Bangkok, 25 March 2021 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations related to calculation of the annual fee for submission of the annual registration statement of listed companies that did not submit the financial statements for the latest accounting year within deadline. The proposed amendment would allow the annual fee to be calculated based on the shareholders’ equity presented in other financial statements submitted to the SEC most recently such as quarterly financial statements and half-year financial statements. The amendment aims to enhance the annual fee calculation to be more appropriate and up-to-date under the guidelines of the regulatory guillotine scheme.*
Pursuant to the existing regulations that have been effective since 2004, listed companies are required to pay an annual fee for submission of the annual registration statement to the SEC. In this regard, the annual fee is calculated based on the shareholders’ equity presented in the financial statements for the latest accounting year that have been submitted to the SEC. In case of a listed company not submitting the latest annual financial statements within the specified period, the SEC will calculate the annual fee based on the shareholders’ equity presented in the previous annual financial statements even though the company later submitted other financial statements that provided more updated information on the shareholders’ equity to the SEC such as quarterly financial statements and half-year financial statements, etc.
The SEC has therefore proposed an amendment to the regulations on annual fee calculation for listed companies that did not submit the financial statements for the latest accounting year within the specified period. In essence, the proposed amendment would allow the annual fee to be calculated based on the shareholders’ equity presented in the latest financial statements submitted to the SEC before or on 31 March of the year when the annual fee is due. The revised annual fee calculation would be based on more updated information.
The consultation paper is available at https://www.sec.or.th/EN/Pages/PB_Detail.aspx?SECID=707 Stakeholders and interested parties are welcome to give comments and suggestions via the website or facsimile: 0-2263-6099 or email: corporat@sec.or.th. The public hearing ends on 23 April 2021.
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Remark:
*Regulatory Guillotine is the regulatory review of the existing laws and regulations. The reviewed laws and regulations that are not necessary or do not keep pace with situations or remain obstacles to livelihoods or engagement in occupations will be abolished or revised to lessen burdens on people. By doing so, methods used must be done with speed, transparency, low costs with participation of all related parties.