The SEC proposed revisions to the regulations governing BHR to enhance clarity and better alignment with the current context. These revisions would enable BHR to perform their duties and take action in a consistent manner, as well as strengthen the effectiveness of the supervision of BHR and the protection of bondholders. The SEC subsequently conducted public hearings on the principles and the related draft notifications, with the majority of respondents expressing support. The SEC has therefore amended four relevant notifications*, with the key revisions as follows:

(1) revisions to the principles regarding conflicts of interest (COI) between BHR and issuers to provide greater clarity in assessing COI;

(2) revisions to the personnel qualifications of BHR to align with the operational responsibilities;

(3) the determination of additional duties requiring BHR to report to the SEC upon the occurrence of significant events affecting their ability to perform duties, to enable monitoring of their performance and continued compliance with qualification requirements;

(4) revisions to the operational procedures of BHR in the event of a issuer’s default, to allow them to take actions in accordance with the terms and conditions, as well as the bondholders’ representative appointment agreement, without requiring the convening of a bondholders’ meeting to obtain a resolution, thereby streamlining the process for BHR ; and

(5) provisions governing the termination of the duties of BHR to provide clarity regarding the performance of their duties.

The above relevant notifications were published in the Government Gazette on 15 October 2026 and will take effect on 16 April 2027.

Note: * The four relevant notifications are as follows:

(1) Notification of the Capital Market Supervisory Board No. Tor Jor. 16/2569 Re: Qualifications of Bondholders’ Representative and Authorized Actions of Bondholders’ Representative (No. 7); https://publish.sec.or.th/nrs/11307s.pdf
(2) Notification of the Capital Market Supervisory Board No. Tor Jor. 17/2569 Re: Application for and Approval of the Offering for Sale of Newly Issued Debt Securities to the Public in General (No. 15); https://publish.sec.or.th/nrs/11308s.pdf
(3) Notification of the Capital Market Supervisory Board No. Tor Jor. 18/2569 Re: Application for and Approval of the Offering for Sale of Newly Issued Debt Securities on a Private Placement Basis and the Offering of Convertible Debentures to Qualified Investors (No. 16); https://publish.sec.or.th/nrs/11309s.pdf and
(4) Notification of the Office of the Securities and Exchange Commission No. Sor Jor. 14/2569 Re: Terms and Conditions on the Rights and Duties of Issuers and Bondholders (No. 2) https://publish.sec.or.th/nrs/11310s.pdf.