The Thailand Securities and Exchange Commission has launched a public consultation on proposed amendments to its rules for issuing and offering structured notes, alongside changes intended to clarify requirements on the use of proceeds by debt instrument issuers. For structured notes, the proposals would clarify how underlying factors are assessed for Thai and foreign securities, align foreign securities qualification requirements with Thai securities for consistent supervision, and remove the verification process for reference stocks that are components of the SET100 index. The SEC also proposes revising program and single-issue offering rules to better reflect bilateral offering characteristics and improve consistency across issuance formats, as well as adjusting related fees. Separately, on use of proceeds, the SEC proposes additional exceptions affecting issuer qualifications when proceeds are used inconsistently with disclosed purposes where the non-compliant usage has been disclosed and approved by authorized parties under the terms and conditions. It would also clarify that proceeds must be used within disclosed timeframes and require issuers to change the disclosed use of proceeds before using funds for a different purpose. Comments are due by 9 January 2026.

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