The key proposals are summarized as
follows:
(1) Amendment to DR regulations by requiring higher-quality underlying
securities (UL) for DR issuance and offerings, in line with the nature of DRs
as simple, plain‑exposure products. Transparency of DR transactions will also
be enhanced through reporting and monitoring requirements. In addition, the use
of UL supporting DRs for pledging, collateralization, encumbrance, or any other
arrangements to obtain benefits will be prohibited, to ensure that investors
receive financial benefits from the UL in accordance with the product’s objectives.
Furthermore, the approval process for DR issuance and offerings will be revised
to adopt a Shelf Approval/Shelf Filing* framework, in line with that applicable
to derivative warrants (DW), to facilitate operational efficiency, reduce costs
and documentation requirements for DR issuers, and accommodate increasing
investor demand for DRs.
(2) Amendments to regulations on investment
by Thai ETFs, to permit them to invest in
foreign L&I ETFs solely as a tool for portfolio management.
(3) Amendments to margin loan regulations by introducing risk management
guidelines for margin loan services involving L&I ETFs to ensure that such
services are appropriate for the risks and volatility associated with these
products.
The consultation paper is available
on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1177 and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzM0NkRHQV9MQVdfRlJPTlRFTkQ=
Stakeholders and interested parties are
invited to submit comments via these websites or by email to poontarika@sec.or.th, patarasaya@sec.or.th, or korakot@sec.or.th (for DR-related amendments), thanunya@sec.or.th or pattarav@sec.or.th (for ETF-related amendments), or benja@sec.or.th or kunpatu@sec.or.th (for margin loan-related
amendments). The public hearing ends on 13 July 2026.
Note:
* Shelf Approval/Shelf Filing means
that DR issuers will be permitted to issue and offer DRs within a specified
period (one year) without limitation on the number of offerings or the offering
value, provided that they continue to meet the prescribed qualifications (Shelf
Approval). For each issuance and offering, the issuer shall file a submission
on a project-by-project basis (Shelf Filing).
Notification of the Capital Market
Supervisory Board No. TorJor. 45/2564 Re: Issuance and Offer for Sale of Newly
Issued Depositary Receipts, dated 31 May 2021
https://publish.sec.or.th/nrs/9004s.pdf