In order to facilitate the entry of foreign capital into the South Korean market, South Korea requires listed companies to submit English financial reports and other information starting next year.

(Associated Press)

[Financial Channel/Comprehensive Report] South Korea's financial and stock exchange regulator said on Sunday (2nd) that it will require some large companies listed on the KOSPI stock exchange to submit English version regulatory documents starting next year.

According to the regulations of the Financial Services Commission (FSC) and the South Korean Stock Exchange, from next year, companies with assets exceeding 10 trillion won (NT$ 215.8 billion) and foreign investors holding more than 30% of the shares must submit Korean reports. Within 3 days after the report, submit the English report on financial reports, legal matters and other important information again.

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FSC’s move aims to solve two problems. One is that the English reports are submitted voluntarily, so the quality and quantity are not ideal. The other is that the English reports submitted by these companies rely more on machine translation. The reporting level of the subsidiary is not sufficient to allow foreign investors to obtain corporate information well.

FSC stated that it will continue to work hard to help foreign investors better obtain information on South Korea's stock market, and hopes to increase the attractiveness of South Korea's capital market to global funds.

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