On 30 January 2026, Thai SEC proposed revising definition for derivatives operators.
- Thai SEC proposed to revise the definition of major shareholder for derivatives business operators, to strengthen supervision up to the level of true controlling persons.
- The review responds to increasingly complex shareholding structures, aiming to assess the fitness and absence of prohibited characteristics of persons with real control, thereby strengthening transparency and market confidence.
Proposal
- One key proposal is to treat any person who can directly or indirectly appoint or remove at least half of the board of directors as a major shareholder.
- Another proposal is to aggregate shareholdings with those of spouses and minor children, and to include cases of coordinated voting or proxy arrangements (acting in concert).
- Thai SEC also plans to provide clearer practical guidance, including methods such as pro-rata calculations, to assess ownership and control under complex corporate structures.
Effectiveness
- The comment period of the consultation closes on 13 February 2026.
