Two Gold Funds to Glitter on Thailand Stock Market

"Local gold shops will also be permitted to act as sales agents for gold ETFs"

The Capital Market Supervisory Board, which oversees rulemaking for the Thai capital market, has approved the launch of gold exchange-traded funds in the local market.

The board agreed last month to permit two types of gold ETFs: a feeder fund investing in an overseas gold fund; and an ETF directly investing in gold bullion in the local market.

For an overseas fund, permission would be required from the Bank of Thailand to invest abroad. The structure would be similar to gold foreign investment funds already available.

A gold ETF investing in local bullion, meanwhile, would be required to set purity standards and designate a local trustee to oversee physical holdings of the fund.

The supervisory board, which expects to complete a regulatory framework for the new funds within three months, said gold ETFs would give local investors an alternative vehicle to diversify their portfolios to precious metals. A fund would also be simpler for many investors when compared with gold futures contracts.

The Securities and Exchange Commission will cooperate with the Stock Exchange of Thailand to educate local investors. Local gold shops will also be permitted to act as sales agents for gold ETFs and transmit orders directly to the SET, bypassing local brokers.

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