Thailand’s SEC Unifies Annual Report For Listed Companies.
Legal News & Analysis - Asia Pacific - Thailand - Regulatory & Compliance
18 September 2020
On September 1, 2020, Thailand’s Securities and Exchange Commission (SEC) announced the consolidation of the annual registration statement (Form 56-1) and annual report (Form 56-2) into the new “Form 56-1 One Report” with the objective of reducing listed companies’ filing and reporting burden. The consolidated form will supersede the previous two forms starting January 1, 2022, beginning with listed companies whose fiscal year ends on December 31, 2021.
This new form is the result of extensive studies and public hearings which found that, although listed companies must currently submit the two annual reports separately, much of the information covered in the two forms overlaps. In practice, many listed companies prepare Form 56-2 first (which has wider distribution requirements—including dissemination to all shareholders), and then complete Form 56-1 based on the same set of information.
Once the new filing regime is implemented, from January 1, 2022, onward (starting with listed companies whose fiscal year ends on December 31, 2021) all listed companies will need to file only Form 56-1 One Report within three months from the end of the fiscal year. Listed companies with a fiscal year ending before December 31, 2021, can continue to pursue the current filing system until their next fiscal year end that falls after that date.
Form 56-1 One Report will also require listed companies to disclose further information on each company’s business sustainability, corporate governance, and environmental and social footprint, including carbon emissions and human rights commitments.
The SEC has published a manual on the preparation of Form 56-1 One Report and will, in collaboration with the Stock Exchange of Thailand and related associations, schedule necessary training sessions for listed companies. Company directors and secretaries, who are responsible for preparing the form on behalf of the company, should start acquainting themselves with the new form before it is adopted in 2022.
For further information, please contact:
Kobkit Thienpreecha, Partner, Tilleke & Gibbins