The Financial Services Commission, the Korea Exchange and other capital market regulators have been working diligently to lay the legislative ground-work necessary for the launch of Korea’s third stock market – the Korea New Exchange (“KONEX”). Scheduled for opening in the second-half of 2013, the KONEX will be a stock market for small and medium-sized companies and ventures, and will assist such companies to more easily raise direct financing from the capital market. The following are the legislative amendments that have been made or announced to be made in preparation for the launch of the KONEX:

  1. Amendments to KOSDAQ’s Listing Regulations and Operation Regulations (March 22, 2013)
  2. Announced Amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (March 26, 2013)
  3. Announced Amendments to the Enforcement Decree of the Act on External Audit of Stock Companies (April 4, 2013)
  4. Announced Amendment to the Regulations on Issuance, Public Disclosure, Etc. of Securities (May 8, 2013)