Guidelines for the Development of Regulatory Oversight in the Thai Bond Market: A Comparative Study of Thailand and Singapore
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Abstract
This study scrutinizes the regulatory inconsistencies in Thailand's bond market, attributing these issues to fragmented oversight by multiple regulatory bodies, leading to overlapping responsibilities and incoherence. It highlights the Thai Bond Market Association's (ThaiBMA) limitations as a Self-Regulatory Organization (SRO) lacking legal authority to perform its duties fully. By comparing Thailand's and Singapore's bond market regulatory frameworks, the research identifies Thailand's top-down, layered structure as a barrier to effective governance. It recommends restructuring Thailand's regulatory agencies and enhancing ThaiBMA's legal authority to function as a fully operational SRO, akin to Singapore's SGX. The study proposes measures to improve regulatory efficiency and develop Thailand's bond market to boost investor confidence and maximize its potential. The findings offer valuable insights for policymakers, regulatory bodies, financial institutions, and investors regarding regulatory structures and the role of SROs in Thailand and Singapore.
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