The Securities and Exchange Commission (SEC) is responsible for the development of the Asia Region Funds Passport in Thailand.
A foreign CIS Operator that seeks to make public offerings of ARFP Passport Funds to investors in Thailand must first apply to the SEC for the ARFP Passport Fund to be approved for public offer in Thailand by submitting an application to the SEC Office together with supporting documentation.
Regulatory documents and guidance for Thai companies wishing to utilise the Asia Region Funds Passport, or for organisations wishing to passport into Thailand, are available on the SEC website.
Required documents for approval of ARFP Passport Funds
A CIS Operator must submit a completed “Form 35 – ARFP CIS” in hard copies accompanied by all supporting documentation as specified in “Form 35 – ARFP CIS” to the SEC Thailand for the ARFP Passport Fund.
Remark: “Form 69 – CIS full” forms an integral part of “Form 35 – ARFP CIS”. CIS Operator is required to complete “Form 69 – CIS full” and submit it as part of the required documents for approval of ARFP Passport Funds.
All forms can be downloaded from SEC website.
Distribution
In order to offer the ARFP Passport Fund in Thailand, the foreign CIS Operator is required to appoint a local licensed intermediary(-ies) who is authorized by the SEC.
The entities whom the SEC permits to be local intermediaries of the foreign ARFP Passport Fund must be entities who have been granted license:
- Type A i.e. securities/ brokerage companies;
- Type C* i.e. asset management companies; or
- Type D i.e. Limited brokerage, dealing and underwriting of investment units (LBDU).
* Entities obtained license type C must have in place a proper operating system and received approval from the SEC before being recognized as a qualified distributor.
Lists of the business entities who hold such licenses in Thailand could be found on the SEC website through the following links: (Type A, Type C, Type D)
On-going requirements of ARFP Operator
The followings are on-going requirements for CIS Operator who makes offerings of ARFP Passport Fund in Thailand:
- The CIS Operator is required to submit a hard copy of a completed “Form 69 – CIS annually update” to the SEC Thailand within 1 year after the effective date of the previously submitted registration statement, either “Form 69 – CIS full” or “Form 69 – CIS annually update”, as the case may be.
- In the case where there is a material change to the information specified in the effective registration statement and such change has been notified and approved by Home Regulator, the CIS Operator is required to submit a hard copy of a completed “Form 69 – CIS material update” to the SEC Thailand within 10 days after Home Regulator approved such material change (excluding weekends/ public holidays in Home Jurisdiction).
- In addition, the CIS Operator is required to prepare sales report for the sale of units of the ARFP Passport Fund offered in Thailand. This report shall be lodged with the SEC Thailand within 45 days after the last official day of the year that such solicitations occurred.
All forms can be downloaded from SEC website.