South Korea's top financial regulator said Tuesday that all companies are responsible for disclosing their information in a full, fair and timely manner in order to create a transparent and investor-friendly financial environment.
"In order to invigorate the financial market, we have to expand the circulation of credible information that can attract rational investment," said Financial Services Commission Chairman Yim Jong-yong.
"It is necessary to make full, fair and timely disclosures of material information that is essential for investors and improve investors' accessibility to such information."
He said the FSC is working on details to improve the company filing system and facilitate more transparent and accurate communication between companies and investors.
The FSC will give more corporate independence in the disclosure duty but strengthen punishment against those who impede the controls.
In South Korea, most corporate announcements are issued through a data analysis, retrieval and transfer system, or DART, run by the Financial Supervisory Service, the financial oversight body.
Information about a company's managerial status, current and past financial performance, and future business plans is subject to corporate disclosure regulations. (Yonhap)
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