The Thailand Securities and Exchange Commission has expanded its major shareholder criteria for securities and digital asset business operators to cover significant funding providers, enabling the regulator to identify ultimate controlling persons and examine funding sources and ownership structures. Effective Aug. 16, 2026, a person providing significant direct or indirect financial support for the acquisition of shares in an operator or its major shareholder is deemed a major shareholder and must obtain SEC approval. Financial support includes money, assets, guarantees, contractual arrangements and investments in other instruments, including assistance provided indirectly or through intermediaries. Shareholdings or controlling power of persons receiving their principal funding from the same source must be aggregated when determining major shareholder status. Ordinary-course transactions, including certain lending by qualifying Thai and foreign financial institutions and lending for securities trading, are outside the approval requirement, while designated public-sector entities are exempt from examination of subsequent ownership tiers. Existing business operators must review their ownership and funding arrangements and apply for approval for newly captured significant funding providers or persons sharing the same provider within 90 days of the effective date.
2026-08-17Thailand Securities & Exchange Commission
Thailand Securities and Exchange Commission expands major shareholder criteria to significant funding providers
The Thailand Securities and Exchange Commission now treats significant funding providers to major shareholders of securities and digital asset business operators as major shareholders subject to approval. Holdings and control of persons principally funded by the same source must be aggregated. Existing operators have 90 days from Aug. 16, 2026, to review affected arrangements and submit approval applications.