Thailand’s capital markets are fundamentally regulated and monitored by the Ministry of Finance through the Securities and Exchange Commission of Thailand (the “SEC”), which is established under the Securities and Exchange Act, B.E. 2535 (1992), as amended, (the “SEC Act”). The SEC acts in its capacity as an independent authority in formulating the policies and regulations generally concerning: (i) the development of the capital markets in Thailand for both primary and secondary markets; and (ii) the formulation, maintenance, and standardization of the capital markets in Thailand to ensure that securities are issued and traded in an orderly, fair, transparent, and efficient manner.