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금융위원회, 금융위

2026-04-23 10:13:58 · rghosh@vixio.com
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3091303
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3099785
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1a824730f80f71ca1e24b33dd9562ace

혁신적 금융, 포용적 금융, 신뢰받는 금융, 금융위원회 입니다.

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TITLE: South Korea's Financial Services Commission Advances Capital Markets Law to Introduce Cornerstone Investor System BODY: On April 23, 2026, South Korea's National Assembly passed amendments to the Capital Markets and Financial Investment Business Act, introducing measures to address excessive short-term selling and price volatility following initial public offerings (IPOs). The amendments introduce two key mechanisms. The pre-demand forecasting system permits underwriters to assess market demand before securities registration statements are filed, allowing the initial price band to reflect market conditions and improve the rationality of offering price determination. The cornerstone investor system permits pre-allocation of shares to institutional investors committing to hold securities for at least six months, securing medium to long-term stable investors and enhancing investor confidence in IPOs. The amendments address the "IPO tragedy" phenomenon, where newly listed shares experience sharp price increases on listing day followed by sustained declines due to short-term speculative demand. This volatility undermines capital market credibility and negatively impacts stock indices. The Financial Services Commission (FSC) has previously implemented measures including verification of subscription payment capacity in 2022 and enhanced due diligence standards in 2024. In July 2025, the FSC introduced preferential allocation for institutional investors with mandatory holding commitments. The amendments will take effect six months after promulgation. The FSC will develop detailed implementation regulations through subordinate legislation, incorporating feedback from institutional investors, retail investors, and underwriters. Key areas requiring specification include conduct standards for pre-information provision, cornerstone investor allocation limits, and conflict-of-interest prevention frameworks. The FSC has indicated these regulations will be expeditiously developed to support market implementation.
  • Scraped:2026-04-23 10:13:58
  • Created:2026-04-23 10:13:57
  • By:rghosh@vixio.com (52)