The SEC’s examination of facts in this case has led to the consideration that Zipmex disseminated or certified information that were potentially misleading in substance regarding digital asset

language, the applicant shall proceed as follows: (1) certify that the substance of the translated information or documents has truly occurred or is in existence, and that there is no concealment of any fact

documents under Paragraph 1 are translated from a foreign language, the foreign entity shall also proceed as follows: (1) certify that the substance of the translated information or documents has truly

ยากในการบังคับหลักประกัน กรณีข้างต้นถือว่าไม่ได้เป็นการลงทุนในพันธบัตรโดยตรง กรณีนี้ให้ใช้ substance เป็นหลักในการพิจารณา ซึ่งสอดคล้องกับการตีความมาตรา 126(5) ที่ห้าม

approval under this Notification but there are certain facts indicating that the purpose or the substance of such offer is intended to avoid compliance with any provision of the 3 Securities and Exchange Act

consideration that the true intention or the substance of the offer for sale of the debt securities constitutes an avoidance of the provisions of the Securities and Exchange Act or this Notification; (2) the

:  การพิจารณาตราสารดังกล่าว ควรพิจารณาที่ Substance ของตราสารเป็นสำคัญ ดังนั้น แม้ว่าตราสารจะใช้ชื่อว่า Structured Notes แต่เมื่อมี 

granting of approval under this Notification, certain facts lead to the consideration that the objective or substance of such offer for sale of sukuk has the intention to evade provisions under the law

consideration that the true intention or the substance of the offer for sale of the structure notes constitutes an avoidance of the provisions of the Securities and Exchange Act or this Notification; (2) the

related to utility tokens or cryptocurrencies that have any of the following characteristics:     (1)  Meme token: having no clear objective or substance or underlying, and whose price running on social