Bangkok, Friday 17 August 2018 - SEC is conducting a public hearing on drafted regulations in relation to information disclosure and issuer’s auditor to provide investors with clear information to support their investment decisions and to be in line with the standards of international capital-market regulators , prepping for the Financial Sector Assessment Program (FSAP).
SEC is welcoming public comments on
a drafted notifications of the approval for offering of newly issued shares and information disclosure, applying to issuers and listed companies, in
accordance with the International Organization of Securities Commissions (IOSCO)
standards and FSAP. Reexamining these regulations would help to further credibility
of the Thai capital market and to build up confidence for both domestic and
foreign investors. For the principle of the revision, the SEC had already
conducted a public hearing during 16 March – 16
April 2018.
The revision on the drafted notifications has taken
suggestion from all parties, including listed companies, potential issuers, and
investors, into consideration intended to provide clear and sufficient information for
investors without creating too much burden for stakeholders Major issues are as follows:
- To apply rules regarding preparation and disclosure of financial
statements, currently applying only on the lastest annual and quarterly
financial statements, on all of the past three consecutive years and the latest
quarter, including the disclosure of related-party transactions. ;
- To additionally disclose directors
and executives’ compensation policy,
method of determining the compensation packages, and structures of each compensation
type;
- To improve disclosure of the use of
proceeds in filing documents to be more clear, and to amend the rule to be more
flexible as that the use of proceeds which differs from what stated in the
filing will be required to obtain an approval from a shareholders’ meeting only
if the change is significant.
-
To repeal
a rule that requires an auditor in foreign countries to be
from the same network of accounting firm used in Thailand.
SEC disseminates
the public hearing document for this issue at SEC website: https://capital.sec.or.th/webapp/phs/upload/phs1534314229hearing_34_2561.pdf. Any
related and interested persons are
welcome to make comments at the website or facsimile: 0-2033-9647
or e-mail: corporat@sec.or.th until 30 August
2018.
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