Sign In
SEC News
SEC Revises Rules on “Mutual Fund Share Class Structure” Effective 16 January 2026



Monday 5 January 2026 | No. 3 / 2026


Bangkok, 5 January 2026 – The Securities and Exchange Commission (SEC) has amended the rules governing the classification of share classes to enhance clarity, better reflect the context of the Thai capital market, and align with international standards. The revisions aim to provide greater flexibility, reduce costs related to the establishment and management of funds borne by asset management companies (AMCs), and ensure that investors are charged fees appropriately based on the share class they select. The amended rules will take effect on 16 January 2026.

In August 2025, the SEC conducted a public hearing on the proposed principles for revising the share class rules. The majority of respondents expressed support for the SEC’s proposal. 

Key elements of the revised rules include:

          (1) Establishing core principles for share class structuring and granting the SEC authority to prescribe additional details and characteristics of share classes.

(2) Defining additional share class criteria, which may include:

     (2.1) Investor type

     (2.2) Conditions for subscription and redemption

     (2.3) Currency hedging policy (currency-hedged share class)

(3) Allowing Differentiated Fees and Expenses across share classes based on varying services or cost structures

(4) Requiring AMCs to have in place additional risk management measures for mutual funds offering share classes with currency hedging policies. 

The revised regulations* have been published in the Government Gazette and will take effect from 16 January 2026 onward.

 


Notes:

* Six relevant notifications are:  

     1. Notification of the Capit​al Market Supe​rvisory Board No. TorNor. 42/2025 Re: Establishment of Retail Fund​s, Accredited Investor Funds and Execution of Agreements for Management of Private Funds​ (No. 20)

     2. Notification of the Capit​al Market Supe​rvisory Board No. TorNor. 43/2025 Re: Investment of Fund​s (No. 34)

     3. Notification of the Capital Market Supervisory​ Board No. TorNor. 44/2025 Re: Rules for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Investors, and Private Funds (No. 10) 

     4. Notification of the Office of the Securities and Exchange Commission No. SorNor. 47/2025 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, and Mutual Funds for Institutional Investors (No. 12)

      5. Notification of the Office of the Securities and Exchange Commission No. SorNor. 48/2025 Re: Details of the Mutual Fund Management Scheme (No. 9)

      6. Notification of the Office of the Securities and Exchange Commission No. SorNor. 49/2025 Re: Prospectus for Offering Investment Units of Retail Funds, Mutual Funds for Accredited Investors, and Mutual Funds for Institutional Investors (No. 10), including Forms 123‑1 and Key Information Summary (Fund Factsheet) with Additional Explanatory Notes.

 

 





Related News

SEC public hearing on draft regulations for Green Investment Trusts
SEC Revises Regulations to Enhance Flexibility for Asset Management Companies in Compensating Mutual Funds or Investors in Cases of Incorrect Pricing – Effective 1 February 2026
SEC amends regulations related to SRI funds to enhance sustainability disclosure standards and support long-term growth of Thailand’s capital market
SEC public hearing on proposed amendments to PVD regulations to enhance fund management and efficiency of member rights protection
SEC public hearing on proposed amendments to allow asset management companies more options for monetary compensation to mutual funds in case of incorrect pricing

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. 3 / 2026 Monday 5 January 2026
SEC Revises Rules on “Mutual Fund Share Class Structure” Effective 16 January 2026

Bangkok, 5 January 2026 – The Securities and Exchange Commission (SEC) has amended the rules governing the classification of share classes to enhance clarity, better reflect the context of the Thai capital market, and align with international standards. The revisions aim to provide greater flexibility, reduce costs related to the establishment and management of funds borne by asset management companies (AMCs), and ensure that investors are charged fees appropriately based on the share class they select. The amended rules will take effect on 16 January 2026.

In August 2025, the SEC conducted a public hearing on the proposed principles for revising the share class rules. The majority of respondents expressed support for the SEC’s proposal. 

Key elements of the revised rules include:

          (1) Establishing core principles for share class structuring and granting the SEC authority to prescribe additional details and characteristics of share classes.

(2) Defining additional share class criteria, which may include:

     (2.1) Investor type

     (2.2) Conditions for subscription and redemption

     (2.3) Currency hedging policy (currency-hedged share class)

(3) Allowing Differentiated Fees and Expenses across share classes based on varying services or cost structures

(4) Requiring AMCs to have in place additional risk management measures for mutual funds offering share classes with currency hedging policies. 

The revised regulations* have been published in the Government Gazette and will take effect from 16 January 2026 onward.

 


Notes:

* Six relevant notifications are:  

     1. Notification of the Capit​al Market Supe​rvisory Board No. TorNor. 42/2025 Re: Establishment of Retail Fund​s, Accredited Investor Funds and Execution of Agreements for Management of Private Funds​ (No. 20)

     2. Notification of the Capit​al Market Supe​rvisory Board No. TorNor. 43/2025 Re: Investment of Fund​s (No. 34)

     3. Notification of the Capital Market Supervisory​ Board No. TorNor. 44/2025 Re: Rules for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Investors, and Private Funds (No. 10) 

     4. Notification of the Office of the Securities and Exchange Commission No. SorNor. 47/2025 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, and Mutual Funds for Institutional Investors (No. 12)

      5. Notification of the Office of the Securities and Exchange Commission No. SorNor. 48/2025 Re: Details of the Mutual Fund Management Scheme (No. 9)

      6. Notification of the Office of the Securities and Exchange Commission No. SorNor. 49/2025 Re: Prospectus for Offering Investment Units of Retail Funds, Mutual Funds for Accredited Investors, and Mutual Funds for Institutional Investors (No. 10), including Forms 123‑1 and Key Information Summary (Fund Factsheet) with Additional Explanatory Notes.