Wednesday April 1 2015
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Korean Republic
Link: http://eng.krx.co.kr/coreboard/BHPENG09004/view.jspx?bbsSeq=20199&secretYn=N
On Monday, March 30, 2015, the Korea Exchange (KRX) put into effect the “Enforcement Rules of the KOSPI Market Listing Regulation” that has been amended in order to rationalize the delisting criteria for KOSPI-listed corporations, enhance the level of convenience for supplementary listing in the event of the capital increase by listed corporations and reflect the changes made in the market rules.
The exclusionary provisions applicable to the delisting and designation of administrative issues in the case of the capital impairment have been reformed, and the criteria for subjecting companies to the listing maintenance review in the event of accounting standards violation have been relaxed.
In the case of supplementary listing or listing change, the requirements for documents have been relaxed, and the deadline for document submission has been clearly stipulated. Additionally, the voluntary delisting system has been reformed.
Furthermore, the obligation for reporting any adjustment in the base price in the event of dividend payout by investment companies, etc., has been clearly stipulated, and the obligation for submitting an audit report prepared by a designated auditor in the event of backdoor listing or listing after merger with SPAC (Special Purpose Acquisition Company) has been incorporated in the amended Enforcement Rules.
Click on the link above for further details.