IPO 해외공모 주관사의 공동업무 수행 방식에 대한 유권해석 요청 — English Edition
When a firm is unsure how a provision of Korean capital-market law applies to something it proposes to do, it can ask the Financial Services Commission, and the Commission answers in writing. Those replies — 법령해석 회신문 — show how the supervisor reads a provision against a concrete set of facts, which the provision itself cannot. The Commission publishes them in Korean. This is an English edition of one of them: reply No. 260135, replied on 20 August 2026, translated in full and in the Commission's own order, preceded by a note setting out the provisions it turns on, because a reply of this kind is unreadable without them.
| Section | Subject |
|---|---|
| Cover | The Commission's own title for the case, the reply number and the reply date |
| How to read this edition | The source, what a legal interpretation reply is and is not, what is the Commission's text and what is ours, and the question in one line |
| Translator's notes | The prohibition at issue quoted in full, how an obligation to acquire offering shares arises, the arrangement proposed, and the terminology |
| Reply No. 260135 | 질의요지 / 회답 / 이유 — the Commission's text, translated |
| Questions about this translation | How to reach a lawyer at H&S Partners about anything in the edition |
| Disclaimer | Unofficial translation, not legal advice, accuracy and rights, use of AI |
The Korean source is the Financial Services Commission's own 법령해석 회신문 No. 260135, replied on 20 August 2026, as released by the Commission under the title IPO 해외공모 주관사의 공동업무 수행 방식에 대한 유권해석 요청. The whole of it is translated. Where the Commission's own text says that the reasons are contained in the reply, that is reproduced rather than filled in.
Everything in the ruled table under the reply’s heading is a translation of the Commission’s text. The cover, the explanatory pages, the translator’s notes, the box marked TRANSLATOR’S NOTE, the enquiry box and the disclaimer are our own material, and the edition says so in three places. They describe the rules; they do not evaluate the reply.
Where a provision is quoted in the translator’s notes it is quoted from our own published English edition of the instrument rather than retranslated, so that the two agree. Article 4-19, subparagraph 5 is taken from our English edition of the Regulations on Financial Investment Business (FSC Public Notice No. 2026-9, in force 17 March 2026), which is also on this site. The Korea Financial Investment Association publishes no English text of its 「증권 인수업무 등에 관한 규정」, so Article 9 (1) 7 is translated here, and the edition says that the translation is ours.
Paragraph (14) of that Article, which the question reaches by way of a shortfall, is cited but not reproduced, and nothing is asserted about what it says.
The applicant is not named in the released text, and no attempt has been made to identify it.
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