Bangkok, 13 March 2020 – The Capital Market Supervisory Board (CMSB) has approved a deadline extension of the annual general meeting (AGM) for property funds, infrastructure funds and real estate investment trusts (REIT) until 30 June 2020 and a separate exemption for preparation and submission of financial statements and the auditor’s reports on provident funds (PVD), amid the spread of the novel Coronavirus disease (COVID-19).
On 12 March 2020, the CMSB Meeting No.
4/2563, presided by SEC Secretary-General Ruenvadee Suwanmongkol, considered
possible guidelines for the AGM holding of property funds, infrastructure funds
and REITs and the submission of financial statements and the auditor’s reports
on PVDs amid the spread of COVID-19. The meeting has passed the following
resolutions:
1. Exemption for the holding of AGM of
unitholders of funds and REITs
CMSB
has granted a deadline extension to 30 June 2020 or four months from the end of
the financial year, whichever comes later. If the situation persists, SEC may
consider further extension. If the AGM 2020 agenda contains only matters for acknowledgement, asset management companies
and REIT managers may choose to send out such information instead of holding the
in-person meeting on the condition that the unitholders have a channel for posting
inquiries or requesting clarifications. In addition, a summary of Q&A must
be disclosed through an appropriate channel such as the SET Information System
to ensure that the general public has access to such information as well.
2. Extension of deadline for submitting financial
statements and the auditor’s reports on PVDs
CMSB
has approved an exemption for preparing and submitting financial statements and
the auditor’s reports on PVDs by giving private fund management companies two
options, namely: (1) an extension of deadline for submitting a set of copies of
the financial statements and the auditor’s reports to SEC from 150 days to 240
days as of the end of the financial year on the condition that the companies
inform SEC in writing of the intention to postpone the submission within 150
days as of the end of the financial year, while disclosure to PVD members is
due within such period of 150 days as well, or (2) sending a letter requesting PVD
members’ certification of the financial statements and the auditor’s reports on
the condition that the certified documents are submitted to SEC within 150 days
as of the end of the financial year. In addition, the whole document package in
this matter must be submitted to the general PVD members’ meeting the next time
it is held. The criteria for passing the unitholders’ resolution on the
certification of the financial statements and the auditor’s reports are in accordance
with the articles of the fund.
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