THANATHIP & PARTNERS
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Criminal Liability of Representatives of Juristic Persons
February 2017
On 11 February 2017, the Criminal Liability of Representatives of Juristic Persons Amendment Act (B.E. 2560) (the "Act") came into effect and repeals a legal presumption of criminal liability on a director, a manager, or other persons responsible for the operation of juristic person embedded in 76 legislations, including, amongst others, the Financial Institution Business Act, the Life and Non-Life Insurance Acts, the Revenue Code, the Consumer Protection Act, the Act Prescribing Offences Related to Registered Partnerships, Limited Partnerships, Limited Companies, Associations And Foundations, the Anti-Money Laundering Act and etc.
Amendments to the Securities and Exchange Act
December 2016
The amendments to the Securities and Exchange Act B.E. 2535 as amended) which came into effect on 12 December 2016 are aimed at regulating increasingly complex market misconducts as well as improving the efficiency of legal enforcement. Key amendments include: 1. The scope of unfair trading practices has been expanded across four main categories of offences, namely (i) disclosure of false or misleading information; (ii) insider dealing; (iii) market manipulation; and (iv) others, e.g. sending of orders which create disruption or delay to trading system or use of nominee accounts to commit market misconduct.
Minimum Par Value - New Listing Criteria
October 2016
With effect form 1 October 2016, companies listed on the Stock Exchange of Thailand ("SET") and Market for Alternative Investment ("MAI") are required to have par value of not less than Baht 0.5 per share, except in certain permitted circumstances (e.g. having closing price for each trading day of Baht 100 or more for a consecutive period of 6 months or undergoing rehabilitation or restructuring process).
Secured Transaction Act
July 2016
After a long wait, the Secured Transaction Act B.E. 2558 (2015) has finally come into full force on 2 July 2016. The Act introduces a new form of security interest over assets to the Thai legal system, which previously recognised only (i) mortgage (available for immovable property and certain specific types of movable property); and (ii) pledge (available for movable property and requires the delivery of the pledged property).
Inheritance Tax and Gift Tax
February 2016
The Inheritance Tax Act B.E. 2558 (the "ITA") is one of the key tax reforms which came into force on 1 February 2016 with an aim at bridging the gap of income disparity in Thailand as well as increasing state revenue. An inheritor receiving the prescribed assets (e.g. immovable property, securities, bank deposit, registered vehicle, and other financial assets to be further announced) with aggregate value over Baht 100 million