The Securities and Exchange Commission, Thailand allows offer for sale of ASEAN Collective Investment Scheme (“ASEAN CIS”) to non-retail investor in Thailand within
first half of 2012. This is under the Implementation Plan for ASEAN
Capital Markets Integration in 2015 aiming at facilitating cross-border
securities offerings in the region, strengthening potential of ASEAN
capital markets and providing more alternatives to non-retail investor
in Thailand. In addition, offer for sale of ASEAN CIS to retail investor will be allowed by the end of this year.
Criteria
for CIS to be offered will include (1) offer must be made only to
institutional investor and high net worth investor with specified
investment experience, financial status or income, (2)
CIS operator must be subject to supervision of ASEAN capital market
regulator which is a member of International Organization of Securities
Commissions (IOSCO) and Signatory A of IOSCO MMOU concerning Consultation and Cooperation and the Exchange of Information, (3)
CIS operator must appoint licensed securities broker as selling agent
and (4) selling agent must comply with specified criteria including
distribution of offering circular (fact sheet) prepared in Thai.
The draft regulation includes qualifications of CIS to be offered to
non-retail investor in Thailand, conditions relating to offer of CIS,
duty of selling agent as well as procedure for filing of application for
inspection on qualifications of CIS and allocation of quota for
offshore securities investment. Stakeholders and the interested public
are welcome to submit comments through the website until April 24, 2012.
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