Sign In
SEC News
SEC seeks public comments on amendments to regulations governing DRs, Thai ETFs’ investment in L&I ETFs, and margin lending



Friday 12 June 2026 | No. 123 / 2026


Bangkok, 12 June 2026 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to regulations governing: (1) Depository Receipts (DRs), to strengthen regulatory oversight and enhance the efficiency of the DR issuance and offering process; (2) Thai ETFs’ investment in foreign leveraged and inverse ETFs (L&I ETFs), to promote consistency in the supervision of exchange-traded products; and (3) margin lending for L&I ETFs, to ensure that securities companies maintain risk management practices appropriate for these products. 

The key proposals are summarized as follows:

     (1) Amendment to DR regulations by requiring higher-quality underlying securities (UL) for DR issuance and offerings, in line with the nature of DRs as simple, plain‑exposure products. Transparency of DR transactions will also be enhanced through reporting and monitoring requirements. In addition, the use of UL supporting DRs for pledging, collateralization, encumbrance, or any other arrangements to obtain benefits will be prohibited, to ensure that investors receive financial benefits from the UL in accordance with the product’s objectives. Furthermore, the approval process for DR issuance and offerings will be revised to adopt a Shelf Approval/Shelf Filing* framework, in line with that applicable to derivative warrants (DW), to facilitate operational efficiency, reduce costs and documentation requirements for DR issuers, and accommodate increasing investor demand for DRs.

     (2) Amendments to regulations on investment by Thai ETFs, to permit them to invest in foreign L&I ETFs solely as a tool for portfolio management.

     (3) Amendments to margin loan regulations by introducing risk management guidelines for margin loan services involving L&I ETFs to ensure that such services are appropriate for the risks and volatility associated with these products.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1177  and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzM0NkRHQV9MQVdfRlJPTlRFTkQ=
Stakeholders and interested parties are invited to submit comments via these websites or by email to poontarika@sec.or.th, patarasaya@sec.or.th, or korakot@sec.or.th (for DR-related amendments), thanunya@sec.or.th or pattarav@sec.or.th (for ETF-related amendments), or benja@sec.or.th or kunpatu@sec.or.th (for margin loan-related amendments). The public hearing ends on 13 July 2026.

  


 

Note:

* Shelf Approval/Shelf Filing means that DR issuers will be permitted to issue and offer DRs within a specified period (one year) without limitation on the number of offerings or the offering value, provided that they continue to meet the prescribed qualifications (Shelf Approval). For each issuance and offering, the issuer shall file a submission on a project-by-project basis (Shelf Filing).

Notification of the Capital Market Supervisory Board No. TorJor. 45/2564 Re: Issuance and Offer for Sale of Newly Issued Depositary Receipts, dated 31 May 2021

https://publish.sec.or.th/nrs/9004s.pdf





Related News

SEC seeks public comments on proposed amendments to strengthen and promote the role of internal auditors for IPO companies
SEC seeks public comments on draft notification on the “Travel Rule for Digital Assets” to strengthen anti-money laundering and prevent cybercrime in line with international standards
SEC seeks public comments on proposed principles for amending the Securities and Exchange Act B.E. 2535 (1992) to strengthen regulatory supervision and enhance law enforcement efficiency
SEC joins government agencies and capital market organizations in advancing the Thai Capital Market Attractiveness Initiatives and establishes a bond market taskforce to enhance the quality of the Thai bond market
SEC supports “digital securities” to enhance investment accessibility, reduce business costs, and strengthen Thailand’s capital market infrastructure

Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 123 / 2026 Friday 12 June 2026
SEC seeks public comments on amendments to regulations governing DRs, Thai ETFs’ investment in L&I ETFs, and margin lending

Bangkok, 12 June 2026 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to regulations governing: (1) Depository Receipts (DRs), to strengthen regulatory oversight and enhance the efficiency of the DR issuance and offering process; (2) Thai ETFs’ investment in foreign leveraged and inverse ETFs (L&I ETFs), to promote consistency in the supervision of exchange-traded products; and (3) margin lending for L&I ETFs, to ensure that securities companies maintain risk management practices appropriate for these products. 

The key proposals are summarized as follows:

     (1) Amendment to DR regulations by requiring higher-quality underlying securities (UL) for DR issuance and offerings, in line with the nature of DRs as simple, plain‑exposure products. Transparency of DR transactions will also be enhanced through reporting and monitoring requirements. In addition, the use of UL supporting DRs for pledging, collateralization, encumbrance, or any other arrangements to obtain benefits will be prohibited, to ensure that investors receive financial benefits from the UL in accordance with the product’s objectives. Furthermore, the approval process for DR issuance and offerings will be revised to adopt a Shelf Approval/Shelf Filing* framework, in line with that applicable to derivative warrants (DW), to facilitate operational efficiency, reduce costs and documentation requirements for DR issuers, and accommodate increasing investor demand for DRs.

     (2) Amendments to regulations on investment by Thai ETFs, to permit them to invest in foreign L&I ETFs solely as a tool for portfolio management.

     (3) Amendments to margin loan regulations by introducing risk management guidelines for margin loan services involving L&I ETFs to ensure that such services are appropriate for the risks and volatility associated with these products.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1177  and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzM0NkRHQV9MQVdfRlJPTlRFTkQ=
Stakeholders and interested parties are invited to submit comments via these websites or by email to poontarika@sec.or.th, patarasaya@sec.or.th, or korakot@sec.or.th (for DR-related amendments), thanunya@sec.or.th or pattarav@sec.or.th (for ETF-related amendments), or benja@sec.or.th or kunpatu@sec.or.th (for margin loan-related amendments). The public hearing ends on 13 July 2026.

  


 

Note:

* Shelf Approval/Shelf Filing means that DR issuers will be permitted to issue and offer DRs within a specified period (one year) without limitation on the number of offerings or the offering value, provided that they continue to meet the prescribed qualifications (Shelf Approval). For each issuance and offering, the issuer shall file a submission on a project-by-project basis (Shelf Filing).

Notification of the Capital Market Supervisory Board No. TorJor. 45/2564 Re: Issuance and Offer for Sale of Newly Issued Depositary Receipts, dated 31 May 2021

https://publish.sec.or.th/nrs/9004s.pdf