Thailand’s SEC Updates Legal Framework for SME-POs and Live Exchange

In recent months, Thailand’s Securities and Exchange Commission (SEC) has made significant regulatory strides toward realizing its plan to allow small and medium enterprises (SMEs) and startups to access funding through public offerings.

These SME and startup public offerings, or “SME-POs,” were first announced by the SEC in September 2021 and will take place on a new, dedicated secondary exchange. On December 29, 2021, the SEC issued new regulations setting out the requirements for SMEs and startups seeking to offer securities for sale to the public, and for listing securities on the newly created secondary market (which is named the “Live Exchange”). This was soon followed—on January 7, 2022—by an SEC announcement of a “New Year gift,” declining to set any fees for SMEs and startups that wish to raise funds through an SME-PO.

While there were several…