Bangkok--27 May--SEC
The SEC is seeking public comments on draft rules concerning disclosure of reports of foreign issuers with regard to securities holding and tender offer for business takeover to promote local fund mobilization by foreign companies. Concurrently, a proposal to streamline the rules on reporting of securities holding in Thai companies is under consideration to reduce burdens on private sectors.
The proposed rules aim to promote the Thai capital market as a fund mobilization channel for foreign companies. The key essenses include the followings:
- any foreign issuer whose home regulator is in a foreign jurisdiction would not be subjected to the SEC rules on reporting of acquisition or disposal of securities and tender offer for business takeover;
- any foreign issuer whose home regulator has already established equivilent rules on reporting of securities holding of directors, executives and auditors of issuing companies would be exempted from the SEC rules in this matter.
Meanwhile, the SEC is also proposing an amendment to the rule on determination of the beginning and end dates for reporting changes in securities holding of directors, executives and auditors of issuing Thai companies, whereby the reporting duty would begin only after the issuer's securities have been listed on the Stock Exchange of Thailand.
The consultation paper is available at www.sec.or.th. Stakeholders and interested parties are welcome to submit comments through the website, or facsimile at 0-2693-6099 or email: corgov@sec.or.th.
The public hearing ends on June 1, 2016.