On June 2, 2022, Thailand’s Office of Insurance Commission (OIC) issued Notification No. 6 Re: Investments in Other Business Operations for both life and non-life insurance companies. The two notifications, which took effect upon issuance, strengthen the OIC’s supervision of investments by insurance companies, with a focus on basic infrastructure relevant to the promotion of business competition and sustainability, and also allow and regulate additional investment types. Internal Governance of Investment Activities An insurance company’s board of directors is required to appoint a credit committee when engaging in credit activities. These activities include providing loans (excluding personal loans to employees or loans made under a guarantee by its insurance policies), car leasing services, avals for bills of exchange, and letters of guarantee for project performance. The credit committee has the following duties: Preparing the credit policy framework for the credit activities described above for further board approval; Supervising the credit activities; Overseeing good corporate governance, transparency, and prevention of conflict of interest in relation to credit activities; Ensuring that the work system, manpower, and data in relation to credit activities are sufficient; and Regularly reporting to the board of directors regarding credit activities. Credit policies must at least cover: Procedures and conditions for credit transactions. These include risk management, internal controls, data storage, and written reporting requirements. The procedures and conditions must comply with the relevant OIC regulations and the Bank of Thailand’s minimum standards for financial institutions. Persons responsible for operations relating to credit work, risk management for credit transactions, and verification of credit transactions. These roles include (1) the credit analyst, (2) the person who approves appropriate credit transactions, (3) the verifier of work accuracy after a credit transaction is approved, (4) the person in charge of reporting credit transaction risks, and (5) the person responsible for

Attorneys from Tilleke & Gibbins have provided the latest update to the Thailand contribution to Doing Business in…, a Q&A-style guide published by Thomson Reuters Practical Law that presents an overview of the legal framework for doing business in 63 jurisdictions worldwide. The Thailand chapter of the guide outlines Thailand’s legal system and key laws applicable to foreign companies doing business in the country. The chapter specifically covers the following main topics: Legal system: Thailand’s court system and codified legal system. Foreign investment: Lists of reserved business activities, restrictions on doing business with certain jurisdictions, exchange controls and currency regulations, and grants and incentives available to investors. Business vehicles: Ordinary partnerships, registered ordinary partnerships, limited partnerships, private limited companies, and public companies. Environment: Main laws and regulations, factory operation. Employment: Laws, employment contract requirements, work permits, and termination and redundancy. Tax: Taxes on employment, tax and nontax resident employees and businesses, corporate income tax, value added tax, special business tax, municipal tax, stamp duty, dividends, interest, intellectual property royalties. Competition: Important aspects of Thailand’s regulatory regime surrounding competition, centered around the updated Trade Competition Act. Antibribery and corruption: Laws, compliance requirements, regulatory authority. Intellectual property: Patents, trademarks, registered and unregistered designs, and copyright. Marketing agreements and advertising: Regulation of marketing agreements, Thailand’s Consumer Protection Act, direct marketing, role of the Consumer Protection Board and Food and Drug Administration. E-commerce: E-commerce laws and regulations, marketing and sales via online platforms. Data protection: An outline of Thailand’s Personal Data Protection Act. Product liability: Procedures and regulations for product liability and product safety, including the Unsafe Goods Liability Act and the Consumer Case Procedure Act. Product liability: Key regulatory authorities for trade competition, environmental issues, and financial services. To browse, download, or print the Thailand chapter, please visit the Practical Law website.

Michael Ramirez, a counsel in Tilleke & Gibbins’ dispute resolution group in Bangkok, has updated the firm’s contribution to the Global Attorney-Client Privilege Guide, published by Lex Mundi. The newly expanded guide provides information on what constitutes attorney-client privilege in over 70 countries around the world. The Thailand section of the guide contains in-depth information on the function and applications of attorney-client privilege in Thailand (or, as explained in the guide, an equivalent concept enshrined in Thai law), including coverage of the following topics: Privilege in corporations Common interest doctrine Litigation funding Crime-fraud exception Work product doctrine/litigation privilege Other privileges including mediation, accountant-client and settlement negotiation The interactive guide features expert contributions by Lex Mundi member firms from jurisdictions worldwide. Readers can browse the contributions, generate country-specific reports, and compare attorney-client privilege in multiple jurisdictions. For more information, please visit the Lex Mundi website.

As part of its membership in Lex Mundi, Tilleke & Gibbins has published an updated edition of its Guide to Doing Business in Thailand for 2021. This guide outlines all of the key factors for starting and operating a business in the Thai market. Issues covered include: Investment incentives Financial facilities Exchange controls Import and export regulations Structures for doing business Requirements for the Establishment of a Business Operation of the Business Cessation or Termination of the Business Labor legislation, relations, and supply Tax Immigration requirements This publication is part of Lex Mundi’s Guides to Doing Business series prepared by member firms in more than 100 jurisdictions worldwide. The guides serve as a useful resource when planning an international business strategy or researching a new market.