At present, real estate investment trusts (REITs) and infrastructure trusts are asset trusts that only have the legal obligation to prepare and disclose information, but in practice such obligation is performed by trust managers. However, trusts are listed securities on the Stock Exchange of Thailand; SEC therefore requires them to disclose information in the same way as securities issuing companies to give trust investors adequate information. Trust managers will have the duty to prepare and disclose information relating to financial position and operating performance of the trusts. If they break the rules or fail to perform such duty, they will be held legally liable.

Moreover, information concerning unitholding or change of unitholding by directors and executives of trust managers and trust auditors will help investors monitor movements of trust unitholding and understand the overall status of insiders’ interests. SEC therefore requires directors and executive of trust managers and trust auditors with an obligation to prepare and disclose the report on unitholding in REITs and infrastructure trusts in accordance with Section 59 which is the same provision governing the preparation and disclosure of  securities holding reports by directors, executives and auditors of listed companies.

The consultation paper can be found at www.sec.or.th/hearing.  Stakeholders and interested parties are welcome to give comments and suggestions via the website, or email: niti@sec.or.th or chatchan@sec.or.th or wannasa@sec.or.th. The public hearing ends on 4 June 2018.