Under the existing regulations on the eligibility of issuers and the use of proceeds in accordance with the disclosed purposes, certain aspects remain unclear and subject to limitations in flexibility, which may affect the ability to conduct fundraising in compliance with the prescribed requirements. The SEC has therefore proposed revisions to the relevant criteria. Previously, the SEC conducted a public hearing on the underlying principles and published a summary of the consultation results in January 2026, with the majority of respondents expressing support for the proposed principles. Accordingly, the SEC is inviting public comments on the draft notifications relating to the criteria on the use of proceeds, with the key elements summarized as follows:

(1) Amendments to the issuer eligibility criteria in cases where the bond proceeds are used inconsistently with previously disclosed purposes, by providing additional exemptions for cases in which changes to the use of proceeds have been approved by the authorized persons as specified in the terms and conditions governing bondholders’ rights;

        (2) Amendments to the criteria governing the use of proceeds, requiring issuers to apply the proceeds in accordance with the disclosed purposes and timeframes. Where an issuer intends to use the proceeds in a manner different from that previously disclosed, the issuer must complete the process for changing the use of proceeds prior to such use.

The consultation paper is available on the SEC website (www.sec.or.th) at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1151 and on the Legal Hub (https://law.go.th/) at https://law.go.th/listeningDetail?survey_id=Njg3NURHQV9MQVdfRlJPTlRFTkQ=
Stakeholders and interested parties are invited to submit comments through the SEC websiteor by email: debt@sec.or.th. The public hearing ends on 11 May 2026.