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South Korea to scrap stocks registration rule for foreigners

South Korea Foreign Investment

Currency dealers work as screens show South Korea's main stock market index, KOSPI (L), and the exchange rate between US dollar and South Korean won, Seoul, April 4, 2013 [File: Lee Jae-Won/Reuters]

South Korea will abolish a rule that forces foreign investors to register with authorities in order to trade Korean stocks amid a push to attract overseas investment, the country’s financial regulator has said.

“Instead, foreigners will be allowed to freely invest in our capital markets with internationally used identifications of passport or legal entity identifier [LEI],” Kim Joo-hyun, chairman of the Financial Services Commission (FSC), said on Thursday.

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