After considering the issuance of rules, conditions and procedures for collecting, disposing of and allocating assets of REITs to provide business operators with clearer and more consistent and practical guidelines without imposing obstacles for business operators, the SEC has now issued four notifications of regulations concerning the collection, disposal and allocation of REIT assets, with the key points as summarized below:
          1) REIT manager has the duty to notify the SEC for the termination of the trust property, as well as gather all accounts, evidentiary documents and financial statements of the trust property for the liquidator*; 
          2) The liquidator has the primary duty to collect assets, dispose of assets, pay debts, distribute funds or assets to REIT unitholders, and deposit assets, etc. The collection, disposal and allocation of REIT assets shall be deemed complete after the liquidator has distributed the funds or assets, along with copies of documents showing the amount of funds or assets per unit to be returned to the unitholders. Additionally, the liquidator is required to send copies of the financial statements to the unitholders or publish them on the liquidator's website, as well as deposit assets at the Deposit of Property Office, if applicable.
          3) The liquidator may delegate certain tasks that they are unable to perform to specialists, such as finding or contacting buyers of the assets, preparing financial statements, and bringing legal action, etc. The relevant notifications** have become effective since 16 May 2024.

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Notes:
* Liquidator means trustee, liquidator of trustee or an official receiver responsible for collecting, disposing of and allocating assets, including paying debts and expenses of the trust property when the REIT is terminated.  

** Four relevant notifications of regulations are:
          (1) Notification of the Office of the Securities and Exchange Commission No. Sor Ror. 9/2567 Re: Rules, Conditions and Procedures for Collection, Disposal and Allocation of Assets of Real Estate Investment Trust, dated 22 April 2024: https://publish.sec.or.th/nrs/10218p_r.pdf;
          (2) Notification of the Office of the Securities and Exchange Commission No. Sor Shor. 10/2567 Re: Rules, Conditions and Procedures for the Approval of REIT Manager and Standard Conduct (No. 7), dated 22 April 2024: https://publish.sec.or.th/nrs/10219p_r.pdf;
          (3) Notification of the Office of the Securities and Exchange Commission No. Sor Ror. 11/2567 Re: Provisions relating to Particulars, Terms and Conditions in a Trust Instrument of Real Estate Investment Trust (No. 19), dated 22 April 2024: https://publish.sec.or.th/nrs/10220p_r.pdf;
          (4) Notification of the Office of the Securities and Exchange Commisison No. Sor Thor. 12/2567 Re: Rules, Conditions and Procedures for Application or Notification through Electronic Methods (No. 3), dated 22 April 2024: https://publish.sec.or.th/nrs/10225p_r.pdf  and Attachment 1: https://publish.sec.or.th/nrs/10224s.pdf