On Oct. 22, KRX proposed revisions re convertible bonds disclosure.
KRX proposed revisions to Regulations on securities and KOSDAQ markets disclosure.
In addition to Regulations on KONEX market disclosure and its Detailed regulations.
Follows SK FSC Jan. 2024 held meeting on improving market integrity, see #198742.
Also follows SK FSC and SK FSS May 2024 propose revisions re CBs, see #213503.
Overview of Proposed Revisions
KRX has proposed to establish a new disclosure obligation that would enable investors to be informed of the relevant information when acquiring and reselling convertible bonds (CBs), bonds with warrants (BWs), as well as exchange bonds (EBs).
Take disciplinary actions for insincere disclosure when the acquisition and resale amounts before maturity are changed by more than 50% after disclosures.
Extend the deadline for submitting a listed company's sustainability management report in English after disclosures in Korean, to within 3 months from current 5 days.
Consultation Period
Comments shall be submitted by Oct. 29, 2024.
Nov. 13, 2024 Revisions Finalized
On Nov. 13, 2024, KRX finalized the revisions, to be effective from Dec. 1, 2024.
The revised regulations also stipulate information re adjustment of conversion price of convertible shares like CPS and RCPS as KOSDAQ and KONEX market reporting items.
Nov. 14, 2024 Publication
On Nov. 14, 2024, KRX published Regulations on securities, KOSDAQ, KONEX markets disclosure, Detailed regulations on securities, KOSDAQ, KONEX markets disclosure.
The revised regulations and detailed regulations will be effective from Dec. 1, 2024.
