Ecolex Logo
The gateway to
environmental law
Search results » Legislation

Agricultural Futures Trading Act (B.E. 2542).

Country/Territory
Thailand
Document type
Legislation
Date
1999
Source
FAO, FAOLEX
Subject
Agricultural & rural development
Keyword
Agricultural commodities Institution Special fund Financial agricultural measures Subsidy/incentive Legal proceedings/administrative proceedings Royalties/fees Internal trade Authorization/permit
Geographical area
Asia, Asia and the Pacific, East Asian Seas, Indian Ocean, South-Eastern Asia
Abstract

The present Act lays down provisions relating to future tradings meaning for the purpose of the Act the purchase and sale of an agricultural commodity by open auction on the Exchange for taking or making delivery of the agricultural commodity at a later date in the agreed quantity and at the agreed price in accordance with the principles, procedures, and conditions prescribed by the Board of Directors of the Exchange. Section 5 establishes that there shall be an Agricultural Futures Trading Commission (AFTC) with the power to formulate policies to promote and develop as well as to supervise futures trading and businesses concerning or in connection with futures trading. The afore-mentioned Commission shall have the following power and duties to: 1) issue rules, regulations, notifications, orders, and requirements under this Act; 2) prescribe principles, procedures, and conditions for the application for and the issuance of a futures trading business license; 3) prescribe fees for the application for and the issuance of a futures trading business license; 4) approve the amount of subsidy and contribution which the Exchange earmarks for the Office and the Exchange Development Fund to approve rules, regulations, notifications, and orders issued by the Board of Directors of the Exchange; 6) prescribe principles and procedures for the Secretary-General’s review and determination of a dispute ; 7) suspend futures trading; 8) order the Futures Trading Business operator or the Exchange to explain and report on as well as have power to order an investigation into facts concerning futures trading. The text consists of 165 sections divided into 8 chapters as follows: Supervision of agricultural futures trading (I); Future trading business (II); Agricultural Future Exchange (III); Operation of the Exchange (IV); Supervision (V); Appeal Committee (VI); Competent official (VII); Penal provisions (VIII).

Full text
English
Website
www.thailaws.com

References - Legislation

Amended by

Agricultural Futures Trading Act (No. 2) B.E. 2550.

Legislation | Thailand | 2007

Keyword: Agricultural commodities, Authorization/permit

Source: FAO, FAOLEX

Repealed by

Act repealing the Agricultural Futures Trading Act B.E. 2542, B.E. 2558 (2015).

Legislation | Thailand | 2015

Keyword: Agricultural commodities, Internal trade, Fiscal and market measures

Source: FAO, FAOLEX