The SEC has initiated an issuance of a notification stipulating rules, conditions and procedures for collecting, disposing, and distributing REIT assets, based upon the Notification of the Capital Market Supervisory Board* applied to the property funds, to lay down a practical guideline for consistent and transparent practices of the business operators, taking into account practicality without hindrance. A public hearing on the proposed principles for the notification had been conducted during 21 September-21 October 2022.

The SEC has taken into consideration the views and suggestions obtained from related and interested parties in the drafting of the related notifications, upon which a public hearing is being held. According to the proposed draft notifications, the liquidator of trust property** shall have key responsibilities to collect, dispose, as well as repay debts, distribute money or assets to trust unitholders and deposit money or assets etc. In performing the duties, the liquidator of trust property may delegate some duties, which cannot be carried out by itself to those with expertise, e.g., soliciting and coordinating with REIT asset buyers, preparing financial statements, and proceeding with lawsuits etc. The collection, disposal and distribution of REIT assets will be considered complete when the money or assets have been distributed to the trust unitholders together with a copy of documents demonstrating the remaining money or assets, calculated in value per unit, to be returned to the trust unitholders, when a copy of financial statements have been submitted to the unitholders or posted on the trustee’s web site, and when the money or assets have been deposited with the Deposit of Property Office. The consultation paper is available at the SEC web site: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=955. Stakeholders and interested parties are welcome to submit comments and suggestions through the website or email: nichaya@sec.or.th , parthomrat@sec.or.th , or pornkamola@sec.or.th . The public hearing ends on 16 December 2023. 

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Remarks:
* The Notification of the Capital Market Supervisory Board No. Tor Nor. 15/2562 Re: Rules, Conditions and Procedures for Liquidation of Mutual Funds
** Refers to trustee, liquidator of the trustee or official receiver who performs the duties of collecting, disposing and distributing assets, including settling debts and expenses of the trust after its dissolution