On 5 June 2023, SK FSC said a revision to the Enforcement decree of the financial investment services and capital markets act had been approved at a cabinet meeting.
- The revision aims to abolish foreign investors’ registration requirement, will be effective from 14 December 2023, 6 months after promulgation slated for 13 June 2023.
- Upon implementation, foreign investors will be able to open investment accounts at securities firms without having to go through a prior registration process with SK FSS.
- Those already assigned a foreign investor ID can continue to use investor registration number, authorities will still be able to manage total, individual foreign holding limits.
- SK FSC, SK FSS, and SK FIA will prepare relevant guidelines, ensure a seamless transition, and finalize other measures to improve foreign investors' access.