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ARTICLE · 14 MAY 2008

Thailand Standardises Laws On Financial Institutions

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A new Financial Institutions Business Act B.E. 2551 (the "Act") has been approved by Thailand's National Legislative Assembly, and will become effective on 3 August 2008.

ThailandFinance and Banking
Peter Burke
Peter Burke
Manuswi Intaranont
Manuswi Intaranont
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Originally published 9 May 2008

Keywords: National Legislative Assembly, Commercial Banking Act, Undertaking of Finance Business, Securities Business, Credit Foncier Business, financial institution, shareholders, fraud, non-compliance, governance, holding shares, Ministry of Finance, capital funds

Summary

A new Financial Institutions Business Act B.E. 2551 (the "Act") has been approved by Thailand's National Legislative Assembly, and will become effective on 3 August 2008. The Act will replace the Commercial Banking Act B.E. 2505, and the Act on the Undertaking of Finance Business, Securities Business and Credit Foncier Business B.E. 2522. The Act seeks to standardise the existing different regulations governing the business activities of various types of financial institutions such as commercial banks, finance and securities companies, credit foncier companies and specialised financial

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