Securities brokerage regulation : the effectiveness of regulation implementation

dc.contributor.advisorSombat Thamrongthanyawong, advisorth
dc.contributor.authorSid Suntrayuthth
dc.descriptionThesis (Ph.D. (Development Administration))--National Institute of Development Administration, 2011th
dc.description.abstractThe roles of the capital market have been seen to be very critical in the economic development of Thailand. The capital market plays a critical role in mobilizing savings for investment in productive assets, with views to enhancing countries’ long-term growth prospects. On the other hand, the roles of the securities brokerage firms can be seen as intermediaries that provide linkages between investors and the capital market. Many of the financial supervisory agencies in the different jurisdictions have been trying to initiate various regulations or methodologies in order to regulate the key players in the capital markets. The significant issue is not only to assess whether or not the supervisory agency has adequate laws and regulations to control the target population; attention should as well be directed to how effectively the supervisory agency can carry out the implementation of those laws and regulations. This research seeks to develop an understanding of the regulation implementation process initiated by the Securities and Exchange Commission regarding the supervision of security brokerage firms. The major objectives of the research are to investigate the effectiveness of securities brokerage regulation implementation as well as to examine the variables that have a relationship with the effectiveness of securities brokerage regulation implementation under the current supervision regime. In order to achieve these objectives, the study has developed a proposed model which was derived from public policy implementation and capital market regulation and a review of the supervision literature. The information gained from the initial interview from both the supervisory agency officers and the regulated entity staff was also combined and formed the model for this particular research. The research methodology for this study employed both qualitative and quantitative methods, which provided some insightful information into the relationships among the variables. The variables were broken down into two tiers; within the first tier there were five variables selected for the analysis of the effectiveness of the supervisory agency during the implementing process. The five variables are: regulatory objectives, regulatory resources, regulatory capacity, the attitudes of the regulator, and communication. The second tier of the analysis includes the variables that were set out to assess the effectiveness of the implementation under the target group perspective; these variables include: knowledge and understanding of the regulation, the ability to comply with the regulation, and the willingness to comply with the regulation. The results from empirical analysis indicated that regarding most of the variables from both tiers of the analysis, each exhibited a relationship with the effectiveness of securities brokerage regulation implementation, with the exception of regulatory resources. Out of all of the variables, communication was found to have the highest relationship and was found to be the predicting variable regarding the effectiveness of securities brokerage regulation implementation. The clarity and appropriateness of the channel of communication, and the level of participation in communication, were found to be among the factors that had a relationship with the effectiveness of the implementation. Within the second tier, willingness to comply was found to have the highest relationship and was also considered to be a predicting variable in the effectiveness of securities brokerage regulation implementation. The higher the level of willingness to comply with regulation, the less likely that the securities brokerage firm will deem as non-compliance and hence the lower the risk level of the firm will be. As a consequence, the result of the analysis confirms the theory and concept of implementation. In order to ensure the effectiveness of regulation implementation, the greatest significance should be placed on the communication process of the supervisory agency. Moreover, the attention towards the target group should not be paid with less significance than that of the supervisory agency. The effectiveness of regulation implementation requires the effort of both the supervisory agency and the target group. Focus should also be directed toward the ways to enhance the willingness to comply among the target group. Some of the suggestions regarding the willingness to comply embedded within the positive relationships among the supervisory agency and the target group, as well as the involvement of the target group in the regulation
dc.format.extentxiii, 265 leaves : ill. ; 30
dc.publisherNational Institute of Development Administrationth
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
dc.subjectSecurities and Exchange Commission Thailandth
dc.subject.lccHG 5750.55 .A3 Si13 2011th
dc.subject.otherSecurities -- Thailandth
dc.subject.otherCapital market -- Thailandth
dc.subject.otherStock exchanges -- Thailandth
dc.titleSecurities brokerage regulation : the effectiveness of regulation implementationth
dc.typetext--thesis--doctoral thesisth
mods.physicalLocationNational Institute of Development Administration. Library and Information Centerth of Public Administrationth Administrationth Institute of Development Administrationth of Philosophyth
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