The SEC has amended the regulations related to NVDR services whereby securities companies are prohibited from offering services that will increase the number of NVDR held by Thai investors. Effective from 1 April 2024, the amendment* aims to prevent Thai investors from misusing NVDR as a tool to evade regulatory compliance, which could lead to inappropriate behaviors, and to encourage Thai investors and beneficial owners of Thai nationality (“Thai investors”) to convert NVDR to common shares. In support of the amendment, the SEC has introduced the fee waiver regulations with the key points as follows:
          (1)  Waiving the operational fee for licensed securities companies for converting NVDR to common shares for Thai investors, on the condition that the licensees must also waive the regulatory fee for their clients of Thai nationality who request the conversion of NVDR to common shares;
          (2)  Waiving the SET contribution on the condition that the SET also waives the trading fee and the clearing fee for securities companies who provide the service of NVDR conversion to common shares for Thai investors. The fee waivers will take effect from 1 June to 31 December 2024. The SET has also issued the fee waiver regulations under (2), to take effect during the same time period.  

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Notes:
* SEC News No. 72/2024: SEC amends regulations related to provision of NVDR transaction services by securities companies, issued on 30 March 2024: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10700&NewsNo=72&NewsYear=2024&Lang=EN

** Notification of the Securities and Exchange Commission No. Kor Mor. 8/2567 Re: Waiver of Operational Fees for Licensed Securities Brokers Providing Conversion Service of Non-Voting Depository Receipts to Listed Securities, dated 17 May 2024: https://publish.sec.or.th/nrs/10235p_r.pdf