With reference to the SEC’s initiative to issue capital market products that support Thailand’s environmental sustainability goals and promote biodiversity by using a trust structure as a fundraising vehicle, this product is designated as the Green Investment Trust (GIT). The SEC previously conducted a public hearing on the proposed principles regarding the establishment and management of GIT during Q1/2024, where the majority of participants agreed with the SEC’s proposal.

The SEC is now inviting comments on the draft regulations based on such principles and incorporating certain refinements suggested by the private sector to ensure practical applicability. The key features of the GIT are as follows:

            (1) Investment Policy: GIT will invest in environmental projects located in Thailand that are registered with the Thailand Greenhouse Gas Management Organization (TGO) under the Thailand Voluntary Emission Reduction Program (T-VER) or other internationally recognized verified carbon standard programs. Eligible projects must focus on reducing or capturing greenhouse gas emissions specifically through forestry or agricultural activities.

      (2) Investment Structure: Investments may include ownership or possessory rights in real estate where the environmental project is located, or rights to future income streams or revenue-sharing agreements from such projects.

      (3) Revenue Generation: GIT’s revenue will primarily come from the sale of carbon credits.

      (4) Trustee and Management: The trustee is responsible for conserving the trust’s assets, appointing and certifying that the trust manager meets the qualifications specified by the SEC, and overseeing the trust manager to ensure compliance with those qualifications and perform as roles prescribed in the Trust Deed.

      (5) Investor Requirements: GIT must have at least two unit holders, who must be institutional investors or ultra-high net worth investors*, and must not be established for the sole purpose of managing personal assets of any individual or group (i.e., not a Private Trust).

The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1135. Stakeholders and interested parties are welcome to submit comments and suggestions via the SEC website or by email at fundraisingpolicy@sec.or.th. The public hearing ends on 9 February 2026.

Notes: *Definitions are provided under the Notification of the Securities and Exchange Commission No. KorJor. 39/2564 Re: Determination of the Definitions of Institutional Investors, Ultra-high Net Worth Investors and High Net Worth Investors, dated 24 December 2564.