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SEC announces the resolutions of CMSB, granting exemption for AGM holding and financial statements submission amid COVID-19 situation



Friday 13 March 2020 | No. 50 / 2020


Bangkok, 13 March 2020 – The Capital Market Supervisory Board (CMSB) has approved a deadline extension of the annual general meeting (AGM) for property funds, infrastructure funds and real estate investment trusts (REIT) until 30 June 2020 and a separate exemption for preparation and submission of financial statements and the auditor’s reports on provident funds (PVD), amid the spread of the novel Coronavirus disease (COVID-19).

On 12 March 2020, the CMSB Meeting No. 4/2563, presided by SEC Secretary-General Ruenvadee Suwanmongkol, considered possible guidelines for the AGM holding of property funds, infrastructure funds and REITs and the submission of financial statements and the auditor’s reports on PVDs amid the spread of COVID-19. The meeting has passed the following resolutions:  

 

1.  Exemption for the holding of AGM of unitholders of funds and REITs

CMSB has granted a deadline extension to 30 June 2020 or four months from the end of the financial year, whichever comes later. If the situation persists, SEC may consider further extension. If the AGM 2020 agenda contains only matters for acknowledgement, asset management companies and REIT managers may choose to send out such information instead of holding the in-person meeting on the condition that the unitholders have a channel for posting inquiries or requesting clarifications. In addition, a summary of Q&A must be disclosed through an appropriate channel such as the SET Information System to ensure that the general public has access to such information as well.

 

2.  Extension of deadline for submitting financial statements and the auditor’s reports on PVDs
CMSB has approved an exemption for preparing and submitting financial statements and the auditor’s reports on PVDs by giving private fund management companies two options, namely: (1) an extension of deadline for submitting a set of copies of the financial statements and the auditor’s reports to SEC from 150 days to 240 days as of the end of the financial year on the condition that the companies inform SEC in writing of the intention to postpone the submission within 150 days as of the end of the financial year, while disclosure to PVD members is due within such period of 150 days as well, or (2) sending a letter requesting PVD members’ certification of the financial statements and the auditor’s reports on the condition that the certified documents are submitted to SEC within 150 days as of the end of the financial year. In addition, the whole document package in this matter must be submitted to the general PVD members’ meeting the next time it is held. The criteria for passing the unitholders’ resolution on the certification of the financial statements and the auditor’s reports are in accordance with the articles of the fund.

 

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