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Thanks to the Ministerial Regulation of the Ministry of Finance dated 30 November 2016 (the MoF Regulation), the list of entities eligible to be security recipients under the Business Security Act (the BSA) which came into force in July 2016 will be broadened to include a bondholders' representative (also referred to as a bond trustee), who will act for and on behalf of all bondholders under the Securities and Exchange Act B.E. 2535 (as amended) (the Securities and Exchange Act), among others. We are of the view that this extension to include the bondholders' representative as an eligible security recipient will yield tremendous benefits to traditional financing financiers, in particular, lenders.

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