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SEC public hearing on proposed regulations on disclosure and submission of PVD Factsheet and data reporting



Wednesday 6 September 2023 | No. 156 / 2023


Bangkok, 6 September 2023 – The Securities and Exchange Commission, Thailand (SEC) is seeking public comments on proposed principles and draft regulations on the disclosure and submission of provident fund (PVD)’s factsheet and pooled fund data reporting. This regulatory proposal, which has incorporated the recommendations from the preceding public hearing, aims to provide PVD’s fund committees and members with comparable information to support their investment decision making, as well as to facilitate the use of the SEC’s open data for industry analysis by interested parties. 

According to the SEC’s public hearing in the fourth quarter of 2022, the majority of respondents expressed support for the proposed principles and draft regulations, and some also suggested that the timeframe for the preparation and disclosure of PVD factsheet should be consistent in practice across all asset management companies (AMC). The SEC has taken the public’s recommendations into consideration. On 23 May 2023, the Capital Market Supervisory Board Meeting No. 5/2566 passed a resolution approving in principle the proposed amendments to the governing regulations. 

The key principles and the proposed regulations can be summarized as follows: 

1. Disclosure and submission of PVD Factsheet 

1.1 In case of adding a new investment policy to the existing PVD, the AMC would be required to disclose the PVD factsheet of the newly added investment policy before offering such investment policy to PVD’s fund committees. For a pooled fund, the AMC would be required to disclose the PVD factsheet of the newly added investment policy to the public and the PVD members, as well as submit that PVD factsheet to the SEC at least one working day before offering the newly added investment policy to the PVD’s fund committees; 

1.2 In case of establishing a new PVD, the AMC would be required to disclose the necessary information on the investment policy to the clients before offering the new investment policy to the clients. For a pooled fund, the AMC would be required to disclose the PVD factsheet to the public and the PVD members, as well as submit it to the SEC within five working days after the new PVD has been established.

2. Preparation and submission of the pooled fund data report to the SEC

The AMCs would be required to prepare and submit the pooled fund data report on the essential information about each investment policy of a pooled fund in a dataset format to the SEC so that the pooled fund data would be processed and made available to the public as open data. The frequency of submitting the pooled fund data report to the SEC would align with the submission of the pooled fund factsheet. 

The consultation paper is available on https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=936. Stakeholders and interested parties are welcome to submit comments and suggestions via the website or email: thitimam@sec.or.th, kodchawan@sec.or.th, pisut@sec.or.th, and sirinad@sec.or.th. The public hearing ends on 6 October 2023.

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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 156 / 2023 Wednesday 6 September 2023
SEC public hearing on proposed regulations on disclosure and submission of PVD Factsheet and data reporting

Bangkok, 6 September 2023 – The Securities and Exchange Commission, Thailand (SEC) is seeking public comments on proposed principles and draft regulations on the disclosure and submission of provident fund (PVD)’s factsheet and pooled fund data reporting. This regulatory proposal, which has incorporated the recommendations from the preceding public hearing, aims to provide PVD’s fund committees and members with comparable information to support their investment decision making, as well as to facilitate the use of the SEC’s open data for industry analysis by interested parties. 

According to the SEC’s public hearing in the fourth quarter of 2022, the majority of respondents expressed support for the proposed principles and draft regulations, and some also suggested that the timeframe for the preparation and disclosure of PVD factsheet should be consistent in practice across all asset management companies (AMC). The SEC has taken the public’s recommendations into consideration. On 23 May 2023, the Capital Market Supervisory Board Meeting No. 5/2566 passed a resolution approving in principle the proposed amendments to the governing regulations. 

The key principles and the proposed regulations can be summarized as follows: 

1. Disclosure and submission of PVD Factsheet 

1.1 In case of adding a new investment policy to the existing PVD, the AMC would be required to disclose the PVD factsheet of the newly added investment policy before offering such investment policy to PVD’s fund committees. For a pooled fund, the AMC would be required to disclose the PVD factsheet of the newly added investment policy to the public and the PVD members, as well as submit that PVD factsheet to the SEC at least one working day before offering the newly added investment policy to the PVD’s fund committees; 

1.2 In case of establishing a new PVD, the AMC would be required to disclose the necessary information on the investment policy to the clients before offering the new investment policy to the clients. For a pooled fund, the AMC would be required to disclose the PVD factsheet to the public and the PVD members, as well as submit it to the SEC within five working days after the new PVD has been established.

2. Preparation and submission of the pooled fund data report to the SEC

The AMCs would be required to prepare and submit the pooled fund data report on the essential information about each investment policy of a pooled fund in a dataset format to the SEC so that the pooled fund data would be processed and made available to the public as open data. The frequency of submitting the pooled fund data report to the SEC would align with the submission of the pooled fund factsheet. 

The consultation paper is available on https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=936. Stakeholders and interested parties are welcome to submit comments and suggestions via the website or email: thitimam@sec.or.th, kodchawan@sec.or.th, pisut@sec.or.th, and sirinad@sec.or.th. The public hearing ends on 6 October 2023.

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