Financial Supervisory Service Improves Securities Registration and Disclosure Timing to Support Smooth Fundraising

On the 27th, the Financial Supervisory Service (FSS) announced that it has prepared the "Improvement Plan for the Submission and Disclosure Time of Securities Registration Statements" to reduce the disclosure burden on companies and provide accurate information to investors. This improvement plan will be implemented starting from the 1st of next month.

First, the FSS improved the system so that securities registration statements submitted to the electronic disclosure system between 6 PM and 7 PM can be accepted and disclosed on the same day. However, this does not apply to financial investment products such as derivative-linked securities, bonds, and collective investment securities.

For initial submissions of securities registration statements, if a company finds it difficult to submit before 6 PM due to unavoidable reasons and has prior consultation with the FSS officer, submissions manually received before 7 PM can be accepted and disclosed on the same day. For amended registration statements, considering the time required for amendments after interest rate confirmation, the acceptance and disclosure time on the same day will be uniformly extended until 7 PM.

Additionally, for initial and amended registration statements submitted after 7 PM due to unavoidable reasons, if prior consultation with the FSS officer has been made, the electronic disclosure system will be further enhanced to allow acceptance and disclosure on the same day.

Previously, companies had expressed opinions that the submission deadline was tight considering the preparation of attached documents such as issuance price negotiations and board meeting minutes. In particular, if securities registration statements cannot be submitted on the intended date due to unavoidable reasons, fundraising may be delayed, and unexpected losses may occur to investors.

An FSS official explained, "With the extension of acceptance and disclosure times, companies are expected to prevent errors in preparing securities registration statements and smoothly proceed with fundraising procedures," adding, "Investors will be able to refer to timely provided accurate information when making investment decisions."

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