Thailand – SET Listing, Disclosure Standards

• Thai SET, Thai TCH invited comments for review of listing criteria and disclosure requirements for mutual funds, real estate trusts, and infrastructure funds.

Outline of Proposal

• Requires listed firms to disclose shareholder information when there is a change in shareholding as specified in an ordinary share acquisition/disposal report/when a tender offer is completed as per tender offer report except for voluntary delisting.
• Requires listed firms to disclose items that pose risks to their financial position and operating results, including impairment of assets, recognition of expected credit losses, and unrefunded deposits/advance payments with material significance.
• When the firm or audit committee identifies significant events/indications that may affect key internal control system, they must immediately disclose the information.
• Revises the definition of backdoor listing to focus on the results of asset acquisition rather than its form, align calculation and procedural rules with Thai SEC's MT criteria.
• Revises the definition of a cash company based on the company's overall asset structure, without requiring the sale of assets, clarify listing conditions for new assets.
• Change the counting period for applying investor alert signs to the date a company is required to disclose the fact from the date Thai SET receives the information.
• Eliminates overlapping rules with those of Thai SEC including material transactions and related party transactions, disclosure requirements on new product launches.
• Marks a notice pending sign if a trust/fund fails to disclose unitholder lists, requires an REIT/infrastructure fund to disclose the fact immediately when it files for rehabilitation or is sued for bankruptcy, discontinues the submission of property valuation reports.

Consultation Period

• Comments shall be submitted by 14 November 2025.