Thailand’s Securities and Exchange Commission (SEC) has issued a new regulation on material transactions (MTs) to govern asset acquisitions and disposals by listed companies and their subsidiaries. The new notification on MT criteria (No. TorJor. 45/2568) from the Capital Market Supervisory Board replaces the long-standing notification (No. TorJor. 20/2551) that has governed such matters. The SEC has also introduced parallel amendments to the country’s related-party transaction rules. The new regulation will take effect on July 1, 2026. Any MT matters approved by a company’s board of directors for shareholders’ approval before that date remain subject to Notification No. TorJor. 20/2551. Following that date, the new MT rules will introduce several significant changes that market participants should carefully consider. Expanded Scope of Material Transactions One of the key changes under the new regulation is the expansion of the definition of MTs, which now expressly covers financial assistance and certain lease and business lease arrangements that are not in the ordinary course of business of the listed company or its subsidiaries. For financial assistance, this includes lending, granting credit, providing guarantees, or entering into any arrangement that increases the company’s financial obligations, particularly where the recipient is facing liquidity issues or unable to repay debts. Other forms of financial support also fall within scope. However, whether the provision of collateral for others qualifies as an MT remains somewhat unclear, since no disposal of assets occurs for the provider of collateral. This issue remains to be carefully considered. For lease-related transactions, the MT rules now specifically include the lease or hire-purchase of all or part of a business or assets operated by or belonging to a listed company or its subsidiaries. New Exemptions The new regulation introduces clearer exemptions for transactions between a listed company and its subsidiaries or among subsidiaries, which

Data center and cloud investments are forming a major focus of private-sector investment in Thailand, with tech giants like Amazon, Google, Microsoft, and TikTok, as well as numerous telecom and data center companies, committing significant outlays to data center and cloud development. The country’s Board of Investment (BOI) approved projects worth THB 1.87 trillion in 2025, and THB 746 billion of this was from planned data center investments—by far the largest amount from any single industry. Thailand’s swift rise as a regional data center hub is fueled by surging demand for cloud, AI, and digital services, as well as large-scale investments from global tech firms. The country’s strategic location, competitive power costs, robust fiber infrastructure, expanding IT talent, and supportive government policies—including BOI incentives and streamlined approvals—have made it an attractive destination for scalable and sustainable digital infrastructure investments. The BOI’s proactive approach in updating promoted categories and providing both tax and non-tax incentives further ensures Thailand’s continued growth in this sector. 2025 BOI Changes for Data Centers In the middle of 2025, the BOI responded to the remarkable trend by updating investment‑promotion categories across various sectors (e.g., machinery and electrical equipment, public utilities, digital and innovative industries) to accommodate growing investment in data‑center projects. Before the change, which was detailed in a notification that has applied to investment promotion applications submitted from July 1, 2025, onward, data‑center projects under BOI promotion were granted a single A1 incentive (an eight‑year corporate income‑tax exemption) and subject to one uniform set of conditions. The July 2025 notification restructured promotion for data centers into two categories based on power‑usage efficiency: high‑efficiency data centers and other data centers. Under these rules, qualified high‑efficiency data centers are eligible for an eight‑year corporate income tax (CIT) exemption, while for other data centers this exemption is

On December 26, 2025, the government of Vietnam promulgated Decree No. 341/2025/ND-CP on administrative sanctions for violations of copyright and related rights (Decree 341), with an effective date of February 15, 2026. The new decree replaces Decree No. 131/2013/ND-CP, as amended, and represents the first comprehensive revision of the administrative enforcement framework in this area in eight years. Legislative Context and Objectives Decree 341 reflects Vietnam’s evolving copyright and related-rights framework, particularly in light of the country’s commitments under bilateral, regional, and multilateral treaties governing the digital environment. While the decree retains a number of provisions from the previous regime, it also introduces significant amendments to infringing acts, penalty thresholds, remedial measures, and enforcement procedures. The primary objectives of the new decree are to (i) enhance the deterrent effect of administrative sanctions; (ii) harmonize sanctions with the 2025 amendments to the Law on Intellectual Property and criminal law principles; and (iii) address enforcement challenges arising from online and cross-border exploitation of copyrighted works. Expanded Scope of Sanctionable Subjects Under Decree 341, administrative sanctions apply not only to Vietnamese entities committing infringing acts within Vietnam, but also to Vietnamese and foreign entities that commit acts of infringement on the internet where the protected content is accessed, consumed, or exploited by users in Vietnam. This expansion reflects the realities of cross-border digital exploitation. However, the decree does not yet provide precise definitions of key terms such as “users” or “consumers” of digital content in Vietnam, which may require further regulatory clarification. Monetary Penalties and Penalty Structure The statutory maximum fines remain unchanged, at VND 250 million for individuals and VND 500 million for organizations, but the penalty framework is substantially restructured. Fines are now calibrated based on three core criteria: (i) the amount of illegal profit obtained; (ii) the level of

Vietnam’s Intellectual Property (IP) Law, despite being amended in 2022, underwent another significant revision at the end of 2025. The latest amendment aimed to address five major policy objectives set by the Vietnamese government, including promoting innovation, digital transformation, and international integration. Among the most notable changes in the 2025 IP Law, which takes effect on 1 April 2026, is the expansion of industrial design protection under Article 4.13. The revised definition now includes partial designs and intangible designs, marking a transformative shift in Vietnam’s industrial design regime. This change has particularly significant implications on designs classified under Class 32 of the Locarno Classification—which covers graphic designs, logos, ornamentation, surface patterns, arrangements, and other intangible products. These designs, previously excluded from protection in Vietnam, are now recognized under the new legal framework. Background: Status of Class 32 Designs Before 2026 Th Intellectual Property Office of Vietnam currently applies the 13th edition of the Locarno Classification for industrial design filings. However, not all classes in this system have historically been eligible for protection. Under the 2022 IP Law, Class 32 designs were explicitly excluded based on the following legal grounds: Definition under Article 4.13 (2022 IP Law): “An industrial design is the external appearance of a product or a component for assembly into a complex product, expressed in shapes, lines, colors, or a combination thereof, and visible during the exploitation of the product’s utility or the complex product.” Product requirements under Article 21.2 of Circular 23/2023/TT-BKHCN: A product is defined as an object, a tool, a device, or means, manufactured by industrial or handicraft methods, with clear structure and function. A component for assembly into a complex product must be capable of independent circulation and detachable from the complex product. Based on these definitions, Class 32 designs, such as graphical