AMCs play an important role in managing investments for both retail and institutional investors. Their responsibilities include making investment decisions, managing risks, exercising voting rights, and engaging with investee companies on behalf of unitholders. However, information on AMC operations is currently disclosed through various channels, which may make it difficult for investors to obtain a complete overview.

The SEC therefore proposes that the Annual Reports of AMCs serve as a central source of information that consolidates key information on business operations, operating performance, risk management, corporate governance, financial statements, and stewardship of investors’ interests. The objective is to enhance transparency, strengthen credibility, and support investors in having sufficient information to make appropriate decisions when selecting investment management services.

This initiative forms part of the SEC Strategic Plan for 2026–2028. It is also in line with the resolution of the Capital Market Supervisory Board at its meeting on 16 June 2026. The key proposed principles under public consultation are as follows:

            1. Requiring AMCs to prepare an organization-level Annual Report annually

                AMCs undertaking mutual fund management, private fund management, or provident fund management would be required to prepare an Annual Report covering information related to their investment management business.

                The scope and depth of reporting may be adjusted to suit the nature, size, and complexity of each AMC’s business, in accordance with the principle of proportionality.  Where an AMC forms part of a business group that already prepares a group-level report, the AMC may use relevant information from such report to support the preparation of its own Annual Report in order to reduce duplication. However, the AMC would remain responsible for the accuracy, completeness, and relevance of the information used.

                The Annual Report would be published on the AMC’s website or through another channel that is readily accessible to investors within four months from the end of the accounting period. For the first year of implementation, AMCs would be allowed to publish the report within six months from the end of the accounting period to provide sufficient time to prepare the necessary data, systems, internal review processes, and relevant personnel.

            2. Consolidating key information into a single report

                The Annual Report would be prepared as an integrated report to consolidate key organization-level information of AMCs into a single source, reduce fragmentation and duplication of information, and allow investors to access important information in a more systematic manner. The Annual Report would comprise four parts:

                (1) Business operations and operating results, such as organizational direction and strategy, products and services, and risk management;

                (2) Corporate governance and reporting on the Investment Governance Code for Institutional Investors (I Code), such as governance structure, internal controls, the exercise of voting rights, and engagement with investee companies;

                (3) Financial statements for the fiscal year audited and expressed with an opinion by an auditor approved by the SEC; and

                (4) Certification of information accuracy by the AMC’s authorized signatory.

                The SEC will further prescribe the detailed disclosure requirements and reporting format for each section. In doing so, the SEC will take into account AMC readiness and investor benefit, and the need to avoid creating unnecessary duplication. The overarching approach is to consolidate existing reports that AMCs are currently required to prepare, submit, or disclose, where such reports contain information relevant to the above areas, into the Annual Report, instead of requiring separate submissions. Minimum disclosure standards will also be prescribed to enhance the comparability of information across AMCs. 

            3. Proposed implementation from fiscal year 2028, with first publication in 2029

                AMCs would be required to prepare the Annual Report on a mandatory basis from the fiscal year 2028, with the first report to be published in 2029. AMCs that are ready may adopt the requirements earlier on a voluntary basis (early adoption).

                For AMCs that are listed companies and are already required to prepare Form 56-1 One Report, the information required under the AMC Annual Report framework may be incorporated into the Form 56-1 One Report, with additional disclosures required only for items not already covered under the prescribed criteria.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1183 and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzQ1NERHQV9MQVdfRlJPTlRFTkQ= Stakeholders and interested parties are invited to review and submit comments through these websites or by email to kanjanachat@sec.or.th or parnward@sec.or.th. The public hearing ends on 23 July 2026.