Thailand SEC consults on the boundary between public online content and licensed investment advice

The proposal focuses on broad, non-personalised communication

The planned amendment would cover advice distributed through radio, television, newspapers, publications, social media and other channels. The SEC says the exclusion from licensed investment advisory and derivatives advisory business would apply to people or organisations that ordinarily disseminate news or information to the public, act in good faith and follow professional practice.

A central condition is that the material must be distributed broadly rather than tailored to one person’s investment objectives, financial position or needs. The difference matters because the proposal is trying to clarify where general public information ends and regulated personalised advice may begin.

**Social media is a channel, not a blanket exemption**

The SEC’s wording places social platforms alongside traditional media and other forms of public distribution. A post or video therefore would not fall outside advisory regulation simply because it appears online; the nature of the communication and whether it is personalised remain relevant under the proposed principles.

For an investor, this is separate from judging whether the content is good. A piece of public commentary could ultimately fall outside licensed advisory business and still contain weak assumptions, undisclosed conflicts or inadequate risk discussion. The consultation is about the regulatory perimeter, not an official quality mark for financial content.

For practical context, see Thailand economy and finance. This development also connects with Thailand considers tighter rules for licensed money changers.

Current rules remain the reference point while consultation is open

As of 21 September, the consultation is still open and no final notification implementing these amendments has been issued. Investors and content providers therefore should not treat the proposed wording as if it were already in force.

The same proposal also includes an amendment intended to align the definition of an institutional investor with the definition used in the SEC’s business-conduct standards. That is a separate consistency change; for retail users of online financial content, the more immediate issue is the proposed distinction between mass-market information and advice tailored to an individual.