South Korea plans to scrap a number of regulations in the local stock market within this year to make investment easier for foreign investors, its financial regulator said, in an effort to bring in more money into the market
The Financial Services Commission said in a statement there was a huge discrepancy between the regulations currently in place and the global standards and that " will boldly improve regulations that have hindered global investors from investing in our market."
It will also lift a rule that requires omnibus account holders, such as asset management firms and brokerages, to report on transaction details of each final investor within two days of settlement, as well as open up most of off-board trading to foreigners.
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