Thai SEC solicitation crackdown: Offshore private banks remain exposed under ‘fly-in’ model

Thailand’s increasingly stringent stance on a common market practice of international wealth management is pushing private banks to consider establishing an onshore presence in the country. Historically, market players relied on reverse solicitation practices to justify the fly-in, fly-out model, even though Thailand’s Securities and Exchange Commission (SEC) had never formally endorsed it. This changed in September 2024, when the…

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