“…Despite its favorable acknowledgment of Thailand's new governance rules, the World Bank's 2005 ROSC highlights, as the key obstacles to effective enforcement, a lack of sanctions (criminal, civil and administrative) and the Thai SEC not being an independent regulatory body with autonomy to exercise its authority. 3 Imai (2006) observes extensive corporate ownership by politicians as well as a significant benefit of political connection in Thailand. Thus, public enforcement of securities regulation in Thailand, despite a major reform, may well remain vulnerable to intervention from the private interests of business-owner politicians and politically connected shareholders.…”