Bangkok, 20 March 2018 ? The SEC is seeking public comments on the proposed amendments to the rules governing information disclosure and auditors of securities issuers to be more in line with the International Organization of Securities Commissions (IOSCO) standards and in support of the upcoming Financial Sector Assessment Program (FSAP). 

The SEC together with other financial sector regulators, i.e., the Bank of Thailand and the Office of Insurance Commission, will participate in FSAP, which will be conducted jointly by the International Monetary Fund (IMF) and the World Bank, from the end of 2018 to early 2019. The SEC will specifically participate in the efficiency assessment of securities regulation and supervision. 

In revising the rules on approval and disclosure of information by equity issuers and listed companies to comply with IOSCO standards and enhance the reliability of the Thai capital market and the confidence of domestic and overseas investors, the SEC has taken into account the comments and suggestions from the focus group consultation in November last year. The draft amendments would also improve market readiness and reduce compliance cost. The essences of the proposed amendments include:  
 - disclosure of additional information to cover individual remunerations for executives of the highest rank, e.g., chief executive officer and managing director;  
 - extending the periods for preparation and disclosure of financial reports, from the latest annual and quarterly periods to the annual period during the past three consecutive years and the period of the latest quarter, including the disclosure of the related party transactions during the past there years;
 - clearer disclosure of the funding objective in the registration statement and more flexibility in case of change to such objective.

In addition, the SEC proposes to repeal the requirement for foreign auditors of equity issuers to be affiliated with audit firms in the same group as Thai auditors and to specify no provisions concerning auditors of subsidiaries, to reduce unnecessary burdens and obstacles to funding.
The consultation paper is available at http://capital.sec.or.th/webapp/phs/upload/phs1521168500hearing_06_2561.pdf. Stakeholders and interested parties are welcome to submit comments through the website, or facsimile at 0-2033-9647 or email: corporat@sec.or.th. The public hearing ends on 16 April 2018.

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