How offshore funds are marketed in Korea
SUPPLEMENT - THE 2006 GUIDE TO FUND MANAGEMENT - April 01, 2006
Kim & Chang
Address
1st Floor, Seyang Building
223 Naeja-dong, Jongno-gu
Seoul 110-720
Korea
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+822 3703 1114
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+822 737 9091~3
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The marketing and sale of offshore fund products in Korea is governed by the Indirect Investment Asset Management Business Act (the AMBA) and its regulations. Under the regulations, a foreign management company is permitted to sell shares or beneficial certificates in the offshore fund to Korean investors, subject to certain restrictions and registration requirements. As no separate regulatory requirements or rules specifically apply to offshore hedge funds, the general rules for onshore funds under the AMBA apply. As a general matter, the types of funds covered under the AMBA are company and contractual funds, in addition to other indirect investment vehicles.
Regulatory regime
For sale of an offshore fund to Korean investors, an advance registration report on domestic sale must be filed with, and accepted by, the Financial Supervisory Commission (FSC) in accordance with the procedures set out in the applicable laws and regulations (unless the offer and sale is limited...
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