South Korea’s Financial Supervisory Service (FSS) is undergoing a comprehensive overhaul of disclosure practices for pharmaceutical and biotech companies to improve reliability and investor protection. Announced on July 30, the “Comprehensive Improvement Plan for Pharma/Biotech Disclosures” aims to create an investor-centric disclosure framework. Key changes include stricter requirements for IPO offering price calculations, enhanced regular disclosures through a management summary of R&D history, and revamped technology transfer agreement notifications to clarify payment structures. Additionally, new media coverage guidelines will prohibit misleading expressions and ensure equitable access to information. The FSS is also amending the Capital Markets Act to introduce a cornerstone investor system and a pre-demand forecasting mechanism to strengthen the IPO market. The reforms will be implemented gradually, with immediate effect for securities registration statements.
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