍHelping to channel funds to businesses with potential and good governance.
📌 Maintaining stability in the capital market.
ㆍPreventing unfair practices that may lead to unreasonable price fluctuations of securities and may spread broadly.
ㆍLimiting/reducing systemic risks, e.g., impact from the collapse of financial institutions.
📌 Enforcing laws to create fairness in the capital market.
ㆍ“Prevent, deter, and suppress” with clear penalties and enforce laws, as well as prevent misconduct.
ㆍEncourage all parties involved to act with honesty and integrity.
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👉 There are 4 types of SEC oversight: License | Approval | Registration | Authorization
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👉 Related regulations if you want to be a Finfluencer.
ㆍSecurities and Exchange Act B.E. 2535.
ㆍFutures Contracts Act B.E. 2546.
ㆍRoyal Decree on Digital Asset Business B.E. 2561.
👉 Related regulations if you want to do business related to the capital market.
📌 Regarding personnel in the capital market business.
Being personnel performing duties in the capital market must be approved by the SEC.
📌 Regarding business operation in the capital market.
Conducting investment service businesses, e.g., acting as brokers.
Trading securities, investment consulting etc. must obtain a license.
📌 Regarding securities trading.
Fundraising in primary markets and trading securities in secondary markets.
Must comply with regulatory standards.
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👉 What information can be communicated for investment education?
📌 Reliable information:
Information from official agencies such as the SEC, BoT, OIC.
Information from enterprises, e.g., financial statements, official reports.
Investment consulting from experts.
Analysis reviewed by experts.
📌 Uncertain information:
Social media.
Rumors or analyses without references.
Posts on social media without sources.
Personal page claims to be a doctor, engineer with investment experience.
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👉 Steps for teenagers to build themselves as Finfluencers (not very good style 555):
Catchphrases to attract engagement.
“WHY 2% SUCCEED
AND 98% DON’T.
Thought leaders (Influencers) who provide opinions on investments without academic support.
Causing investors to misunderstand and transact without information, ultimately losing significant investment.
👉 Steps to create good Finfluencers:
Thought leaders (Influencers) who provide neutral knowledge about saving money and investing.
Leading followers to start planning their finances.
Systematically / Investors make informed decisions.
Additional information and invest knowledgeably.
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👉 Why does the government need to be concerned?
ㆍProviding incorrect information.
ㆍInvesting decisions/mismanagement of funds by investors.
ㆍImpacting current life/inadequate funds for daily expenses/unable to save money.
ㆍImpacting future life/debt/lack of emergency savings in case of illness/lack of savings for retirement.
***
👉 What does the SEC do if wrongdoing occurs? ❌
ㆍBy enforcing penalties on violators or non-compliance with the law.
ㆍThe SEC supervises and enforces laws: Currently, there are 6 regulations under the SEC's responsibility, such as
Securities Act and Digital Asset Act.
ㆍAdministrative actions
ㆍCriminal actions
ㆍCivil penalty measures.
📌 The fine amount equals the benefits received or expected from the wrongdoing. The SEC sends it to the Ministry of Finance as state revenue.
***
👉 Types of personnel approved by the SEC.
📌 In providing investment advice, must pass knowledge tests according to standard courses, fundamental knowledge of finance and investment.
📌 Knowledge of related regulations and providing appropriate investment advice (Ethics, Rules and Suitability).
📌 Knowledge about products in the capital market.
(Investment Product)
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👉 Providing investment advice.
ㆍThrough media or organizing seminars where the owner of the program/seminar is not a securities company.
ㆍMust provide personnel in the capital market business approved by the office to give advice under the supervision of the securities company.
Exceptions: Providing advice to institutional investors.
Announcement No. 1/2560.
***
👉 Overview of advertising and promotions for businesses ~ ADS.
ㆍSecurities and derivatives standards for appropriate advertising and beneficial for investment decisions.
ㆍPresenting information about the characteristics of products in the capital market.
ㆍPresenting both positive and negative information and risks. The language must be clear and unambiguous.
Announcement No. 10/2558.
📌 Must not have the following characteristics.
ㆍCausing misunderstandings about products in the capital market, such as
Type of return or risk, etc.
ㆍUsing technical jargon or specific terms unless they are familiar terms, using difficult-to-understand language, complicated sentences, or ambiguous messages.
ㆍ Using images, trademarks, or symbols in advertising.
ㆍUsing large images, trademarks, or symbols that undermine the importance contradicting the messages in the advertisements.
ㆍ Example: “23% UP” “INVEST NOW” (suggesting that the price will definitely rise 23% is not good, and suggesting to invest immediately or miss the opportunity is also not good).
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👉 Understanding Conflict of Interest (COI)?
ㆍAny person has personal interests that may conflict with the interests of clients should be considered beforehand.” Example
ㆍTrading securities for oneself before clients (Front-running).
ㆍRecommending investment products that offer high commissions.
ㆍUsing undisclosed insider information for personal securities trading.
👉 How to prevent Conflict of Interest (COI)?
ㆍUsing rules and regulations.
ㆍCompany internal policy (tone from the top).
ㆍDisclosure
ㆍCreating walls between internal departments.
ㆍInternal audit.
ㆍRegularly creating awareness.
📌 Influencers may have COI if there are personal interests involved in their duties.
ㆍProviding financial or investment advice with hidden interests.
ㆍRecommending products that one does not actually use or trust.
ㆍAttaching links for followers to purchase products while receiving commissions from transactions through the links.
ㆍPresenting content that is not neutral, including exaggerated persuasion.
📌 Guidelines to prevent COI
ㆍIn carrying out Influencer duties, disclosure of information and interests to the public, e.g., “This post is sponsored by...”.
ㆍCompliance with relevant laws, e.g.,
> Consumer protection laws.
> Securities and Exchange Act.
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👉 Examples of related laws.
📌 ❗️Section 22 of the Consumer Protection Act.
ㆍUsing false or exaggerated statements.
ㆍMisleading consumers about products or services (whether using/citing inaccurate or exaggerated reports/statistics).
Penalty: 6 months imprisonment / fine not exceeding 50,000.
❗️(Section 47 of the Consumer Protection Act).
📌❗️Section 241 of the Securities Act.
ㆍProhibited from analyzing/predicting financial status, performance, or trading prices based on false or incomplete information that may lead to significant misunderstandings or neglect to consider the accuracy of the information...
ㆍDisclosing/providing opinions on analyses or predictions to the public in a manner that could affect investment decisions.
Penalty: 2 years imprisonment / fine from 500,000 to 2 million baht.
❗️(Section 296 of the Securities Act).
📌 Disclosure of information that may harm investors and the capital market.
> Announcing, disseminating news or false assurances.
> Analyzing/predicting using false or distorted information affecting price and investment decisions.
ㆍExploiting investors by taking advantage of insider information.
> Insider trading
> Front-running by using customer order information.
Penalty: 2 years imprisonment / fine from 500,000 to 2 million baht.
❗️(Section 296 of the Securities Act).
📌 Characteristics of unfair practices: Manipulating securities prices.
> Trading securities that mislead the public (stock manipulation).
Regarding prices or trading volumes.
Penalty: 2 years imprisonment / fine from 500,000 to 2 million baht.
❗️(Section 296 of the Securities Act)
> Trading securities that manipulate prices or volumes (creating prices, propping stocks, smashing stocks)
Trading deviating from normal market conditions.
Penalty: 5 years imprisonment / fine from 1 million to 5 million baht.
❗️(Section 296/1 of the Securities Act)
👉 Impacts from COI and unfair practices:
* Financial damage to recipients/investors.
* Causing damage to the overall capital market undermining confidence in the Thai financial market.
* Service users do not receive maximum benefits, resulting in decreased trust in the influencer.
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👉 Case study.
The SEC accuses violators of the SEC Act for conducting securities business without a license.
ㆍMr. A (pseudonym) has behaviors conducting securities business of
Providing investment consultancy without a license.
ㆍProviding advice to the public regarding the value of securities or
Suitable for investments related to securities.
ㆍConducting through online communication channels such as websites, Facebook, including closed groups on Facebook with a large number of general public members.
ㆍConducting as a normal trade and receiving fees or other compensation.
Source: SEC News No. 130 / 2567.
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❓Question: ❓
Q: In the case of writing/analyzing a web3 project/protocol or individual foreign company stocks, how much can we solicit about the business and/or prices of products along with the buying/selling platforms that are not available in Thailand?
A: There is a considerable risk depending on the communication methods and how much value and solicitation channels are provided.
Q: In the case of posts about the sector that might go up or down but don't specify individual stocks, or mention many stocks, how do you think?
A: Sectors are acceptable, but if it's just naming 5–10 stocks, it's risky.
It is recommended to summarize the words or information from experts, we just summarize it as an analysis of Mr. xxx instead of ourselves.
Q: How is the Forex market regulated?
A: The central bank is the regulator, but if it robs the public, it indicates that it will fall under the SEC.
Q: How cautious should the general public be when posting publicly?
A: If the post adds value and guides, one should be cautious. Remember that there must be criteria, principles, reliable information, and references.
Q: What happens if I post in a closed group?
A: It is still considered under the criteria if it is no more than 15 people, can only solicit once a year, and must not receive any form of benefits.
Q: How much is considered appropriate for PR posts and posts with referral links when they are not soliciting much but just have them attached?
A: In the case of referral links, if the company is under the SEC, it is considered acceptable.
Q: In the case of posts from foreign analysts who are certified xxx, is it allowed?
A: Yes, it should be considered as having good aspects. We consider it as summarizing credible information.
Q: If a crypto advisory recommends an SEC-approved exchange like Zipmex and it goes bankrupt in the future, what will happen?
A: If we analyze that we have researched deeply, and in the future it fails, it is considered a mistake because of the information we are unaware of until it happens.
Q: In the case of posting in English instead, to communicate to foreign friends, does this count?
A: Any language can be targeted if solicitation is done improperly.
#SET #TheInfluencerTH #TheInfluencer2025 #FinanceInvestment #Finfluencer #contentcreator #SEC
This article is one of the classes of 9 sessions of The Influencer: Financial & Investment project, a platform for young people who want to be financial and investment influencers. If you are interested and ready to learn and develop yourself, come discover how to create powerful content with us.
https://theinfluencer-th.com/
#EarthDeFIRE Report 04/07/2025.