The Financial Supervisory Service (FSS) said that it will next month start a new electronic registration service that processes registration applications and issues registration certificates electronically for foreign investors.
The new service, aimed to improve the investment climate for global investors, utilizes the financial information network shared by the FSS and financial firms for information exchange.
A foreign investor using the new electronic registration service will be able to send the registration application documents via the designated financial firm (agent) and receive the registration certificate electronically.
A foreign investor may designate an agent financial firm among banks, securities companies and Korea Securities Depository (KSD). A registration certificate issued by the FSS is used as verification of the investor’s lawful identity.
The new electronic registration service is a significant improvement from the current paper-based registration, under which a foreign investor submits through a financial firm the registration application along with supporting documents to the FSS and waits up to four days for the registration certificate.
Under the new electronic service, the processing time for a new registration certificate is expected to be shortened to approximately four hours.
The FSS also plans to provide information on Korea’s investment procedures in English on the FSS Internet homepage (https://english.fss.or.kr/fsseng/index.jsp) beginning July 1.
It will include explanations on Korea’s investor registration system, the registration procedure, and rules and regulations pertaining to investor registration. By providing easily accessible online information on investor registration in English, the FSS hopes to enhance global investors’ understanding of Korea’s investment climate and stimulate new interest in Korea’s stock markets.
The FSS is committed to providing an effective, investor-friendly regulatory environment for global investors and will continue to take new initiatives to advance Korea’s stock markets, it said.