SEOUL, March 23 Asia Pulse - Foreign corporations can list their stocks on the Korea Stock Exchange from the first half of this year, Financial Supervisory Commission Chairman Lee Yong-keun said Thursday.
In a report to President Kim Dae-jung, Lee also said the alternative trading system (ATS), an electronic stock transaction system, will be introduced from the second half.
The liberalisation is necessary to globalise the operation of the stock market, he said.
Mutual funds dealing with national bonds will be allowed immediately with the valid period for credit check-ups on businesses cut to three months from the current six months.
Thus far, foreign corporations have been permitted to list depository receipts and local currency bonds on the stock market.
The ATS will be introduced in the second half with the revision of the current relevant law provisions in an effort to catch up with the development and popularity of the Internet in the world, he said.
Mutual funds dealing with national bonds will be allowed in line with the policy to invigorate the bond market through attracting foreign capital into the market.
Yonhap
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