To enhance clarity and consistency with the current business practices of the private sector, the SEC has issued regulations revising the characteristics of “bills” deemed as “securities,” which include (1) bills of exchange and promissory notes payable or issued by a company and given to the creditor or the buyer as evidence of rights under the bills. Additionally, such bills must be accompanied by solicitation or advertisement of the issuance of the bills for the purpose of raising fund from more than 10 entities at any given time.* In any case, any bills with the following characteristics shall not be deemed as “securities”:  

  1. Bills having the Ministry of Finance as the aval accepter, the payer of the full amount, the aval accepter of the issuer at the full amount or the guarantor of the principal and interest at the full amount without conditions, as of the issue date of the bills;   

2. Bills issued by the Bank of Thailand 

The Notifications** on the revised regulations have been published in the Government Gazette and have become effective from 1 February 2024.  

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Remarks:  

* Including any individual holding the bills issued by a company at the full amount not yet redeemed.

** Two notifications of relevant regulations are:  

(1) Notification of the Securities and Exchange Commission No. Kor Jor. 5/2567 Re: Determination of Characteristics of Bill Issued as Securities, dated 19 January 2024: https://publish.sec.or.th/nrs/10077s.pdf 

(2) Notification of the Securities and Exchange Commission No. Kor Jor. 6/2567 Re: Exemption of the Filing of the Registration Statement for Offering for Sale of Debt Securities (No. 2) dated 19 January 2024: https://publish.sec.or.th/nrs/10078s.pdf