The Securities and Exchange Commission (SEC) has revised the criteria for information disclosure and auditors of securities issuers to prepare for the Financial Sector Assessment Programme (FSAP) set to commence during year-end 2018 and early 2019.
The revisions are based on an international standard and provide investors with clear investment information, the SEC said.
Besides clearer assessment of securities issuers, the revisions will boost the credibility of Thailand's capital market and confidence among domestic and foreign investors, said SEC deputy secretary-general Prakit Boonyatthiti.
The five revised criteria are as follows:
Expanded disclosure policies and procedures for compensation, covering management remuneration structure and the accrued compensation occurred in the latest year.
Disclosing a clear purpose of money use in line with each subject, including specifying the estimated amount and duration.
Including information on relationships between executives and labour unions.
Disclosure of trading history and historical share prices, such as the trading value of share prices during the last three years and history of suspended trades.
Preparation of financial statements for the past three years and the latest quarter.
The first to fourth criteria will take effect for applicants requesting securities filing from April 1, 2019. The fifth criterion affects applicants requesting securities filings using financial statements ended on Dec 31, 2023.
The SEC also abolished a requirement for overseas auditors to have the same auditing network as their Thai counterparts, effective from Nov 1, 2018.
