Stock Dimension – SEC closes NVDR loophole Foreign custodians must reveal final beneficiary information starting 1 April 2024.
Office of the Securities and Exchange Commission (SEC) has improved the criteria regarding providing transaction services regarding NVDR of securities companies To provide clarity and in line with the spirit of having NVDR securities to support investment by foreign investors in the Thai capital market. without being subject to restrictions on the holding of securities by foreigners (Foreign Limit) as well as to prevent the use of NVDR securities as a tool to avoid compliance with relevant regulations, such as regulations for reporting the acquisition or disposal of securities. or as a way to conceal shareholding information, etc., which may lead to inappropriate behavior in the capital market or cause investors to lack information that may affect investment decisions
The said criteria are as follows:
(1) Prohibition of securities companies Receive orders, receive transfers, or exchange securities That has resulted in Thai investors having more NVDR securities, except in the case of acquiring rights arising from holding NVDR securities before the announcement came into effect. or in the case of legal transfer
(2) In the case where the customer is a foreign securities company Securities custodian or custodian in a foreign country or operator for another person Securities companies shall notify customers of service limitations under (1) and such customers shall disclose information that can identify the true identity of every beneficiary who transacts with NVDR securities who are of Thai nationality. By having securities companies report to the SEC at the end of each month and when the shareholder register is closed.
In this regard, the announcement of the improvement of the said criteria Will be published in the Royal Gazette and come into effect from 1 April 2024 onwards.
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2024-03-31 05:06:42
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