Thailand Securities and Exchange Commission consults on revised bondholders’ representative rules including default actions without bondholder resolutions

The Thailand Securities and Exchange Commission has opened a consultation on four draft notifications that would revise the regulatory framework for bondholders’ representatives, with the aim of clarifying the rules, aligning them with the current context, and strengthening supervision and bondholder protection. The package follows an earlier public hearing on the underlying principles, which the SEC said received majority support. The proposals would revise conflict of interest rules between bondholders’ representatives and bond issuers, update personnel qualification requirements to better match operational responsibilities, and add a duty to report significant events that affect a representative’s ability to perform its duties. They would also change procedures for issuer defaults so representatives could act under the bond terms and the appointment agreement without first convening a bondholders’ meeting to obtain a resolution, and would set provisions for the termination of representatives’ duties. The consultation runs until 6 July 2026.