On October 16, 2024, Thailand’s Anti-Corruption Cooperation Committee (ACCC) issued a notification to enhance anticorruption standards in public procurement. The new notification (officially “Notification of the Anti-Corruption Cooperation Committee on the Procurement Budget and Minimum Standards of the Policy and Directions for Anticorruption in Relation to Procurement according to Section 19 of the Public Procurement and Supplies Administration Act B.E. 2560”) supersedes previous guidelines and imposes stricter compliance requirements on business entities involved in the government procurement processes. The updates not only align with the goals of Thailand’s Public Procurement and Supplies Administration Act B.E. 2560 (2017) but also reflect the government’s resolution to mitigate corruption, particularly in high-value public contracts. The ACCC’s new notification introduces additional definitions, lowers budget thresholds for compliance, and strengthens business obligations. Key Components The new notification continues the previous guidelines’ requirement that businesses seeking to bid on government procurement projects meet the specified minimum standards—such as communicating and implementing anticorruption policies at all organizational levels, establishing a code of conduct, and providing related training programs to employees. The notification also introduces a number of changes, the most notable of which are detailed below. “Entrepreneur” definition. The definition of this term is narrowed to entities involved in the public procurement bidding process. Previously, the definition broadly applied to all business entities engaged in selling goods or services. Threshold for mandatory compliance. The project budget threshold that necessitates compliance with the minimum standards is  THB 300 million—a reduction from the previous threshold of THB 500 million. Minimum standards to prevent unfair competition. The new notification introduces a specific definition for “disturbing fair competition,” establishing clear parameters around actions that disrupt competitive fairness within public procurement. Continued compliance requirements. Businesses’ compliance with the minimum standards must now extend from the date of bid submission to the

On September 27, 2024, the Securities and Exchange Commission of Thailand (SEC) issued a circular clarifying reporting obligations in relation to listed company securities held by the company’s directors, executives, auditors, or persons related to them (“Key Persons”). The circular aimed to address growing concerns over transparency in shareholding, particularly when shares are used as loan collateral by company executives without sufficient public disclosure, which can lead to sudden share loss and executive departures, destabilizing the company. This circular is likely a stopgap measure, and a full overhaul of the reporting regulations may be needed. The current reporting obligations came into effect on March 16, 2024, and were designed to simplify reporting procedures while still maintaining transparency in the capital markets. The rules allow the Key Persons to consolidate multiple transactions and report them only when certain thresholds are crossed — such as when the total transaction value reaches THB 3 million or when six months have passed since the last report. The rules were intended to reduce the number of minor reports and limit penalties for missed deadlines. However, recent scandals have raised concerns about the reporting rules, particularly issues related to the enforcement of share collateral on executives’ or directors’ loans where the listed company may face a change of direction and management due to such forced sales. To ease these concerns, the SEC issued the new circular to reiterate the rules and lay out three key situations triggering a reporting duty: Force-Selling Due to Default: If shares are forcibly sold due to a loan default, this must be reported, and the transaction should be recorded with the Thailand Securities Depository (TSD). Transfer of Shares to Custodians: Under current rules, the transfer of shares to/from a custodian holding them on behalf of a beneficial owner does not

Following the U.S. Securities and Exchange Commission’s approval of spot Bitcoin ETFs, Thailand’s Securities and Exchange Commission (SEC) is reassessing regulations on the investments of mutual funds and private funds (collectively “Funds”). The SEC has launched a public consultation on new draft notifications introducing  the new asset classes that can be held by Funds, and aims to bring these rules into effect on January 1, 2025. The highlights of these changes are set out below. Eligible New Asset Classes The new asset classes that can be held by Funds can be categorized into two types—investment tokens and crypto assets—and the determination will focus on substance over form. Investment tokens: If the substance involves raising funds, regardless of what the assets are called, and they are legally issued and offered or approved by home regulators that are members of the International Organization of Securities Commissions (IOSCO), Funds can invest in these types of assets as transferable securities within the permitted ratio. Crypto assets: The eligible crypto assets which Funds are entitled to hold focus on crypto ETFs or offshore funds investing in crypto assets, and they are subject to investment limits. Funds can hold crypto assets directly, but only temporarily, and only for the purpose of purchasing, selling, or exchanging the crypto assets, not speculative purposes. The notifications state that Funds may hold Bitcoin/Ethereum for no longer than five business days and USDT/USDC for no more than one month. Investment Limits Typically, the rules segregate investment limits into listed and non-listed digital assets, and the limits depend on the sophistication of the investors in the Funds. In general, UI Funds (mutual funds offered to institutional investors or ultra-high net worth investors) can invest in these new asset classes without any limitations, although net exposure to other crypto assets  –  which