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[Alpha Biz=(Chicago) Reporter Kim Jisun] As early as the second half of this year, foreign individual investors will be able to invest in the local stock market with only their passport numbers without separate registration for the first time in 31 years.
The Financial Services Commission said on the 24th that it will abolish the foreign investor registration system in the second half of this year through a plan to enhance foreign investors' access to the capital market. The foreign investor registration system was introduced in 1992. It is a system under which foreigners are required to register their personal information in advance with financial authorities to invest in listed securities in Korea. Domestic individual investors can buy and sell U.S. stocks without separate registration, but foreign investors had to go through a separate registration process with local financial authorities.
If the foreign investor registration system is abolished in the second half of this year, foreigners can invest in the Korean stock market with their personal passport number and corporate LEI number (corporate grant standardization implemented by the G20 country from ID·2011).
From the 2nd to the 20th of this month, foreign investors bought a total of 4.99 trillion won. When the local stock market rebounded sharply in November last year, foreigners also bought KRW 4.121 trillion.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
