KOREAN REBUBLIC: KRX Amends Enforcement Rules of the Disclosure Regulations

Thursday September 10 2015

The KRX has amended the Enforcement Rules of the Disclosure Regulations of the KOSPI and KOSDAQ markets as a follow-up measure to the “Regulatory Reform for the Corporate Disclosure System. The amendments became effective on 7th September 2015.

Summary of the Amendment
Enhancement of autonomy of corporate disclosure

• Improvement of voluntary explanation disclosure
• Abolishment of Confirmation process in principal

Reinforcement of disclosure responsibility of listed corporations

• Introduction of replacement request rights for disclosure officer and staff members
• Securing of effectiveness of disciplinary actions over unfaithful disclosure

Reinforcement of incentives for the outstanding disclosure companies

• Grace period system for designation as an unfaithful disclosure corporation were detailed
• Exemption of disclosure education for a person in charge of disclosure of an outstanding disclosure company

Click on the link above for further details.