Currently, rules on providing investor services and communication of securities company regarding offering for sale of high-risk or complex capital market products do not cover the provision of NC bonds. The SEC has therefore amended the governing rules with the following key points:  

  (1)  Specifying NC bond as a high-risk or complex capital market product;  

  (2)  Requiring the offering of NC bond to comply with the rules on communication and investor services for high-risk or complex capital market products, for example:  

        (2.1)  To provide information so that investors understand the characteristics and risks of the products, as well as to warn about relevant risks;

        (2.2)  To provide a knowledge test for investors regarding NC bond that mature upon company dissolution, prior to their first-time investment in such product.

The notifications concerning the aforesaid amendments* will become effective on 16 April 2025.  

Remark: 

* Three relevant notifications are:  

1. Notification of the Capital Market Supervisory Board No. Tor Lor Thor. 20/2568 Re: Rules related to Personnel in Capital Market Businesses (No. 19), dated 4 April 2025: (https://publish.sec.or.th/nrs/10677p_r.pdf )

2. Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 16/2568 Re: Rules in Details related to Communication and Investor Service Provision for  Securities Companies and Derivatives Business Operators (No. 17), dated 4 April 2025:  (https://publish.sec.or.th/nrs/10678p_r.pdf) 

3. Notification of Guidelines No. Nor Por. 3/2568 Re: Guidelines for Sales and Service Provision related to Capital Market Products Being Investment Units and Debt Securities, dated 4 April 2025: (https://publish.sec.or.th/nrs/10680p_r.pdf)