Bangkok--12 Sep--SEC
The SEC is seeking public comment on draft amendments to the disclosure rules on financial statements of foreign bank branches to emphasize on the branches’ financial statements to better reflect ability to repay both short and long term debt securities issued by the branches in Thailand. The consultation paper is available until September 25, 2013.
The proposed amendment addressed a concern on legal issues in case where the foreign bank branches in Thailand encounter financial hardship and the assets located in Thailand are not adequate to cover the repayment of all indebtedness. Under the said circumstances, the debt securities holders may expose to legal risk that would restrain them claiming on the assets of overseas headquarter. Thus, the SEC proposed to amend the rules on disclosure of financial condition and operational result of the foreign bank branches as well as to require the branches provide the issuer rating in issuing the debt securities.
The consultation paper is available on the SEC website at www.sec.or.th. Stakeholders and interested parties are welcome to submit comments through the website, or facsimile number at 0-2695-9609 or email address at
[email protected] until September 25, 2013.