Partial Amendment to the Regulations on the Issuance and Disclosure of Securities, etc.

◎ Financial Services Commission Notice No. 2026-48

The amended provisions of the 「Regulations on the Issuance and Disclosure of Securities, etc.」 are hereby announced as follows.

November 4, 2026
Financial Services Commission

1. Reason for Amendment

With the amendment of the 「Capital Markets and Financial Investment Business Act」 (Act No. 21647, promulgated May 12, 2026, effective November 13) to allow issuers, underwriters, and arrangers of equity securities to conduct preliminary assessment of demand conditions and preliminary subscriptions for equity securities targeting certain professional investors prior to submitting a securities registration statement, and to require issuers, underwriters, and arrangers to record, maintain, and manage data such as the list of professional investors who received information on the equity securities in the process of preliminary assessment of demand conditions and preliminary subscriptions, the purpose is to prescribe matters delegated by the higher-level statutes and matters necessary for their implementation, such as the requirements for professional investors related to demand conditions and the lock-up period for preliminary subscriptions.

2. Main Contents

a. Provisions on Requirements and Methods for Professional Investors in Preliminary Demand Forecasting (Article 2-12-2)

Provisions that general private collective investment business entities and investment discretionary business entities eligible to participate in preliminary demand forecasting for equity securities shall each have total collective investment assets and investment discretionary assets of at least 30 billion won, etc.

b. Lock-up Period and Upper Limit on Quantity for Cornerstone Investors (Article 2-12-3)

Provisions that in preliminary subscriptions for equity securities, the lock-up period shall be 10 months for at least 20% of the preliminary subscription quantity, 8 months for at least 30%, and 6 months for the remaining quantity, etc.

3. Detailed Amendment Contents

For details, refer to 'Legal Information (Notices/Announcements/Directives)' on the Financial Services Commission website

• Financial Services Commission (www.fsc.go.kr) → Information Plaza → Legal Information (Notices/Announcements/Directives)