The Securities and Exchange Commission, Thailand has launched a public consultation on proposed principles to revise how “major shareholders” are defined for derivatives business operators, aiming to ensure supervisory oversight extends to individuals who exercise ultimate control and aligns with the approach used for securities and digital asset businesses. The proposed changes would treat as a major shareholder any person who can directly or indirectly control the appointment or removal of at least half of all directors. The determination would also aggregate shareholdings of spouses and minor children and cover acting-in-concert situations, including coordinated voting, arrangements authorising another person to exercise one’s voting rights, and couples cohabiting without legal marriage registration regardless of gender identity. Practical guidance is also planned for applying the definition to different ownership structures, including use of a proportional (pro-rata) method for calculating shareholdings. Comments can be submitted through the SEC’s consultation channels, with the public hearing open until 13 February 2026.
Thailand Securities & Exchange Commission 2026-01-30
Thailand's Securities and Exchange Commission consults on expanding the major shareholder definition for derivatives operators to capture ultimate controllers
The Securities and Exchange Commission, Thailand, has initiated a public consultation on revising the definition of "major shareholders" for derivatives business operators to enhance oversight, aligning it with securities and digital asset businesses. The proposal includes criteria for control over director appointments, aggregation of shareholdings among spouses and minor children, and acting-in-concert situations, with the consultation open until 13 February 2026.