SEOUL, Dec. 2 (Korea Bizwire) — South Korea’s financial regulator said Friday that it will obligate listed firms to provide corporate filings in English “in stages” from 2024 as it seeks to expand foreigners’ access to business information.
“In consideration of the level of preparations by businesses, we will make it obligatory in stages centering on information deemed to be indispensable for investors,” Kim So-young, vice head of the Financial Services Commission (FSC), told an event at the headquarters of the bourse operator Korea Exchange in Seoul.
“We plan to significantly improve information-access conditions in a way that foreign investors can receive sufficient information in a timely manner,” he added.
Companies with large assets will first be subject to the obligation, the FSC said.
Listed companies holding 10 trillion won (US$7.7 billion) or larger worth of assets should issue English regulatory filings from 2024. Those with 2 trillion won or larger should follow suit from 2026.
Criticism has persisted that the portion of foreign investors in local capital markets has been on the rise but necessary business information has not been provided to them accordingly.
As of end-June, foreign holdings in local securities markets stood at 30.7 percent in terms of market capitalization, according to data from the FSC.