Relaxation of Exchange Control Regulations

(15/2008)

Please note that the following is the equity compensation legislative update for Thailand.

The Bank of Thailand ("BOT") has issued new regulations which came into effect on 28 January 2008 and 4 February 2008 which stated that Thai nationals who acquire foreign currency from abroad in an amount exceeding USD 20,000 shall immediately bring such income into Thailand.

Such person could also sell to or deposit the foreign currency with an authorized commercial bank within 360 days from the date of receiving notice from the commercial bank or the date of bringing in such foreign currency.

The limit on fund remittance to purchase shares of an overseas affiliated company under an employee benefit plan is USD 1 million or equivalent per person per year for Thai nationals. If the outbound investment were to exceed USD 1 million, the prior approval of the Bank of Thailand must be obtained.