SEC and ThaiBMA co-launch a standardized sample of a bondholders' representative appointment agreement
The Securities and Exchange Commission (SEC) has introduced a standardized sample of a bondholders’ representative appointment agreement, which has been developed in collaboration with the Thai Bond Market Association (ThaiBMA). This initiative aims to facilitate and reduce costs associated with appointing a bondholders' representative. Furthermore, the standardized sample seeks to enhance the efficiency of bondholders' representatives in fulfilling their duties and strengthen the credibility and protection of debt securities investors.
The SEC emphasizes the significance of the roles played by the “bondholders’ representative,” who serves as a crucial mechanism for safeguarding and advocating for bondholders. The bondholders’ representative is required to comply with the Securities and Exchange Act B.E. 2535 (1992) and associated laws and regulations. Additionally, they are obligated to fulfill duties outlined in the bondholders’ representative appointment agreement, which prescribes the terms and conditions governing the obligations between the bond issuer and the bondholders’ representative.
The SEC and ThaiBMA have collaboratively developed the sample bondholders’ representative appointment agreement to provide guidelines for appointing a bondholders’ representative. Bond issuers can revise this sample agreement to suit each bond issuance as deemed appropriate, in compliance with governing laws and regulations. The sample appointment agreement received comments and recommendations from stakeholders during a public hearing conducted in the first quarter of this year. These comments have been considered and incorporated to enhance the clarity and suitability of the sample appointment agreement.
Interested parties and stakeholders can access the standardized sample of a bondholders' representative appointment agreement on the SEC website at www.sec.or.th via this link: https://publish.sec.or.th/nrs/6728a5.pdf or the ThaiBMA website at: www.thaibma.or.th via this link: https://www.thaibma.or.th/EN/Rule/PublicHearing/sec140624.aspx
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