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SEC amends private fund regulations to enhance clarity in information disclosure and the management of conflicts of interest in line with those applicable to mutual funds



Thursday 16 July 2026 | No. 151 / 2026


Bangkok, 16 July 2026 – The Securities and Exchange Commission (SEC) has amended the regulations governing private funds to enhance the clarity and appropriateness of information disclosure and reporting to investors. The revisions cover Private Fund Standard Portfolio (PFS)’ disclosure requirements, the reporting of individual investment portfolio status to align with investor types, and the disclosure of conflicts of interest (COI). The core principle remains that investors should receive sufficient information for decision-making, while avoiding undue burden on business operators. The revised regulations have been in effect since 16 July 2026.

Following the SEC’s public hearing on the principles for amending the above regulations during November–December 2025 and the public hearing on the draft notifications during April–May 2026, most respondents agreed with the proposed principles and draft notifications. The key aspects are summarized as follows:

        (1) Enhancing clarity in PFS disclosure requirements by stipulating that disclosures must be clear, transparent, and not misleading regarding the policy, type, risks, or returns of investments. For example, when past performance is disclosed for advertising purposes, business operators must not selectively present only periods with favorable returns. Disclosure of past performance must also be presented in a clear and comprehensible manner and must appropriately reflect the accuracy of the information;

        (2) Increasing flexibility in reporting of individual investment portfolio status of private funds by allowing reporting formats to be tailored to investor types and services, while ensuring that investors continue to receive essential information necessary to monitor their performance and status of an investment;

        (3) Enhancing clarity in the management of conflicts of interest (COI) by establishing clearer guidelines on transactions between funds or between clients under the same management (cross trade), in line with the approach applied to mutual funds. This application require disclosure of fees, remuneration, or other benefits that may give rise to COI covering private funds and provident funds. 

The amended notifications* were published in the Government Gazette and have been in effect since 16 July 2026.

Notes:

* Two relevant notifications are:

1. Notification of the Office of the Securities and Exchange Commission No. SorNor. 7/2569 Re: Rules, Conditions and Procedures for Managing Private Funds that Are Not Provident Funds (No. 2)

2. Guidelines No. NorPor. 3/2569 Re: Guidelines for Establishing Policies, Measures and Operating Systems Relating to Acts that May Involve Conflicts of Interest with Clients of Management Companies and Investment Portfolios of Management Companies












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NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 151 / 2026 Thursday 16 July 2026
SEC amends private fund regulations to enhance clarity in information disclosure and the management of conflicts of interest in line with those applicable to mutual funds

Bangkok, 16 July 2026 – The Securities and Exchange Commission (SEC) has amended the regulations governing private funds to enhance the clarity and appropriateness of information disclosure and reporting to investors. The revisions cover Private Fund Standard Portfolio (PFS)’ disclosure requirements, the reporting of individual investment portfolio status to align with investor types, and the disclosure of conflicts of interest (COI). The core principle remains that investors should receive sufficient information for decision-making, while avoiding undue burden on business operators. The revised regulations have been in effect since 16 July 2026.

Following the SEC’s public hearing on the principles for amending the above regulations during November–December 2025 and the public hearing on the draft notifications during April–May 2026, most respondents agreed with the proposed principles and draft notifications. The key aspects are summarized as follows:

        (1) Enhancing clarity in PFS disclosure requirements by stipulating that disclosures must be clear, transparent, and not misleading regarding the policy, type, risks, or returns of investments. For example, when past performance is disclosed for advertising purposes, business operators must not selectively present only periods with favorable returns. Disclosure of past performance must also be presented in a clear and comprehensible manner and must appropriately reflect the accuracy of the information;

        (2) Increasing flexibility in reporting of individual investment portfolio status of private funds by allowing reporting formats to be tailored to investor types and services, while ensuring that investors continue to receive essential information necessary to monitor their performance and status of an investment;

        (3) Enhancing clarity in the management of conflicts of interest (COI) by establishing clearer guidelines on transactions between funds or between clients under the same management (cross trade), in line with the approach applied to mutual funds. This application require disclosure of fees, remuneration, or other benefits that may give rise to COI covering private funds and provident funds. 

The amended notifications* were published in the Government Gazette and have been in effect since 16 July 2026.

Notes:

* Two relevant notifications are:

1. Notification of the Office of the Securities and Exchange Commission No. SorNor. 7/2569 Re: Rules, Conditions and Procedures for Managing Private Funds that Are Not Provident Funds (No. 2)

2. Guidelines No. NorPor. 3/2569 Re: Guidelines for Establishing Policies, Measures and Operating Systems Relating to Acts that May Involve Conflicts of Interest with Clients of Management Companies and Investment Portfolios of Management Companies