Personal Data Protection Act Effective 1 June 2022 and New Notifications Issued
On 1 June 2022, the Personal Data Protection Act B.E. 2562 (2019) (“PDPA“) became fully effective after a two-year long postponement of the effective date of key operative provisions.
On 20 June 2022, the following four Notifications of the Personal Data Protection Committee (“Notifications“) were published in the Government Gazette, clarifying the rules for the implementation of the relevant provisions of the PDPA:
- The Notification of the Personal Data Protection Committee Re: An Exemption from the Records of Processing Activities of the Data Controller which is a Small Business B.E. 2565 (2022);
- The Notification of the Personal Data Protection Committee Re: Criteria and Procedures in Preparing and Maintaining Records of Personal Data Processing Activities for the Data Processor B.E. 2565 (2022);
- The Notification of the Personal Data Protection Committee Re: Security Measures of the Data Controller B.E. 2565 (2022); and
- The Notification of the Personal Data Protection Committee Re: Criteria on Determining an Order to Impose an Administrative Fine of the Expert Committee B.E. 2565 (2022).
For more information, click here to read our Legal Update which highlights some of the key elements of the new PDPA Notifications issued.
Amendments to the Copyright Act Take Effect 23 August 2022
Amendments to the Copyright Act will take effect on 23 August 2022 after key changes were enacted in Copyright Act No. 5 B.E. 2565 (2022), which was published in the Government Gazette on 24 February 2022. In brief, the aim of the amendments is to standardise Thai copyright laws so that they are consistent with the WIPO Copyright Treaty 1996 and to support the emergence of many new media such as digital content, gaming, and animation. The Thai Department of Intellectual Property expressed confidence that the new copyright law will enhance the opportunity for Thailand to promote Thai “Soft Power” globally.
The major changes made to the copyright law by the amendments focus on the three areas described further in our Legal Update titled “Amendment to Copyright Act“: (i) Notice & Take Down Procedures; (ii) the Technology Protection Measure; and (iii) Extension of the Protection Period for Copyright Work.
Amended Public Limited Companies Act – Holding Meetings by Electronic Methods
With effect from 24 May 2022, the Public Limited Companies Act (No. 4) B.E. 2565 (2022) has added and amended provisions relating to director and shareholding meetings.
The new amendments will make it easier to send notices and conduct meetings by electronic means, and will also streamline other processes for the conduct of meetings.
Stock Exchange of Thailand Issues Sustainability Reporting Guide for Listed Companies
The Stock Exchange of Thailand (“SET“) has issued a Sustainability Reporting Guide for listed companies which includes metrics for environmental, social and governance (“ESG“) topics covering different industry groups. The reporting guideline also conforms with the 56-1 One Report.
According to SET President Pakorn Peetathawatchai, “…SET supports the use of ESG information to develop business and investment-related products and services in a sustainable manner, starting from disclosure of the quality ESG information which will be plugged into the ESG Data Platform currently in development process to be data center of ESG-related information.“
The Sustainability Reporting Guide and other information on sustainability can be found at www.setsustainability.com.
Bank of Thailand – Relaxation of Rules for Foreign Exchange Transactions
On 18 April 2022, the Bank of Thailand (“BOT“) announced that, as part of the development of Thailand’s new foreign exchange ecosystem to bring about more balanced rules in support of capital movement and flexibility in conducting foreign exchange transactions and risk management, it would relax certain exchange regulations. These changes include the following examples:
- removing the amount thresholds for Thai residents lending to unaffiliated companies and the purchase of immovable properties abroad (previously US$50 million per year), and allowing additional purposes for outward transfers which will not require prior approval from BOT, such as depositing funds into the resident’s own accounts abroad for payment of obligations; and
- allowing Thai companies to purchase foreign currencies for transfer domestically as necessary, such as for payment for goods whose price is linked to the global market. Previously, transfers were allowed only through foreign currency deposit accounts.
BOT’s exchange relaxations also promise to lessen the burden for Thai residents in providing supporting documents when conducting foreign exchange transactions. Customers of commercial banks who have undergone the banks’ Know-Your-Business process will not be required to submit underlying documents when undertaking regular foreign exchange transactions.
Thai Arbitration Institute Introduces New Expedited Procedure
The Thai Arbitration Institute (TAI) is one of the most prominent arbitral institutions in Thailand. On 1 October 2021, amendments to its arbitration rules came into effect, providing for an expedited arbitration procedure (“expedited procedure”) in circumstances where:
- the parties to the dispute mutually agree to use the expedited procedure; or
- if the relevant arbitration agreement has been entered into after 30 September 2021 – the amount in dispute does not exceed Baht 5 million, and one of the parties to the dispute files a request to use the expedited procedure.
The key features of the expedited procedure are: (i) the appointment of a sole arbitrator; (ii) allowing for documents-only arbitrations; and (iii) shortened timeframes for the close of proceedings and the issuing of the award.
Click here to read the full article on Arbitration Asia, Rajah & Tann Asia’s website covering insights from our thought leaders across Asia concerning arbitration and other alternative dispute resolution mechanisms, ranging from legal and case law developments to market updates and many more.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice
