FSC tests foreigner-friendly omnibus accounts today

Home > Business > Finance

print dictionary print

FSC tests foreigner-friendly omnibus accounts today

The Financial Services Commission said on Tuesday it will test-run the so-called omnibus account at seven financial institutions, including a foreign institution starting today. The system will be tested through mock transactions at the institutions before the official launch in 2017.

The omnibus account is a simpler registration system for foreign investors. The FSC aims to simplify the current foreign investor registration system to attract more non-Korean investors and expand the size of the equity market.

The ultimate goal of the eased regulations is to achieve a development market status in the Morgan Stanley Capital International indexes. “The test-run is to help foreign investors feel less inconvenience and prevent errors,” said an FSC official. “Detail improvements will be made to the system before the launch.”

Under the newly-introduced Omnibus Account, foreign investors will be able to invest in a number of different funds by opening a single account.

More in Finance

[NEWS ANALYSIS] As foreigners rush back, market does an about-face

CU gets into the foreign exchange transaction business

Kospi hits another record high despite Covid spike

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now