How are large securities firms' risk capital obligations related to KOSDAQ venture funds?

In its December 2025 'Measures to Enhance KOSDAQ Market Trust + Innovation', the Financial Services Commission said it would recognize investments in KOSDAQ venture funds and BDCs toward the performance of large investment banks (IBs) that are required to supply risk capital.

It noted that, according to their own business plans, the 5 large IBs authorized (designated) to issue promissory notes or offer IMAs had expressed an intention to invest around KRW 1.2 trillion (provisional) in KOSDAQ venture funds and BDCs by 2028. The same announcement also listed raising the cap on KOSDAQ venture fund tax benefits as an item under review, but the details depend on whether laws are later amended.