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SEC public hearing on proposed rules for disclosure of material events of listed companies



Tuesday 9 April 2019 | No. 36 / 2019


Bangkok, 9 April 2019 – The SEC is seeking public comments on the proposed rules governing disclosure of material events of listed companies to improve the efficiency of disclosure supervision. In case of no disclosure or disclosure of incorrect or incomplete information, the SEC would be empowered to instruct directors and executives to clarify directly to protect investors’ interest.

The material events in the proposed rules are those already specified and currently required by the Stock Exchange of Thailand (SET) to be reported by listed companies. The proposed rules would allow the SEC to order directors and executives who are responsible for the company’s disclosure to provide a clarification themselves if the company fails to disclose such material events; moreover, if a violation of law or relevant regulations is found or false information is disclosed or material information is concealed, the SEC would be able to take further action by virtue of the Securities Law. 
  
The material events required to be disclosed by listed companies via the SET portal include capital increase or decrease, dividend payment or non-payment, mergers and acquisitions, additional share allocation, default of debt repayment at an amount exceeding 5 percent of the total assets, and changes to the major shareholders’ structure. To ensure that the proposed rules would not impose an excessive burden to listed companies and investors would benefit from the disclosure under direct responsibility of company directors and executives, the disclosure of material events via the SET portal would also be considered the report to the SEC. 
  
The consultation paper is available at www.sec.or.th/hearing. Stakeholders and interested parties are welcome to submit comments through the website, or facsimile: 0-2263-6099, or email: corgov@sec.or.th. The public hearing ends on 9 May 2019.
                                                                                                 

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Remark: the hearing documents (in Thai language only) are available at:  
https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=472






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