Disclosure requirements - Investment Funds - Thailand
Disclosure Category: 2
Clearstream Banking S.A. (“CBL”) may be required, under the laws and regulations of Thailand, to disclose the identity and holdings of customers and/or ultimate beneficial owners, upon request, in the case of holding Thailand investment funds.
In order to comply with the local legislation, customers with holdings in Thailand investment funds or entering into transactions in the Thai market must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the Fund Manager, Transfer Agent, Regulator) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Customers who do not grant such authority cannot hold such investment funds or financial instruments in their accounts with CBL.
Customers are advised that the local laws and regulations oblige CBL to disclose the requested information on CBL customers and ultimate beneficial owners to the party that is entitled by law to receive such information.
Fund management companies are allowed to request for a disclosure of underlying customers. Thus, CBL must deliver the information requested from CBL in relation to both CBL and CBL’s customers and ultimate beneficial owners as owners or holders of fund units in the relevant investment fund.
Background and legal basis
In the case of holding Thailand investment funds, CBL is obliged under the following legislation to disclose the identity and holdings of customers and/or ultimate beneficial owners.
- SEC Act
- Anti-money Laundering Act
Subject to changes in Thailand laws, sanctions and other consequences may be applied for non-compliance. Non-compliance will not constitute any penalty on CBL or the ultimate investors. However, it may result in the application being rejected by the fund management company, or in the case of on-going Know Your Customer (KYC) or Customer Due Diligence (CDD), the fund management company may need to report such non-cooperation to the relevant authorities.
The information contained in the Disclosure Requirements is based on the legal opinion obtained by CBL that was issued on 8 November 2019. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.