Thailand: OTCC Clarification of Credit Term Regulation
A new law that limits the maximum length of credit terms that can be requested from small and medium sized enterprises was issued in a Notification on 18 June 2021 by the Office of Trade Competition Commission (the “OTCC”). This Notification became effective from 19 June 2021. This Newsletter will provide an update on the practical implementation of the Regulation since it became effective. The 180-day grace period for compliance ends on 16 December 2021. The OTCC has confirmed certain principles and dispelled many myths about the Regulation.