The SEC has proposed amendments to the regulations to (1) accommodate the public offerings by existing shareholders of the companies, with a view to providing greater clarity in practice in cases where existing shareholders wish to make public offerings concurrently with the companies’ initial public offerings, and (2) revise the registration statement and draft prospectus formats to ensure that investors are provided with sufficient and appropriate information for investment decision-making. This is consistent with the approach applicable to companies listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai), while also helping to enhance the attractiveness of LiVEx, boost the competitiveness of the Thai capital market and promote fundraising opportunities for SMEs.

The SEC is therefore seeking public comments on the proposed amendments. The key points are summarized as follows:

        (1) Additional requirements are proposed to accommodate cases where existing shareholders wish to make initial public offerings concurrently with the companies’ initial public offerings. Provided that such share offerings must not contravene the relevant regulations of the SET, such as the silent period regulations, or the requirement for investment by a venture capital entity (VC) or private equity entity (PE) in businesses that qualify as small enterprises.

         (2) The registration statement for the offering of securities by SMEs (Form 69-SME-PO) would be revised to require shareholders who wish to make public offerings concurrently with the companies’ initial public offerings to fully disclose material information. Such shareholders must also arrange for all directors of the issuing company to sign and certify the Form 69-SME-PO prepared by the shareholders to affirm the accuracy of the information, while the issuing company must also review such information to ensure compliance with the relevant regulations.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1196  and on the Legal Hub at https://law.go.th/. Stakeholders and interested parties are invited to submit comments through these websites or by email to fundraisingpolicy@sec.or.th. The public hearing ends on 4 September 2026.