코넥스(KONEX)시장의 지속 성장을 위한 법제도적 개선 방안

Abstract

The Korea New Exchange (“KONEX”) market, launched in July 2013, is a securities exchange exclusively for small and medium-sized companies which possess a potential growth, like the Alternative Investment Market (AIM) of United Kingdom, the Catalist Market of Singapore, and the Growth Enterprise Market (GEM) of Hong Kong. The Korean government introduced this KONEX market in addition to other securities exchange such as KOSPI market and KOSDAQ market, both of which require much stricter listing requirements. This article is intended to suggest some improvements for a sustainable growth of the KONEX market. First, this article suggests that disclosure requirements for listing companies should be more strengthened by adopting an the Korean adopted international financial reporting standards, rather the Korean generally accepted accounting principle, and requiring outsider directors for listing companies. Second, in relation to a nominated adviser, independence requirements should be in detail prescribed, and an approval and removal scheme for a nominated adviser should be introduced. Third, an entry barrier for investments by non-institutional investors need to be lowered by abolishing a basic margin requirement of 300 million Won, which will contribute to providing more liquidity to the market. Fourth, the requirements for listing limited to a “small and medium-sized companies” should be lifted. Fifth, foreign firms need to be listed in the KONEX market by revising the relevant regulations in order for the KONEX market to develop into an international securities market, as shown in the cases of the AIM, the Catalist and the GEM. Finally, when the Korea Exchange converts into a holding company system, the KONEX market should be an independent subsidiary of a holding company, in order for the KONEX market to attain a sustainable growth.