The SEC has revised the principles of the relevant regulations on bondholders’ representatives to enhance clarity and better alignment with the current context, with a view to strengthening the effectiveness of supervision of bondholders’ representatives and the protection of bondholders. In this regard, the SEC previously conducted a public hearing on these principles, for which the majority of respondents expressed agreement.

Accordingly, the SEC has prepared four draft notifications in line with the above principles and is inviting public comments. The key proposed revisions are as follows:
        (1) revisions to the principles regarding conflicts of interest (COI) between bondholders’ representatives and bond issuers;
        (2) revisions to the personnel qualifications of bondholders’ representatives to align with operational responsibilities;
        (3) the determination of additional duties of bondholders’ representatives to report to the SEC upon the occurrence of significant events affecting their ability to perform duties;
        (4) revisions to the operational procedures of bondholders’ representatives in the event of a bond issuer’s default, to allow them to take actions in accordance with the terms and conditions, as well as the bondholders’ representative appointment agreement, without requiring the convening of a bondholders’ meeting to obtain a resolution; and
        (5) provisions governing the termination of the duties of bondholders’ representatives.

In this regard, the consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1174 and on the Legal Hub at https://law.go.th/. Stakeholders and interested parties are invited to submit comments via these websites or by email to debt@sec.or.th. The public hearing ends on 6 July 2026.