Under the SEC Strategic Plan 2026–2028, which recognizes the importance of transition finance, the SEC aims for the Thai capital market to serve as an Engine of Growth for the economy by promoting transition-related fundraising products in the Thai capital market under an approach that is aligned with international standards, as well as the country’s sustainability and climate change goals. These regulatory amendments will help enhance the competitiveness of Thai businesses by enabling them to access funding sources to support their adaptation to environmental changes, which will help attract investment from both domestic and foreign investors and foster growth in the country’s Real Economy.

The SEC has therefore amended the regulations to support the issuance and offering of two types of debt instruments, as follows:

        (1) Transition bonds: Debt instruments whose proceeds are designated for investment in projects aligned with an issuer’s transition strategy or transition plan, with reference to internationally recognized transition bond standards, namely the Climate Transition Bond Guidelines issued by the International Capital Market Association (ICMA) or the Climate Bonds Standard issued by the Climate Bonds Initiative (CBI).

        (2) Thailand amber bonds: Debt instruments whose proceeds are designated for investment in “amber” activities, as defined under the Thailand Taxonomy, and which reference internationally recognized green bond or sustainability bond standards.

To encourage businesses in raising funds to practically drive their transition, the SEC has expanded the fee waiver scheme for application for approval fees and filing fees of ESG bonds to also cover transition bonds and Thailand amber bonds, thereby supporting fundraising through these two new types of debt instruments. The fee exemption will remain in effect until 31 May 2028.

In addition, the SEC has concurrently amended the disclosure requirements for all types of ESG bonds to enhance the transparency and credibility of such instruments through the disclosure of a bond framework and the appointment of an independent external review provider to provide an opinion or assurance on the framework.

The SEC has therefore issued nine related notifications, which have been published in the Royal Gazette and have been in effect since 16 September 2026.

Note: Nine related notifications are as follows:

1. Notification of the Securities and Exchange Commission No. Kor Mor. 5/2569 Re: Determination of Fees for Application for Offer for Sale of Transition Bond and Thailand Amber Bond, dated 8 September 2026

2. Notification of the Capital Market Supervisory Board No. Tor Jor. 5/2569 Re: Application for and Approval of Offer for Sale of Newly Issued Debt Securities to the Public (No. 13), dated 8 September 2026

3. Notification of the Capital Market Supervisory Board No. Tor Jor. 6/2569 Re: Application for and Approval of Offer for Sale of Newly Issued Debt Securities through Private Placement and Offer for Sale of Convertible Debentures to Specific Investors (No. 14), dated 8 September 2026

4. Notification of the Capital Market Supervisory Board No. Tor Jor. 7/2569 Re: Filing of Registration Statement for Offer for Sale of Debt Securities (No. 8), dated 8 September 2026, and Forms 69-PO-Single Offering, 69-PP-Single Offering, 69-PO-MTN and 69-PP-MTN attached thereto

5. Notification of the Capital Market Supervisory Board No. Tor Jor. 8/2569 Re: Provisions on Issuance for Sale of Sukuk and Disclosure of Information (No. 17), dated 8 September 2026, and Forms 69-PO-SUKUK, 69-PP-SUKUK, 69-PO-MTN-SUKUK, and 69-PP-MTN-SUKUK attached thereto

6. Notification of the Capital Market Supervisory Board No. Tor Jor. 9/2569 Re: Offer for Sale of Newly Issued Securities through Private Placement by Limited Company (No. 3), dated 8 September 2026, and Form Factsheet SME attached thereto

7. Notification of the Capital Market Supervisory Board No. Tor Jor. 10/2569 Re: Provisions Relating to Offer for Sale of Securities through Crowdfunding Portal (No. 7), dated 8 September 2026

8. Notification of the Office of the Securities and Exchange Commission No. Sor Jor. 11/2569 Re: Rules and Procedures for Preparation of Factsheet (No. 7), dated 8 September 2026, and the Form Factsheet attached thereto

9. Notification of the Office of the Securities and Exchange Commission No. Sor Mor. 12/2569 Re: Determination of Fees Relating to Filing of Registration Statement for Offer for Sale of Transition Bond and Thailand Amber Bond, dated 8 September 2026