SEOUL : South Korea's financial regulator on Monday set a Dec. 14 date for ending foreigners' requirement to register with authorities to trade local stocks.
The Financial Services Commission issued a statement with the time frame after an enforcement ordinance during Monday's cabinet meeting paved the way for revised legislation, first flagged in January, to remove the three decade-old rule. Foreign investors will thereafter be allowed to open accounts with an internationally accepted identification, such as a passport for individuals, or a legal entity identifier for organisations.
South Korea is preparing several regulatory changes this year to make stock investing easier for foreigners and to bring more money into the market.
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