-supervision system for executive asset management that was insufficient to prevent conflicts of interest. Specifically, Bualuang Securities issued internal approvals exempting six executives from the firm’s

;s system for categorizing customers and offering debentures according to the customer classification, as well as its supervision were insufficiently stringent because CL did not inspect that the

manager, failed to comply with the rules, conditions, and procedures stipulated in the relevant notification. In this regard, Merkle failed to provide appropriate internal systems and processes for

's system for categorizing customers and offering debentures according to the customer classification, as well as its supervision were insufficiently stringent because CL did not inspect that the

and January 20, 2025, Merkle failed to comply with the rules, conditions, and procedures stipulated in the relevant notification. In this regard, Merkle failed to provide appropriate internal systems