Following a new regulation of the Securities and Exchange Commission of Thailand defining new characteristics of bills (i.e., bills of exchange and promissory notes) that are considered securities, the Capital Market Supervisory Board of Thailand has amended the requirements for offerings of bills to match the new definition. The new offering requirements will come into effect on 16 March 2024.
In a move to develop Thailand’s position as a regional hub of investment, the Office of the Securities and Exchange Commission began a public hearing on the new securities and derivatives business licensing regime on 9 February 2024, designed to increase flexibility and decrease costs for business operators.
On 7 February 2024, the Thailand Board of Investment (BOI) issued several investment promotion measures under the announcements as follows:- 1) Investment Promotion Measure for Social and Local Development 2) Retention and Expansion Program 3) Relocation Program 4) Investment Stimulation Measure for Economic Recovery
On 7 February 2024, the Thailand Board of Investment (BOI) issued several investment promotion measures under the announcements as follows: 1) Investment Promotion Measure for Social and Local Development 2) Retention and Expansion Program 3) Relocation Program 4) Investment Stimulation Measure for Economic Recovery
The Ministry of Commerce has launched a public hearing relating to the draft ministerial regulation regarding the businesses which will be exempted from the requirement to obtain a Foreign Business License or Foreign Business Certificate. For this initial public hearing, approximately 11 businesses have been proposed to be exempted, with the aim to attract foreign investors and promote investments in Thailand.
To facilitate and support Thai residents’ offshore investments through local licensed intermediaries, the Office of the Securities and Exchange Commission issued a new notification to amend requirements on the existing Collaboration Scheme between Thai Intermediaries and offshore financial institutions in offering investments in offshore securities and derivatives denominated in foreign currencies to investors based in Thailand, effective from 16 February 2024.
On 25 December 2023, Thailand’s Personal Data Protection Committee (PDPC) published two subordinate regulations regarding cross-border transfer of personal data under the Personal Data Protection Act B.E. 2562 (2019) (PDPA) in the Government Gazette. These two rules are (1) Whitelist Notification; and (2) the Binding Corporate Rules (BCRs) and Appropriate Safeguards Notification, both of which will come into force on 24 March 2024.
Businesses may need to revisit which cross-border transfer option is appropriate for their specific circumstances, particularly considering whether their existing BCRs (for the Office of the PDPC’s approval) or appropriate safeguards (e.g., existing contractual clauses) are in compliance with the requirements set out by these new subordinate rules.
The Bank of Thailand (BOT) intends to strengthen the role of financial service providers in taking responsibility for consumers throughout the loan debt cycle appropriately and comprehensively. The BOT Notification No. Sor Gor Chor. 7/2566 re: Responsible Lending was issued by the BOT and announced in the Government Gazette on 27 December 2023, and became effective on 1 January 2024.
On 10 January 2024, the Office of the SEC issued guidelines relating to listed company shareholder meetings to enhance good governance, transparency, and efficiency of the meeting, and to allow shareholders’ participation.
The Securities and Exchange Commission of Thailand has amended the requirements for offerings by foreign entities of Baht-denominated bonds and foreign-currency-denominated bonds. These revisions aim to enhance protection for investors and market credibility. The changes also mark the transfer from the Ministry of Finance of Thailand, which until now had the power to grant approval to foreign issuers for issuances of Baht bonds, to the SEC. The amendments came into effect on 1 January 2024.