South Korea finance ministry says it may ban foreign banks arranging global bond deals
An employee walks at an empty park near a financial district amid the coronavirus disease (COVID-19) pandemic in Seoul, South Korea, September 10, 2020. REUTERS/Kim Hong-Ji
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SEOUL, Oct 8 : South Korea is considering prohibiting investment banks without domestic securities licenses from arranging offshore bond sales of local issuers amid an overseas issuance boom, a Ministry of Finance and Economy official told Reuters.
The Ministry of Finance and Economy is gathering feedback from banks with domestic securities licenses on plans for such a ban, the official, who has direct knowledge of the regulatory move, said on Thursday.
The ministry and market regulator plan to make an official announcement soon after collecting the market’s views, according to the official.
Local media Seoul Economic Daily first reported the regulatory talks on Tuesday, citing a survey launched by the ministry.
Source: Reuters
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