ACTION REQUESTED
[14218]
December 12, 2001
TO: INTERNATIONAL COMMITTEE No. 64-01
RE: KOREA’S SECURITIES OWNERSHIP REPORTING REQUIREMENTS
Attached for your review is a draft letter to the Financial Supervisory Service (FSS)
regarding the Institute’s request for relief from the beneficial ownership disclosure
requirements under Korean law for members investing in Korean securities. The authorities in
Korea have been requiring ownership reports to be accompanied by third-party documentary
evidence, such as broker confirmations, for all transactions in the security for which an investor
is filing an ownership report. We understand that documents produced by the investor filing
the ownership reports, such as a transaction history, have not been deemed sufficient to satisfy
the documentary evidence requirement. In the attached draft letter, the Institute is requesting
that the FSS eliminate the third-party documentary evidence requirement for US institutional
investors.
Please provide me with any comments on the letter no later than January 8, 2002. If
you have any comments or questions regarding the letter, please contact me at (202) 326-5810
or at jchoi@ici.org.
Jennifer S. Choi
Associate Counsel
Attachment
Attachment (in .pdf format)