ZMICO gave six of its marketing officers credit for customers whose accounts the officers had not serviced, resulting in their receiving compensation not in accordance with SET regulations. These marketing officers’ earnings were based on an incentive scheme. In addition, five of these officers passed on some of their incentive earnings to their managers.
By virtue of Articles 23, 30, 32 and 33 of the above-mentioned SET Announcement, the relevant SET sub-committee resolved to levy a fine on ZMICO of THB2.6 million, and place its eight marketing officers and managers involved in this affair on probation for one year.
In addition, three ZMICO executives as well as the marketing officers involved in the preceding offenses shall henceforth strictly comply with the SET’s regulations.
ZMICO has acknowledged the said resolutions and confirmed that its policies are to operate strictly in compliance with the SET regulations. The company assured the SET that it would further require its management and compliance unit to more strictly oversee the company’s operations so as to keep them better in line with the Securities and Exchange Commission’s (SEC) and the SET’s rules and regulations.
The SET sub-committee concerned considers offenses and punishments relating to brokerage or agent fees for trading of listed securities.
