February 21, 1997
TO: INTERNATIONAL COMMITTEE No. 9-97
RE: KOREA REVISES OFFSHORE FUND SALES RULES
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Attached is an English translation of Korea’s new Guidelines for Domestic Sale of Beneficial
Certificates of Foreign Investment Funds. The new rules permit the sale of offshore funds in Korea
provided, among other things, the fund and the management company meet specified eligibility
requirements, all sales are made through a single sales agency for the offshore fund, and the sales agent
submits required reports and documents to the Minister of Finance and Economy through the Korea
Investment Trust Companies Association.
The Institute had urged the Ministry of Finance and Economy to eliminate the proposed
requirement that each foreign fund have only one exclusive sales agent in Korea. (See Memorandum to
International Committee No. 1-97 dated January 8, 1997).
We will keep you informed of developments.
Mary S. Podesta
Associate Counsel - International
Attachment (in .pdf format)