GaCIvkmmUlbRtenARBHraCaNacRkk

m<Ca
SECURITIES BUSINESS IN CAMBODIA
sux dar:a
RbFannaykdanRtYtBinitGnrkarImUlbRt

12/03/2011

KNkmkarmUlbRtkm<
Ca
SECURITIES AND EXCHANGE
COMMISSION OF CAMBODIA
GaCIvkmmUlbRtenARBHraCaNacRkkm<Ca
SECURITIES BUSINESS IN CAMBODIA
2
1-karGPivDTIpSarmUlbRtenAkm<Ca (Securities
Market Development)
1>1 savtar (Background)
1>2 TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)






GaCIvkmmUlbRtenARBHraCaNacRkkm<Ca
SECURITIES BUSINESS IN CAMBODIA
3
2-skmPaBGaCIvkmmUlbRtenAkm<Ca (Securities
Businesses)
2>1 GaCIvkmmUlbRtRbtiRsut (Licensed securities
business)
2>2 lkxNtRmUvedIm,ITTYl)anGaCJabN (Licensing
Requirement)






karGPivDTIpSarmUlbRtenAkm<Ca
4
1>1 savtar (Background)
KeRmagbegItTIpSarmUlbRtenAkm<CamanenAqaM
1995.
edaysarRbBnFnaKarenAkm<CaminTan;manPaBrwgm
aM rdaPi)alseRmcBnar eBlKeRmagbegItTIpSar
b:uEnenAEtcat;TukfaCabBaaGaTiPaB.
kMENTRmg;RbBnFnaKarenAkm<CaRtUv)ancab;epI
meFVIenAqaM 1998.
CalTplnkMENTRmg; visyFnaKarmanPaBrwgmaM
rIkcMerIn nigvivDn_CalMdab; .





savtar (Background)

5
karGPivDesdkicCatinwgmanesrPaB
ehIyGacQandl;kRmitskanuBl
RbsinebIRbBnhirBavtmanRbsiTPaB.
2001 ckvisy
nigEpnkarGPivDn_visyhirBavt qaM 2001-2010
2006 yuTsaRsGPivDvisyhirBavt qaM 2006-
2015 (FSDS) RtUv)anGnumt
nigepatCasMxan;elIvisycm,gcMnYn 03
visyFnaKar (Banking Sector)
visyminEmnFnaKar (Non-Banking Sector)
visymUlbRt (Securities Sector)





savtar (Background)

6
karcab;epImdMeNIrkarKeRmagbegItTIpSarmUlbRtenA
km<Ca RtUv)aneFVIeLIg Gnuelamtam
yuTsaRsGPivDvisyhirBavt qaM 2006-2015 .
fTI 06 Ex kBaa qaM 2007
KeRmagbegItTIpSarmUlbRtenAkm<Ca RtUv
)anRbkasdak;[dMeNIrkarCapvkareday
semcGKmhaesnabtIeteCa hun Esn
naykrdmnInRBHraCaNacRkkm<Ca.
fTI 19 Ex tula qaM 2007 c,ab;sIBIkare)aHpSay
nigkarCYjdUrmUlbRt mhaCn





TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)
7
karGPivDTIpSarmUlbRtenAkm<CaEdl)ankMNt;kg
FSDS RtUv)aneFVIeLIg Gnuelamtam
yuTsaRsctuekaN-dMNak;kalTI2 sRmab;kMeNIn
kargar smFm nigRbsiTPaBrbs;
semcGKmhaesnabtIeteCa hun Esn
naykrdmnInRBHraCaNacRkkm<Ca .
c,ab;sIBI kare)aHpSay nigkarCYjdUrmUlbRtmhaCn
bBati[begIt KNkmkarmUlbRtkm<Ca
EdlCaniytkrvisymUlbRt edIm,IerobcMbT-
b,BatiBak;BnsRmab;begIt
nigRtYtBinitTIpSarmUlbRtenAkm<Ca RBmTaMg
GPivDn_ nigFana[dMeNIrkarTIpSarRbkbeday
tmaPaB RbsiTPaB nig yutiFm.






TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)
8
eRkambBatikmnKNkmkarmUlbRt
TsSnTannkarbegItTIpSarmUlbRtenA km<Ca
KWtamlMhUrndMeNIrkarTIpSardUcteTA
RkumhunEdlmanbMNgeFVIkare)aHpSaylk;mUlbRtCa
saFarN (Potential Listed Company)
eFVIkarerobcMe)aHpSaylk;mUlbRtCa
saFaNelIkdMbUg (Potential Listed Company)
edaymanCMnYyBI RkumhunmUlbRt (Securities Firm)
EdlCaRkumhunFanaTijmUlbRt (Securities Underwriter)
.






TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)
9
kgkarCYyRkumhunedIm,IeFVIkarerobcMe)aHpSayl
k;mUlbRtCasaFaN elIkdMbUg
RkumhunmUlbRtRtUveFVIkargarCamYy
RkumhunKNenyCMnaj pl;esvakgvisymUlbRt
(professional accounting firm providing professional
services in securities sector) Pak;garbBaikamUlbRt
(Securities Registrar)
Rkumhunpl;esvavaytmkgvisymUlbRt (valuation
company providing service in securities sector) .
edIm,Ie)aHpSaylk;mUlbRtCasaFarN
RkumhunRtUvdak;BakesIsMueTA
KNkmkarmUlbRtkm<Ca.







TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)

10
bnab;BITTYl)ankarGnuBaatBIKNkmkarmUlbRtk
m<CaeTAelIsMeNI niglkxNnkare)aHpSay
RkumhunGace)aHpSaylk;mUlbRteTA[
vinieyaKinEdlCabriviskr (Subscribers)
enATIpSardMbUg (Primary Market) .
bnab;mk
RkumhunRtUveTAcuHbBaIenATIpSarmUlbRtkm<
Ca (Cambodia Securities Exchange- CSX)
edIm,I[mUlbRtrbs;xnRtUv)an CYjdUrCapvkar.
mUlbRtRtUv)anCYjdUrrvagvinieyaKinenAkgTIpSar
mUlbRtkm<Ca EdlCa TIpSarbnab; (Secondary
Market) tamryRkumhuneCIgsamUlbRt (Securities
Broker) .






TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)
11
mUlbRtEdl)anCYjdUrRtUv)aneFVIkarpat;Tat;
nigTUTat;edayRbtibtikr RbBnpat;Tat;
nigTUTat;mUlbRt (Operator of Clearance and Settlement
Facility) .
ral;mUlbRtEdlRtUvCYjdUrRtUv)anrkSaTukenAkgK
NnIenARbtibtikr rkSaTukmUlbRt (Operator of
Securities Depository) .
kareprmUlbRtRtUv)aneFVIeLIgedayRbtibtikrrkSaTu
kmUlbRt ehIy
kareprsac;R)ak;RtUv)aneFVIeLIgedayPak;garTUTat;s
acR)ak;Bak;Bn nwgmUlbRt (Cash Settlement Agent)
EdlCaFnaKarBaNiCTTYl
)anGaCJabNBIFnaKarCatinkm<Ca.







TsSnaTannkarbegItTIpSarmUlbRtenAkm<Ca
(Conception of Securities Market in Cambodia)

12
bBaIkmsiTkrmUlbRtRtUv)anrkSa
nigeFVIbcb,nkmedayPak;gar
cuHbBaIeprmUlbRt (Transfer Agent) ehIyPaKlaP
karR)ak; R)ak;edIm RtUv)aneFVIkarKNna
nigTUTat;edayPak;garTUTat; (Paying Agent) .





skmPaBGaCIvkmmUlbRt
(SECURITIES BUSINESSES)
2>1 GaCIvkmmUlbRtRbtiRsut (Licensed Securities
Business)

GaCIvkmmUlbRtrYmman
GaCIvkmFanaTijmUlbRt ( Securities Underwriting)
GaCIvkmCYjdUrmUlbRt (Securities Dealing)
GaCIvkmeCIgsamUlbRt (Securities Brokerage)
GaCIvkmpl;RbwkSavinieyaK (Investment Advisory)

13
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)
GaCIvkmFanaTijmUlbRt
1-pl;RbwkSasMxan;elIkare)aHpSaylk;mUlbRtCasaFarN
dUcCakardak;f mUlbRt (Pricing) karkMNt;TMhMTwkR)ak;
(Issue amount) nigcMnYnmUlbRt (Number of securities to be issued)
nsMeNIe)aHpSaylk;mUlbRt nigkarkMNt;eBlevla
nkare)aHpSaylk;mUlbRtCasaFarN (Distribution timeline) CaedIm.
2-TijmUlbRtTaMgGs; b
mYyEpkBIRkumhune)aHpSaymUlbRtkgeKaledAEck cay
blk;bn.



14
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)
GaCIvkmFanaTijmUlbRt
3-TijmUlbRtEdllk;minGs;
enAkgdMeNIrkare)aHpSaylk;mUlbRtCa saFarN
kgeKaledAFananUvPaBeCaKCynkare)aHpSay.
4-cat;EcgerobcMdMeNIrkare)aHpSaylk;mUlbRtCasaFarN
[Rkumhun e)aHpSaymUlbRt bcUlrYmedaypal;
bminpal;enAkgdMeNIrkare)aHpSaylk;
mUlbRtCasaFarN.



15
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)

GaCIvkmCYjdUrmUlbRt
CakarCYjdUrmUlbRtelIKNnIpal;xn
edayra:b;rghaniPyedayxng.
GaCIvkmeCIgsamUlbRt
CakarTij blk;mUlbRtkgnam
nigtambBaaGtifiCnrbs;xnedayTTYl
)annUvkRmeCIgsa.



16
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)
GaCIvkmpl;RbwkSavinieyaK
1-
karpl;RbwkSaGMBIvinieyaKelImUlbRtdl;GkvinieyaKsaFar
N edayTTYl )annUvkRmesva.

2-
kare)aHBum<pSayesckIviPaKGMBIkarvinieyaKmUlbRtCUn
dl;GkvinieyaK saFarN . 17
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)

GaCIvkmmUlbRtrbs;Pak;garRkumhunTTYl)anGaCJabN

- Pak;garRkumhunmUlbRt ( Securities Representative)
- Pak;garpl;RbwkSavinieyaK (Investment Advisory
Representative)

18
GaCIvkmmUlbRtRbtiRsut
(Licensed Securities Business)

skmPaBGaCIvkmrbs;Pak;garRkumhunmUlbRt
ebIk nigRKb;RKgKNnI[GtifiCn/ TTYl nigGnuvtbBaaTij
blk;mUlbRtkgnam GtifiCn nigskmPaB
epSgeTottamkarkPaBrbs;RkumhunmUlbRt.
skmPaBGaCIvkmrbs;Pak;garpl;RbwkSavinieyaK

19
skmPaBGaCIvkmmUlbRt
(SECURITIES BUSINESSES)
2>2 lkxNtRmUvedIm,ITTYl)anGaCJabN (Licensing
Requirement)
k-RkumhunmUlbRt nigPak;garRkumhunmUlbRt
x-RkumhunTIRbwkSavinieyaK
nigPak;garpl;RbwkSavinieyaK
20
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement)
RkumhunmUlbRt
buKlRtUvdak;BakesIsMuGaCJabNenA K>m>k>
eTAtamTRmg;Edl)ankMNt; .
bMeBjRKb;lkxNtRmUvEdlkMNt;edayc,ab;
nigbTb,BatiBak;Bn.


21
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement)
mUlFnGb,brma 40 Ban;lanerol
10 landular
Min. capital: 40 bil. riels
]bkrN_tml;FanaGaCIvkm 4
Ban;lan erol
Securities bond: 4 bil. riels
RkumhunFa
naTij
mUlbRt
(securities
underwriter)
bMeBjlkxNtRmUvmUlFn (Capital
Requirements)
22
RkumhunmUlbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement)
mUlFnGb,brma 25 Ban;lanerol
6/25 landular
Min. capital: 25 bil. riels
]bkrN_tml;FanaGaCIvkm 2/5
Ban;lan erol
Securities bond: 2.5 bil. riels
BaNiCkr
mUlbRt
(securities
dealer)
bMeBjlkxNtRmUvmUlFn (Capital
Requirements)
23
RkumhunmUlbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement)
mUlFnGb,brma 6 Ban;lanerol
1/5 landular
Min. capital: 6 bil. riels (USD1.5
mil.)
]bkrN_tml;FanaGaCIvkm 1
Ban;lan erol
Securities bond: 1 bil. riels
eCIgsamUlb
Rt
(securities
broker)
bMeBjlkxNtRmUvmUlFn (Capital
Requirements)
24
RkumhunmUlbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement)
bMeBjlkxNtRmUvFnFanmnusS (Human resources
requirements)
naykRbtibti nigGPi)al bshkmsiTikr Rbkar 18 (CEO
and director or partner)
RbFanPak;garRkumhunmUlbRt (Head of securities
representatives)
RbFanRbtibti (Head of operations)
buKlikCMnajEpkc,ab; (Compliance officer)
buKlikCMnajepSgeTot (Other qualified staff)
25
RkumhunmUlbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
manRbBn ]bkrN_ smarCarUbvn (physical
facilities)
erobcMEpnkarGaCIvkmsRmab;ryeBly:agtic 3 qaM
(a 3-year business plan)
bMeBjlkxNnkarRKb;RKghaniPy
nigkarRtYtBinitpkg (comply with requirements for
risk management and internal controls
manEpnkarRKb;RKghaniPy (a risk management plan)
bMeBjlkxNtRmUvepSgeTot (satisfy other requirements
stipulated)
26
RkumhunmUlbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
Pak;garRkumhunmUlbRt
buKlRtUvdak;BakesIsMuGaCJabNenA K>m>k>
eTAtamTRmg;Edl)ankMNt;
bMeBjRKb;lkxNtRmUvenAc,ab;
nigbTb,BatiBak;Bn
CanItiCnEdltaMgTIlMenAenAkgRBHraCaNacRk
km<Ca
27
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
manKuNvuDi (qualification) :
osBaabRtya:gtickRmit]tmsikSakgCMnajBak;Bnnwgvis
ymUlbRt bhirBavt b
olixitbBaak;CMnajviCaCIvBak;BnnwgvisymUlbRt
bhirBavt nigmanbTBiesaFn_ ya:gtic 3 qaM
enAkgTIpSarhirBavt b
oFab;TTYl)anGaCJabNeFIVCaPak;garRkumhunmUlbRtk
gryeBlya:gtic 3 qaM
bMeBjlkxNtRmUvepSgeTot
28
Pak;garRkumhunmU
lbRt
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
RkumhunTIRbwkSavinieyaK
buKlRtUvdak;BakesIsMuGaCJabN enA K>m>k>
eTAtamTRmg;Edl)ankMNt;
CaRkumhunmUlFn bRkumhunshkmsiT (be a
company or partnership)
bMeBjlkxNtRmUvmUlFn (Capital requirement) :
mUlFnGb,brmacMnYn 400 lanerol (min. capital : 400 mil.
riels)
R)ak;tml;FanaGaCIvkmcMnYn 80 lanerol (securities
bond: 80 mil. riels)




29
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
RkumhunTIRbwkSavinieyaK
manGKar nigbrievNEdlsitenATItaMgsmRsb
nigmanbMBak;]bkrN_ RKb;RKan;
bMeBjlkxNtRmUvepSgeTot




30
lkxNtRmUvedIm,ITTYl)anGaCJabN
(Licensing Requirement
Pak;garpl;RbwkSavinieyaK
buKlRtUvdak;BakesIsMuGaCJabNenA K>m>k>
eTAtamTRmg;Edl)ankMNt;
bMeBjRKb;lkxNtRmUvenAc,ab;
nigbTb,BatiBak;Bn
CanItiCnEdltaMgTIlMenAenAkgRBHraCaNacRkkm<
Ca
manlkNsm,ti nigGtcritl
manbTBiesaFn_kargarBak;BnnwgvisymUlbRty:agtic
5 qaM EdlkgenaH y:agtic 3
qaMBak;Bnnwgkarpl;esvaRbwkSavinieyaKelImUlbRt
31

sUmGrKuN
Thank you for paying
attention!
Q & A

32