Regulatory Alerts2017-06-08
Added · Updated
Amendments Proposed for the Financial Investment Services and Capital Markets Act
The Financial Services Commission proposes amendments to the Financial Investment Services and Capital Markets Act allowing companies soliciting investors to provide a simplified prospectus unless a full-length version is requested. Issuers of public offerings less than KRW1 billion per year would be liable for damages if their filings contain false or misleading statements or omit material facts. Additionally, credit rating companies would face liability for damages if they intentionally or negligently violate rating procedures and materially affect a credit rating. These proposed changes are open for public comment until July 18, 2017.
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