SEOUL : 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 on Tuesday, in an effort to bring in more money into the market.
The regulator said it would scrap a three-decade-old rule that requires foreigners to register with authorities prior to trading South Korean stocks. Instead, they will be allowed to open accounts with an internationally used identification, such as passport for individuals or legal entity identifier for organisations.
Meanwhile, it will become mandatory for South Korea's listed companies to provide corporate filings in English from 2024, starting with those of large sizes or high ratio of foreign shareholders, according to the statement.