Thailand’s Fiscal Policy Office (FPO) has released a draft of its planned Financial Business Hub Act, which is in line with the government’s aim of positioning Thailand as a regional financial hub and a critical player in the global economy. The draft act, on which the FPO is accepting comments until January 9, 2025, details the framework for promoting and attracting international financial businesses and related services to operate in Thailand, proposes various incentives, and outlines supervisory guidelines. This article examines key elements of the draft Financial Business Hub Act relevant to financial business operators. Incentivized Financial Businesses The draft act identifies the financial businesses to be promoted and incentivized. These target businesses include: Commercial banking businesses, Payment service businesses, Securities businesses, Derivatives businesses, Digital assets businesses, Insurance and reinsurance brokerage businesses, and Other financial-related businesses as determined by the Committee for the Supervision and Promotion of Financial Centers. Thailand’s finance minister explained that initially, the draft law intends to target businesses using an “out-out” model, which describes the raising of capital abroad for investment abroad, before expanding to an “out-in” model, in which capital is raised abroad for investment domestically. Therefore, the draft law currently specifies that the target businesses must only provide services to nonresidents without soliciting residents of Thailand to use their services. Authorization Targeted financial business operators will need to receive authorization from the Committee for the Supervision and Promotion of Financial Centers. The main eligibility criteria for authorization are the incorporation an entity (e.g., a company registered in Thailand, a branch of a foreign juristic person) with an office in designated areas to be specified in a royal decree (currently expected to be Bangkok and adjacent provinces) and the possession of other qualifications as prescribed in the draft act. Target businesses in Thailand will

Tilleke & Gibbins has contributed the Cambodia, Laos, Myanmar, Thailand, and Vietnam chapters to Restructuring in Southeast Asia, a comparative guide produced by Drew Network Asia (DNA). The publication outlines the principal debt restructuring processes available to corporate debtors across nine Southeast Asian jurisdictions and provides an accessible overview for lenders, creditors, and companies navigating financial distress in the region. Structured in a question-and-answer format, each jurisdictional chapter addresses the same core topics, allowing readers to compare approaches across markets. The guide covers key issues such as available restructuring mechanisms, court-supervised and out-of-court options, the roles and powers of creditors, and the implications of restructuring on ongoing business operations. As with other DNA resources, the guide aims to provide practical orientation rather than exhaustive analysis. Legislative developments and jurisdiction-specific considerations may affect the applicability of certain procedures, and readers requiring tailored advice are encouraged to contact the practitioners listed at the end of each chapter. The full guide is available for download using the button below or directly from the DNA website.

Thailand’s Securities and Exchange Commission (SEC) has announced a public hearing on proposed amendments to takeover regulations under Thailand’s Security and Exchange Act B.E. 2535 (1992) (and the regulations issued thereunder) that have the potential to reshape the country’s market for takeovers. The proposed changes, which have not yet been compiled in a formal draft regulation, may affect acquisition planning but could also help reduce unnecessary regulatory and administrative burdens. The SEC is accepting comments on the proposed changes through its website until November 30, 2024. The key proposed changes are detailed below. Alignment of tender offers and reporting under Section 246: Previously, Section 246 (reporting of acquisition/disposition upon reaching or crossing any multiple of 5% shareholding) focused only on group shareholding changes, while Section 247 (tender offer obligation) looked at both groups and individuals to trigger tender offering obligations. The proposed amendment aligns these requirements by considering only group-level triggers for both sections. Another change addresses situations where an entity acquires another entity (persons under Section 258) that already holds shares in a listed company. Currently, actions of shareholders in a listed company resulting in a person under Section 258 and such shareholders as a group holding shares in a listed company in aggregate and triggering the tender offer threshold only result in reporting under Section 246 while having no tender offer obligation. Under the proposed amendment, such actions will trigger a tender offer obligation—not immediately upon the acquisition of persons under Section 258 and reaching or crossing the relevant threshold, but once there is any increase (even a single share) in the shareholding in the listed company, unless the circumstances fall into an exemption (e.g., disposal of the additional shares within seven business days) or a waiver is obtained. Currently, obligations are triggered at the next threshold,