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| A currency trader walks near screens showing from left the KOSPI, the foreign exchange rate between the U.S. dollar and Korean won, and the KOSDAQ, at a foreign exchange dealing room in Seoul, Jan. 11. AP-Yonhap |
Korea's financial regulator said Tuesday it plans to abolish the existing mandatory registration policy for foreigners investing in local stocks within this year, in line with efforts to meet global standards.
The move comes as foreign investors are currently required to file personal information with the local authority before purchasing listed Korean shares.
The policy, which does not exist in other major markets, including the United States, Japan and Germany, has been cited as one of the excessive regulations for foreigners seeking investment opportunities in Korea.
The Financial Services Commission (FSC) added Korea will still be able to monitor the local financial market without the registration system and that the revision will allow private foreign investors to invest in local stocks only with their passport number.
Starting in 2024, the FSC added it will also obligate listed firms with assets of 10 trillion won ($8 billion) and above to offer English regulatory filings on information that could have a significant impact on the market.
The FSC plans to expand the scope to cover businesses with assets of 2 trillion won or more starting in 2026.
"(Such changes) will improve the investment environment of the Korean market by meeting global standards, and build ground (for the country) to attract more foreign investment by improving convenience," the FSC said in a statement. (Yonhap)
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