In proposing the amendments, the SEC placed emphasis on requiring SRI funds to clearly articulate their sustainability objectives, while enhancing disclosure standards across the entire investment process– from securities selection and portfolio management to ongoing monitoring and evaluation of sustainability outcomes. These enhancements aim to reinforce the role of SRI funds as a key mechanism for driving the sustainable development of Thailand’s capital market and supporting the country’s progression toward its Sustainable Development Goals (SDGs) and its commitment to achieving net-zero greenhouse gas emissions by 2050, in line with Thailand’s second updated Nationally Determined Contribution (NDC 3.0).

The SEC conducted two rounds of public hearings on the proposed principles and draft amendments during the second and third quarters of 2025. Most respondents expressed support for the proposed amendments and recommended clearer wording to better reflect actual industry practices. The SEC considered these comments and incorporated the suggestions as appropriate to ensure the amendments were well-calibrated before issuing the final notifications.   

Subsequently, the SEC issued four relevant notifications reflecting the amendments, with the key points summarized as follows:
          (1) Establishing Sustainability Objectives: Asset management companies (AMCs) must define the sustainability objectives of each SRI fund and clearly disclose corresponding SRI labels, including SRI Focus, SRI Improver, SRI Promote, SRI Impact, and SRI Mixed Goals, to enable investors to select funds that align with the sustainability objectives they wish to support;

          (2) Enhancing Disclosure throughout the Investment Process: AMCs must strengthen disclosure at every stage of the investment lifecycle, including securities selection, sustainability assessment, and ongoing investment monitoring, to ensure greater transparency and accountability in the management of SRI funds;

          (3) Post-Investment Reporting: AMCs must prepare reports on the sustainability outcomes of their investment management activities to enable investors to continuously monitor and assess the results of the investments;

          (4) Creating a Sustainability Corner: Introducing a dedicated sustainability information section in the fund factsheet to provide a concise summary of key sustainability data, enabling investors to more easily compare information across different funds;

          (5) Relaxing Impact Verifier Requirements: Revising the requirements for SRI funds that aim to generate positive impact (SRI Impact) to provide greater flexibility, while ensuring continued alignment with international regulatory standards.

Additionally, the SEC has established disclosure guidelines for SRI funds that are fund of funds and feeder funds to ensure clarity in implementation and maintain consistent transparency standards across all types of SRI funds.

For existing registered SRI funds, AMCs must update their disclosures to comply with the new regulations within nine months from the effective date of the relevant notifications. For other funds with names or investment policies related to sustainability, AMCs must enhance their disclosures to comply with the new regulations within one year from the effective date of the relevant notifications.  

The four relevant notifications of the amendments have been published in the Government Gazette, taking effect from 16 December 2025.

Remarks:

* SRI funds are other SRI Funds (excluding Thai ESG and Thai ESGX).

** The four relevant notifications are:

          1. Notification of the Office of the Securities and Exchange Commission No. Sor Nor. 42 /2568 Re: Rules, Conditions and Additional Procedures for Other SRI Funds, Thailand ESG Funds and Thailand ESG Extra Funds: https://publish.sec.or.th/nrs/10969p_r.pdf including Appendix 1: https://publish.sec.or.th/nrs/10968p_r.pdf

          2. Notification of the Office of the Securities and Exchange Commission No. Sor Nor. 43 /2568 Re: Rules, Conditions and Procedures for Managing Retail Mutual Funds, Non-Retail Mutual Funds and Mutual Funds for Institutional Investors (No. 11):  https://publish.sec.or.th/nrs/10971p_r.pdf including Appendix 3: https://publish.sec.or.th/nrs/10970p_r.pdf
            3. Notification of the Office of the Securities and Exchange Commission No. Sor Nor.
44 /2568 Re: Prospectus for Offering of Investment Units of Retail Mutual Funds, Non-Retail Mutual Funds and Mutual Funds for Institutional Investors (No. 9): https://publish.sec.or.th/nrs/10974p_r.pdf including Appendix 1: https://publish.sec.or.th/nrs/10992p_r.pdf and additional explanations under Appendix 123-1: https://publish.sec.or.th/nrs/10973p_r.pdf
          4. Notification of Guidelines No. Nor Por. 9/2568 Re: Repeal of the Notification of Guidelines Re: Guidelines for Information Disclosure of SRI Funds: https://publish.sec.or.th/nrs/10976p_r.pdf