Thailand’s Securities and Exchange Commission (SEC) has amended rules governing bondholders’ representatives, allowing them to act following an issuer’s default without convening a bondholders’ meeting to obtain a resolution. Actions must accord with the bond terms and conditions and the representative’s appointment agreement. The amendments finalize revisions consulted on in June 2026 and take effect on 16 April 2027. The revised framework also clarifies how representatives should assess conflicts of interest with issuers and adjusts personnel qualifications to align with operational responsibilities. Representatives must report significant events affecting their ability to perform their duties to the SEC, enabling monitoring of their performance and continued compliance with qualification requirements. Provisions governing the termination of representatives’ duties also clarify their responsibilities.
Thailand’s Securities and Exchange Commission amends bondholders’ representative rules to streamline default actions and strengthen oversight
Thailand’s Securities and Exchange Commission has amended bondholders’ representative rules, allowing action following an issuer’s default under bond terms and appointment agreements without convening a bondholders’ meeting for a resolution. The changes also address conflicts of interest, personnel qualifications, reporting of significant events and termination of duties. They finalize proposals consulted on in June 2026 and take effect on 16 April 2027.