The Korean Financial Supervisory Service has recently revised the requirements for shareholder disclosure reports, and repeated violators and those failing to file reports will face harsher fines and penalties. As of April 1, the FSS’ electronic disclosure system – Data Analysis, Retrieval and Transfer (DART) – will automatically reject any shareholder disclosure application that fails to include required details, such as profiles, shareholding purposes, and acquisition and disposal unit prices. In addition, the Securities and Exchange Act will require both local and foreign investors whose holdings reach or exceed 5 per cent of a listed company’s outstanding share capital to file a report with the local authorities within 5 working days from the settlement date. For example these could include the FSS, Korea Stock Exchange (KSE) or the Korea Securities Dealers Association (KSDA). Additional filings will be required for any movements of one per cent or more.
Korean Regulators Get Tough With Shady Shareholders
The Korean Financial Supervisory Service has recently revised the requirements for shareholder disclosure reports, and repeated violators and those failing to file reports will face harsher fines and penalties. As of April 1, the FSS' electronic disclosure system Data Analysis,