The Thailand Securities and Exchange Commission has launched a public consultation on a draft notification to revise the definition of “major shareholder” whose approval is required for derivatives business operators. The proposal is intended to extend supervisory oversight to ultimate controlling persons and align the derivatives framework with approaches applied to securities and digital asset business operators. Under the draft, a major shareholder would include any person with the power, directly or indirectly, to control the appointment or removal of at least one-half of the total number of directors. The assessment of major shareholder status would also aggregate a spouse and minor children and capture acting-in-concert situations, including conduct indicating a common intention to vote in the same direction or where voting rights are exercised via authorisation. Derivatives business operators would be required to reassess their major shareholders and, where a shareholder newly falls within the revised definition but has not previously obtained approval, apply to the SEC within 180 days from the effective date of the new rules. The consultation closes on 1 May 2026.
Thailand Securities & Exchange Commission 2026-04-17
Thailand Securities and Exchange Commission consults on expanding the derivatives major shareholder approval regime to cover ultimate controlling persons
The Thailand Securities and Exchange Commission has launched a public consultation on revising the definition of “major shareholder” for derivatives business operators to extend oversight to ultimate controlling persons and align with securities and digital asset regimes. The draft would treat as major shareholders those with direct or indirect power to control at least half of board appointments, aggregate holdings of spouses and minor children, and capture acting-in-concert arrangements, with operators required to reassess and seek approval for any newly in-scope shareholders.