Majority foreign investment in brokerage/agent services of goods and services, domestic trade of agricultural products, except financial derivatives, and in wholesale activity of all types where the minimum capital invested in each store is lower than one hundred million Baht, is subject to approval.
"Section 4
In this Act, “foreigner” means:
1. a natural person who is not of Thai nationality;
2. a juristic person not registered in Thailand;
3. a juristic person registered in Thailand, being of the following descriptions: 
a. being a juristic person at least one half of capital shares of which are held by persons under (1) or (2) or a juristic person in which investment has been placed by the persons under (1) or (2) in the amount at least equivalent to one half of the total capital thereof;
b. being a limited partnership or a registered ordinary partnership the managing partner or the manager of which is the person under (1);
4. a juristic person registered in Thailand at least one half of the capital shares of which are held by persons under (1), (2) or (3) or a juristic person in which investment has been placed by the persons under (1), (2) or (3) in the amount at least equivalent to one half of the total capital thereof; [...]
[...]
Section 8
Subject to section 6, section 7, section 10 and section 12:
1. no foreigner may operate such businesses stricto sensu not permissible to foreigners by special reason, as prescribed in List One;
2. no foreigner may operate such businesses related to national safety or security, businesses having impacts on arts, culture, traditions, customs and folklore handicrafts or businesses having impacts on natural resources or the environment, as prescribed in List Two, unless upon obtaining permission from the Minister with the
approval of the Council of Ministers;
3. no foreigner may operate such businesses in respect of which Thai nationals are not yet ready to compete with foreigners, as prescribed in List Three, unless upon obtaining permission from the Director-General with the approval of the Commission.
[...]
Annex [...] 
List three. Businesses in respect of which Thai nationals are not ready to compete with foreigners  [...]
(11) Brokerage or agency businesses, with the exception of: (a) being a broker or an agent in the sale or purchase of securities or in services related to futures trading of agricultural commodities or financing instruments or securities; (b) being a broker or an agent in the sale, purchase or procurement of goods or services necessary for the production or the provision of services amongst affiliated enterprises; (c) being a broker or an agent in the sale or purchase, procurement, distribution or acquisition of domestic and foreign markets for the distribution of domestically manufactured or imported goods, which is in character the operation of international trade, with the minimum capital of one hundred million Baht or upwards from foreigners; (d) being a broker or an agent of other types as prescribed in the Ministerial Regulation [...]
(13) Internal trade related to traditional agricultural products or produce not yet prohibited by law, except agricultural futures trading in the Agricultural Futures Exchange of Thailand without delivery or taking delivery of agricultural commodities within the country (As amended by ROYAL DECREE AMENDING CATEGORIES OF BUSINESSES IN THE LIST ANNEXED TO THE FOREIGN BUSINESS ACT, B.E. 2542 (1999), B.E. 2556 (2013)) [...]
(15) Wholesale of all types with the minimum capital of each store in the amount lower than one hundred million Baht [...]"((Foreign Business Act, B.E. 2542 (1999))
Foreign Business Act, B.E. 2542 (1999).
ROYAL DECREE AMENDING CATEGORIES OF BUSINESSES IN THE LIST ANNEXED TO THE FOREIGN BUSINESS ACT, B.E. 2542 (1999), B.E. 2556 (2013)
[<a href="https://investmentpolicy.unctad.org/investment-laws/laws/40/thailand-foreign-business-act">Act</a>],[<a href="http://www.dbd.go.th/dbdweb_en/ewt_dl_link.php?nid=4049">Decree</a>]