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Thailand tightens regulations on foreign investment and anti-nominee measures

On 14 July 2026, Thailand’s Department of Business Development (DBD) issued Order No. 2/2569, introducing enhanced documentary requirements aimed at preventing the use of nominee shareholders to circumvent the foreign ownership restrictions under the Foreign Business Act B.E. 2542 (1999) (FBA). Effective from 1 August 2026, the Order consolidates and replaces two earlier DBD orders, while expanding the evidence required to verify that Thai shareholders are genuine investors and beneficial owners of their interests. In this Insight Krittiya Wuddhihiranpreeda, Thanchanok Engsrisawang, Kanatat Damrongchaitham, Nutcha Maneein, and William Wollmann examine the key changes introduced by Order No. 2/2569, including the new requirements for incorporations and corporate amendments involving foreign participation, and consider the practical implications for businesses and investors operating in Thailand.

Understanding Thailand’s new framework for Related Party Transactions and Material Transactions

On 1 July 2026, Thailand’s Securities and Exchange Commission (SEC) introduced a fundamentally revised regulatory framework for Related Party Transactions (RPTs) and Material Transactions (MTs) applicable to companies listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai). While attention has largely focused on specific rule changes, the reform represents a broader shift in the SEC’s approach to transaction oversight, corporate governance, and investor protection. In this Insight Arnut Pongprueksa, Maythawi Boonyapinyo, Thananya Chaikamonsuk, and Parithat Chamnongsilp outline the key themes underpinning the new framework, highlighting the most significant regulatory developments, and outline the practical implications for listed companies.

Draft ministerial regulations streamline FBA enforcement for SEC-supervised businesses

On 12 May 2026, the Cabinet approved in principle the new draft ministerial regulation under the Foreign Business Act B.E. 2542 (1999) (the “FBA”) which aims to remove double enforcement in relation to securities and derivatives business, among others, in the general piece of legislation, the FBA. The proposed regulation will reduce overlapping regulatory oversight in circumstances where such businesses are already subject to supervision by the Office of the Securities and Exchange Commission of Thailand (the “SEC”). If the draft regulation becomes effective, certain securities and derivatives businesses may be operated without the need to obtain a foreign business licence or foreign business certificate from the Ministry of Commerce. This Insight focuses on the securities businesses in relation to the new draft regulations only.

Juree Thanompichai joins TTT+Partners

Juree Thanompichai joins TTT+Partners as a Mid-level Associate in the Capital Markets, Competition & Antitrust, and Mergers & Acquisitions practices.

Supasiri Korattana joins TTT+Partners

Supasiri Korattana joins TTT+Partners as a Senior Associate in Mergers & Acquisitions. She advises clients in a broad range of sectors, including financial, insurance, real estate, manufacturing, and consumer goods.

TTT+Partners celebrates 2024 promotions

TTT+Partners announces the promotion of four of our team members. Parithat Chamnongsilp has been made a Partner. Poonpat Vasupongpipat and Jittipong Champreechar have been promoted to Counsel, and Arnut Pongprueksa has been promoted to Senior Associate.

Jirapat Thammavaranucupt joins TTT+Partners

Jirapat Thammavaranucupt joins TTT+Partners as a Senior Partner. A well-known figure in the Public Private Partnership sector, and a co-drafter of Thailand's Public Private Partnership Act B.E. 2562 (2019). Jirapat is joined by a team of handpicked associates: Hussapak Butloetcharoen, Sitthi Meesit, Royut Nutchanart, and Wachirawit Ongkhana.

Founding TTT+Partners

Former heads of Corporate and Dispute Resolution at Weerawong C&P, Veeranuch Thammavaranucupt and Pathorn Towongchuen, have founded new law firm TTT+Partners

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