The amendments to the regulations on offering for sale of bills are in alignment with the revised characteristics of bills deemed as securities, with the key points as follows: 

  1. Repealing the provisions related to the offering for sale of bills in a private placement (PP10) as it is no longer determined as an offering for sale of bills deemed as securities* pursuant to the regulations on determination of characteristics of bills deemed as securities. PP10 is therefore beyond the scope of the SEC’s supervision;   

  2. Further clarifying the description in the notification by 1) determining that the approved applicant for a public offering of debt securities in a medium term note program (MTN) under the Notification of the Capital Market Supervisory Board Re: Application and Approval for Public Offering of Newly Issued Debt Securities is also granted an approval for offering for sale of debt securities to Institutional Investors (II), Ultra High Net Worth Investors (UHNW) and High Net Worth Investors (HNW) as well, and 2) requiring a statement on the bill in case of offering for sale to UHNW or HNW for clarity and consistency with the operating guidelines.  

The Notification concerning the amendments** has been published in the Government Gazette, effective from 16 March 2024 onwards. 

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Remarks: 

* Notification of the Securities and Exchange Commission No. Kor Jor. 5/2567 Re: Determination of Characteristics of Bills Deemed as Securities, dated 19 January 2024.  

** Notification of the Capital Market Supervisory Board No. Tor Jor. 1/2567 Re: Application and Approval for Offering for Sale of Newly Issued Debt Securities in a Private Placement and Offering for Sale of Convertible Bonds to Entities with Specific Characteristics (No. 6), dated 22 February 2024: (https://publish.sec.or.th/nrs/10114s.pdf).