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HomeEconomyInvesting in Korean stocks in 2023 made easier for foreigners - watchdog

Investing in Korean stocks in 2023 made easier for foreigners – watchdog

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SEOUL (Reuters) – South Korea plans to repeal some rules on the local stock market this year, To make it easier for foreign investors to invest, its financial watchdog said on Tuesday, in an effort to bring more money into the market.

The Financial Services Commission said in a statement that there was a huge discrepancy between current regulations and global standards and that “[it] would boldly effectively enforce regulations that have proven to hinder global investors from investing in our markets.” The regulator says it will repeal a 30-year-old rule, The regulation requires foreigners to check with authorities before trading South Korean stocks. Instead, they will be allowed to open accounts using internationally recognized identification, such as an individual’s passport or an organisation’s Legal Entity Identifier (LEI).

It would also remove the requirement that omnibus account holders such as asset managers and brokerage firms report the The prescribed settlement of transaction details, and the opening of most OTC transactions to foreigners. At the same time, Korean listed companies will be required to provide English company documents from 50, starting from large, according to the statement, the size or proportion of foreign shareholders is high.

push comes as South Korea tries to boost its stock market 200400 Morgan Stanley (NYSE: 200 multiple sclerosis

) Capital International Developed Markets Index. It is currently classified as an emerging market by the global index provider.

The regulator plans to complete the required legislative amendment process in the first half of this year to . 52

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