The SEC had reviewed the criteria related to report on securities (i.e., shares and convertible securities) or derivatives holding of listed companies’ directors, executives, and auditors** and proposed amendments to such criteria to reduce redundancy and inject flexibility for reporting parties while ensuring that data users receive sufficient information within an appropriate time. Having received comments and recommendations from the public consultation at the end of 2022, the SEC has refined the wording of the criteria for more clarity. The key points are as follows:

(1) Revision of reporting period in case of changes to the securities or derivatives holding by extending reporting periods for small-scale transactions with permission to incorporate small-scale transactions into one report; 

(2) Exemptions from reporting for directors or executives who are spouses or cohabitating partners in the same listed company, if one of them has already submit the reports to the SEC. This shall consider complete to reduce the redundancy of reporting;

(3) Exemptions from reporting in case of securities or derivatives that serve as collateral are sold or force-sold in the market by another party, making it impossible for the owner to report to the SEC within the specified period of time;

(4) Clear determination of the reporting date in case of obtaining shares from capital increase or convertible securities. 

The consultation paper is available in Thai version only at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=920. Stakeholders and interested parties are welcome to submit comments and suggestions on the website or via email: corporat@sec.or.th. The public hearing ends on 26 July 2023. 

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Remarks: 

*Regulatory Guillotine is the process of reviewing and eliminating or amending existing laws and regulations that are no longer necessary or in line with current circumstances, or that impose a burden on the public. This initiative focuses on a quick, transparent, cost-effective manner with input from all relevant stakeholders.

** As per Article 59 of the Securities and Exchange Act B.E. 2535 (1992) and the Notification of the Office of the SEC No. Sor Jor. 38/2561 Re:  Preparation of Report on Changes to the Securities and Derivatives Holding of Director, Executive, Auditor, Plan Preparer and Plan Administrator, dated 16 July 2023 (Notification No. Sor Jor. 38/2561)