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SEC public hearing on proposed amendments to the regulations regarding disclosure of funding portals to benefit investors’ decision making



Tuesday 14 May 2024 | No. 97 / 2024


Bangkok, 14 May 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to the regulations regarding practice of funding portals, concerning information disclosure on their platforms and information submitted to the SEC. Such amendments aim at providing sufficient information for investors prior to making decisions while enhancing proper investor protection mechanisms.  

The SEC is proposing to amend the regulations regarding funding portals to implement a more suitable and effective system for screening or evaluating the credibility and risk level of crowdfunding bond issuers. This also includes ensuring sufficient disclosure of information for investors through the funding portals’ platforms, accommodating their decision-making regarding the use of services and investment in crowdfunding securities. The proposed amendments align with both domestically and internationally supervisory guidelines for similar business operators. Therefore, the SEC is conducting this public hearing on the proposed amendments, which would require funding portals to undertake the following key measures:  
          (1) To prepare and submit the annual audited financial statements and half-year financial statements to the SEC, and to disclose the annual audited financial statements on their official platforms of the funding portals;
          (2) To disclose essential information on creditworthiness including procedures, key consideration factors used for risk evaluation of issuers and their action guidelines in case of  bond default;
          (3) To disclose key statistics regarding the equity and debt crowdfunding offerings issued through their platforms including default (in case of debt crowdfunding);
          (4) To put risk warning statements on crowdfunding advertisements that are clear, easily noticeable and in compliance with the format specified by the SEC.      

The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=987 and the legal hub at: https://law.go.th/listeningDetail?survey_id=Mzc1OURHQV9MQVdfRlJPTlRFTkQ=. Stakeholders and Interested parties are welcome to submit comments and recommendations via the websites or emails: jaruwan@sec.or.th or siwaporn@sec.or.th. The public hearing ends on 13 June 2024.  

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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 97 / 2024 Tuesday 14 May 2024
SEC public hearing on proposed amendments to the regulations regarding disclosure of funding portals to benefit investors’ decision making

Bangkok, 14 May 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on proposed amendments to the regulations regarding practice of funding portals, concerning information disclosure on their platforms and information submitted to the SEC. Such amendments aim at providing sufficient information for investors prior to making decisions while enhancing proper investor protection mechanisms.  

The SEC is proposing to amend the regulations regarding funding portals to implement a more suitable and effective system for screening or evaluating the credibility and risk level of crowdfunding bond issuers. This also includes ensuring sufficient disclosure of information for investors through the funding portals’ platforms, accommodating their decision-making regarding the use of services and investment in crowdfunding securities. The proposed amendments align with both domestically and internationally supervisory guidelines for similar business operators. Therefore, the SEC is conducting this public hearing on the proposed amendments, which would require funding portals to undertake the following key measures:  
          (1) To prepare and submit the annual audited financial statements and half-year financial statements to the SEC, and to disclose the annual audited financial statements on their official platforms of the funding portals;
          (2) To disclose essential information on creditworthiness including procedures, key consideration factors used for risk evaluation of issuers and their action guidelines in case of  bond default;
          (3) To disclose key statistics regarding the equity and debt crowdfunding offerings issued through their platforms including default (in case of debt crowdfunding);
          (4) To put risk warning statements on crowdfunding advertisements that are clear, easily noticeable and in compliance with the format specified by the SEC.      

The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=987 and the legal hub at: https://law.go.th/listeningDetail?survey_id=Mzc1OURHQV9MQVdfRlJPTlRFTkQ=. Stakeholders and Interested parties are welcome to submit comments and recommendations via the websites or emails: jaruwan@sec.or.th or siwaporn@sec.or.th. The public hearing ends on 13 June 2024.  

 _______________________