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SEC seeks public comments on proposed amendments to private fund regulations to enhance disclosure clarity

Monday 27 April 2026 | No. 86 / 2026

Bangkok, 27 April 2026 – The Securities and Exchange Commission (SEC) is seeking public comments on a draft notification proposing amendments to the private fund regulations to enhance clarity in Private Fund Standard Portfolio (PFS)’ disclosure requirements, refine the reporting financial statements of private funds to ensure appropriateness and alignment with investor profiles, and establish clearer guidelines for the disclosure of conflicts of interest (COI). The core principle remains that investors should receive sufficient decision-making information, while avoiding undue burden on business operators.

Previously, during November–December 2025, the SEC conducted a public hearing on the principles underlying the proposed amendments. Most respondents agreed with the proposed approach. The key aspects are summarized as follows:

(1) Enhancing clarity in PFS disclosure requirements by stipulating that disclosures must be clear, transparent, and not misleading regarding the nature, type, risks, or returns of investments. For example, when past performance is disclosed for advertising purposes, business operators must not selectively present only periods with favorable returns. Disclosure of past performance must also be easy to understand and appropriately reflect the accuracy of the information;

(2) Increasing flexibility in reporting financial statements of private funds by allowing reporting formats to be tailored to investor types and service characteristics, while ensuring that investors continue to receive essential information necessary to monitor their investment performance;

(3) Enhancing clarity in the management of conflicts of interest (COI) by establishing clearer guidelines on transactions between funds or between clients under the same management (cross trade), in line with the approach applied to mutual funds. This will cover private funds and provident funds, and will also require disclosure of fees, remuneration, or other benefits that may give rise to COI.

Accordingly, the SEC is seeking public comments on the draft notification based on these principles. 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=1157 and on the Legal Hub (https://law.go.th/) at https://law.go.th/listeningDetail?survey_id=Njk3NERHQV9MQVdfRlJPTlRFTkQ=
Stakeholders and interested parties are invited to review the consultation paper and

submit comments through the SEC website or by email to suppawit@sec.or.th or jirapathara@sec.or.th. The public hearing ends on 27 May 2026.

NEWS

Securities and Exchange Commission

Corporate Communication and Investor Service Department

Tel. (66)2033-9502-5 E-mail: press@sec.or.th

No. 86 / 2026	Monday 27 April 2026
SEC seeks public comments on proposed amendments to private fund regulations to enhance disclosure clarity
Bangkok, 27 April 2026 – The Securities and Exchange Commission (SEC) is seeking public comments on a draft notification proposing amendments to the private fund regulations to enhance clarity in Private Fund Standard Portfolio (PFS)’ disclosure requirements, refine the reporting financial statements of private funds to ensure appropriateness and alignment with investor profiles, and establish clearer guidelines for the disclosure of conflicts of interest (COI). The core principle remains that investors should receive sufficient decision-making information, while avoiding undue burden on business operators.
Previously, during November–December 2025, the SEC conducted a public hearing on the principles underlying the proposed amendments. Most respondents agreed with the proposed approach. The key aspects are summarized as follows: (1) Enhancing clarity in PFS disclosure requirements by stipulating that disclosures must be clear, transparent, and not misleading regarding the nature, type, risks, or returns of investments. For example, when past performance is disclosed for advertising purposes, business operators must not selectively present only periods with favorable returns. Disclosure of past performance must also be easy to understand and appropriately reflect the accuracy of the information; (2) Increasing flexibility in reporting financial statements of private funds by allowing reporting formats to be tailored to investor types and service characteristics, while ensuring that investors continue to receive essential information necessary to monitor their investment performance; (3) Enhancing clarity in the management of conflicts of interest (COI) by establishing clearer guidelines on transactions between funds or between clients under the same management (cross trade), in line with the approach applied to mutual funds. This will cover private funds and provident funds, and will also require disclosure of fees, remuneration, or other benefits that may give rise to COI. Accordingly, the SEC is seeking public comments on the draft notification based on these principles. 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=1157 and on the Legal Hub (https://law.go.th/) at https://law.go.th/listeningDetail?survey_id=Njk3NERHQV9MQVdfRlJPTlRFTkQ= Stakeholders and interested parties are invited to review the consultation paper and submit comments through the SEC website or by email to suppawit@sec.or.th or jirapathara@sec.or.th. The public hearing ends on 27 May 2026.

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