https://bnb-asset.com/en/ BNB Asset Management is an IPO specialist asset manager, founded in 2004 as an IPO and pre-IPO investment firm. en Wed, 14 Oct 2026 00:00:00 GMT https://bnb-asset.com/en/knowledge/ipo/01/ https://bnb-asset.com/en/knowledge/ipo/01/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares An IPO is the process by which a company first offers and sells its shares to the general public, for example in order to list on a stock market. https://bnb-asset.com/en/knowledge/ipo/02/ https://bnb-asset.com/en/knowledge/ipo/02/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares They are often used interchangeably, but strictly speaking they differ. Listing means granting the securities of a company that meets the exchange's requirements eligibility to be traded on the KOSPI… https://bnb-asset.com/en/knowledge/ipo/03/ https://bnb-asset.com/en/knowledge/ipo/03/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares No. Listing merely allows the shares of a company that meets the requirements to be traded on the stock market; it does not mean that the Korea Exchange guarantees the value of those shares. https://bnb-asset.com/en/knowledge/ipo/04/ https://bnb-asset.com/en/knowledge/ipo/04/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Listing allows a company to raise funds through a public offering and makes it easier to raise money afterwards through means such as public capital increases. https://bnb-asset.com/en/knowledge/ipo/05/ https://bnb-asset.com/en/knowledge/ipo/05/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares An IPO generally proceeds in this order: due diligence by the underwriter, preliminary listing review by the Korea Exchange, review and acceptance of the securities registration statement by the… https://bnb-asset.com/en/knowledge/ipo/06/ https://bnb-asset.com/en/knowledge/ipo/06/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The preliminary listing review examines whether a company seeking to list meets the exchange's formal and qualitative requirements. https://bnb-asset.com/en/knowledge/ipo/07/ https://bnb-asset.com/en/knowledge/ipo/07/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The exchange first checks the formal review requirements, which concern a company's outward profile, such as the length of its business operations, its size, share distribution and business… https://bnb-asset.com/en/knowledge/ipo/08/ https://bnb-asset.com/en/knowledge/ipo/08/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares According to the Korea Exchange's 2025 guidebook, the requirements include at least 3 years of business operations since incorporation, equity capital of KRW 30 billion or more, and at least 1… https://bnb-asset.com/en/knowledge/ipo/09/ https://bnb-asset.com/en/knowledge/ipo/09/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The KOSDAQ market centers on small and medium-sized, venture and growth companies; since 2018, requirements on business history, size and capital impairment have been abolished, and the formal… https://bnb-asset.com/en/knowledge/ipo/10/ https://bnb-asset.com/en/knowledge/ipo/10/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares KONEX is a market opened in July 2013 to give early-stage small and medium-sized enterprises opportunities to raise funds. https://bnb-asset.com/en/knowledge/ipo/11/ https://bnb-asset.com/en/knowledge/ipo/11/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A managing underwriter is a securities firm that oversees company analysis, share underwriting and subscription work to ensure the smooth issuance of securities, and in an IPO the lead managing… https://bnb-asset.com/en/knowledge/ipo/12/ https://bnb-asset.com/en/knowledge/ipo/12/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A securities registration statement is a document filed with the Financial Services Commission (Financial Supervisory Service) before securities are offered or sold to the public, containing… https://bnb-asset.com/en/knowledge/ipo/13/ https://bnb-asset.com/en/knowledge/ipo/13/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares No. A securities registration statement takes effect only after a certain period has passed from the date it is accepted. https://bnb-asset.com/en/knowledge/ipo/14/ https://bnb-asset.com/en/knowledge/ipo/14/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The prospectus and the report on securities issuance results needed for IPO investing are available on the Financial Supervisory Service's electronic disclosure system (DART, dart.fss.or.kr). https://bnb-asset.com/en/knowledge/ipo/15/ https://bnb-asset.com/en/knowledge/ipo/15/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Book-building (demand forecast) is the process in which, to set the offer price, the lead managing underwriter presents an indicative price range and gauges demand from institutional investors… https://bnb-asset.com/en/knowledge/ipo/16/ https://bnb-asset.com/en/knowledge/ipo/16/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Under Korea Financial Investment Association regulations, the offer price is set by one of the following methods: (1) a single price agreed between the underwriter and the issuer; (2) a price agreed… https://bnb-asset.com/en/knowledge/ipo/17/ https://bnb-asset.com/en/knowledge/ipo/17/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The underwriter values the company using an absolute valuation method or a relative valuation method that compares it with similar companies, and calculates the indicative offer price range. https://bnb-asset.com/en/knowledge/ipo/18/ https://bnb-asset.com/en/knowledge/ipo/18/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares If the offer price is set above an appropriate level, it can hurt investment returns, for example by causing the share price to fall below the offer price after listing. https://bnb-asset.com/en/knowledge/ipo/19/ https://bnb-asset.com/en/knowledge/ipo/19/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares General investors open an account with the managing underwriter or another underwriter (securities firm) for the offering and subscribe during the set subscription period by paying a subscription… https://bnb-asset.com/en/knowledge/ipo/20/ https://bnb-asset.com/en/knowledge/ipo/20/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Subscription deposits received by an underwriter are deposited separately with a securities finance company or a bank and cannot be used as collateral. https://bnb-asset.com/en/knowledge/ipo/21/ https://bnb-asset.com/en/knowledge/ipo/21/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Under Korea Financial Investment Association regulations, at least 25% of the offered shares are allocated to retail subscribers, and in KOSPI market IPOs 20% is allocated to the employee stock… https://bnb-asset.com/en/knowledge/ipo/22/ https://bnb-asset.com/en/knowledge/ipo/22/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Equal allocation is a method in which at least 50% of the shares an underwriter allocates to retail subscribers are divided equally among all subscribers who paid at least the minimum subscription… https://bnb-asset.com/en/knowledge/ipo/23/ https://bnb-asset.com/en/knowledge/ipo/23/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares You cannot receive duplicate allocations. For IPOs whose securities registration statement was filed on or after June 20, 2021, duplicate allocations to retail subscribers are restricted, so even if… https://bnb-asset.com/en/knowledge/ipo/24/ https://bnb-asset.com/en/knowledge/ipo/24/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares In KOSPI market IPOs and public offerings, 20% of the offered shares must be allocated to the employee stock ownership association, which is made up of the company's officers and employees. https://bnb-asset.com/en/knowledge/ipo/25/ https://bnb-asset.com/en/knowledge/ipo/25/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A lock-up commitment is a promise by an institutional investor not to sell its IPO shares for a certain period after listing (e.g., 2 weeks, 1 month, 3 months or 6 months) in return for a larger… https://bnb-asset.com/en/knowledge/ipo/26/ https://bnb-asset.com/en/knowledge/ipo/26/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Yes. Following a 2025 amendment to Korea Financial Investment Association regulations, the lead managing underwriter must first allocate (pre-allocate) at least a certain proportion of the shares… https://bnb-asset.com/en/knowledge/ipo/27/ https://bnb-asset.com/en/knowledge/ipo/27/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The mandatory holding (protective deposit) system at listing prohibits persons with management responsibility, such as the largest shareholder and specially related persons, from selling their shares… https://bnb-asset.com/en/knowledge/ipo/28/ https://bnb-asset.com/en/knowledge/ipo/28/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Under improvements made in 2022, shares that executives and others of a company applying for listing acquire after listing by exercising stock options granted before listing were also made subject to… https://bnb-asset.com/en/knowledge/ipo/29/ https://bnb-asset.com/en/knowledge/ipo/29/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A put-back option is the right of retail subscribers who were allocated IPO shares to sell those shares back to the underwriter within a certain period after listing. https://bnb-asset.com/en/knowledge/ipo/30/ https://bnb-asset.com/en/knowledge/ipo/30/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares An over-allotment option is an arrangement under which the lead managing underwriter, under an agreement with the issuer, may allocate additional shares of up to 15% of the number of shares offered. https://bnb-asset.com/en/knowledge/ipo/31/ https://bnb-asset.com/en/knowledge/ipo/31/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Under the measures to improve IPO soundness announced by the Financial Services Commission at the end of 2022, the price fluctuation range on the listing day was widened from the previous 63%-260% of… https://bnb-asset.com/en/knowledge/ipo/32/ https://bnb-asset.com/en/knowledge/ipo/32/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares No, not necessarily. According to an FSS analysis, about one-third of the stocks that went public in 2016 closed below their offer price on the listing day, and even more were trading below the offer… https://bnb-asset.com/en/knowledge/ipo/33/ https://bnb-asset.com/en/knowledge/ipo/33/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The Financial Supervisory Service advises first checking the investment risks in the prospectus, and then looking at the basis for the offer price, the results of institutional book-building… https://bnb-asset.com/en/knowledge/ipo/34/ https://bnb-asset.com/en/knowledge/ipo/34/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Inflated subscriptions means bidding for more shares than one's actual demand or ability to pay in order to be allocated the desired number of shares. https://bnb-asset.com/en/knowledge/ipo/35/ https://bnb-asset.com/en/knowledge/ipo/35/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares They can, but the requirements were tightened by a 2025 amendment to Korea Financial Investment Association regulations. https://bnb-asset.com/en/knowledge/ipo/36/ https://bnb-asset.com/en/knowledge/ipo/36/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A technology special listing is a system that allows companies whose technology or business model growth potential has been recognized to list on KOSDAQ even if they are not currently profitable. https://bnb-asset.com/en/knowledge/ipo/37/ https://bnb-asset.com/en/knowledge/ipo/37/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares In July 2023, the government and related institutions announced 14 tasks to improve the technology special listing system. https://bnb-asset.com/en/knowledge/ipo/38/ https://bnb-asset.com/en/knowledge/ipo/38/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A SPAC (special purpose acquisition company) is a nominal company established for the purpose of merging with a promising unlisted company or a similar entity. https://bnb-asset.com/en/knowledge/ipo/39/ https://bnb-asset.com/en/knowledge/ipo/39/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A SPAC must deposit or place in trust at least 90% of the money raised in its public offering; withdrawals are restricted, and borrowing from others and providing debt guarantees are prohibited. https://bnb-asset.com/en/knowledge/ipo/40/ https://bnb-asset.com/en/knowledge/ipo/40/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares When a SPAC merges, the exchange reviews the target company's eligibility for listing. The target's merger value or total assets must be at least 80% of the funds deposited by the SPAC, and the form… https://bnb-asset.com/en/knowledge/ipo/41/ https://bnb-asset.com/en/knowledge/ipo/41/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A backdoor listing refers to an unlisted company effectively achieving a listing without going through the formal listing review and public offering process, by means such as a merger with a listed… https://bnb-asset.com/en/knowledge/ipo/42/ https://bnb-asset.com/en/knowledge/ipo/42/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Pre-IPO refers to an unlisted company raising funds at a late stage before listing on a stock market. https://bnb-asset.com/en/knowledge/ipo/43/ https://bnb-asset.com/en/knowledge/ipo/43/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The listing may be delayed beyond plan or fall through entirely, and unlisted shares are hard to buy and sell, so you may not be able to cash out when you want. https://bnb-asset.com/en/knowledge/ipo/44/ https://bnb-asset.com/en/knowledge/ipo/44/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The Financial Supervisory Service warns that if someone urges you to buy unlisted shares with promises of high returns, using 'imminent listing' or 'planned listing' as bait, you should suspect fraud… https://bnb-asset.com/en/knowledge/ipo/45/ https://bnb-asset.com/en/knowledge/ipo/45/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The Financial Supervisory Service issued a consumer alert about cases in which websites imitating the homepages of companies undergoing IPOs solicited 'pre-subscriptions' at prices discounted from… https://bnb-asset.com/en/knowledge/ipo/46/ https://bnb-asset.com/en/knowledge/ipo/46/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A KOSDAQ venture fund invests at least a certain proportion of its assets in new shares of venture companies and in venture companies and the like, and it can receive priority allocation of at least… https://bnb-asset.com/en/knowledge/ipo/47/ https://bnb-asset.com/en/knowledge/ipo/47/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A high-risk high-yield investment trust is a fund that holds at least a certain proportion of non-investment-grade bonds and the like, and under Korea Financial Investment Association regulations it… https://bnb-asset.com/en/knowledge/ipo/48/ https://bnb-asset.com/en/knowledge/ipo/48/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The cornerstone investor system allows part of the shares to be allocated to institutional investors to be allocated in advance, before the securities registration statement is filed, to… https://bnb-asset.com/en/knowledge/ipo/49/ https://bnb-asset.com/en/knowledge/ipo/49/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares In January 2025, the financial authorities announced 'Measures to Improve the IPO and Delisting Systems', setting out a direction of shifting the IPO market away from investing for short-term gains… https://bnb-asset.com/en/knowledge/ipo/50/ https://bnb-asset.com/en/knowledge/ipo/50/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares Yes. So-called 'small-scale public offerings', which qualify as public offerings or sales but are under KRW 1 billion, do not require a securities registration statement. https://bnb-asset.com/en/knowledge/ipo/51/ https://bnb-asset.com/en/knowledge/ipo/51/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares The stock market is divided into the primary market (issuance market), where new shares are first supplied through IPOs, paid-in capital increases and the like, and the secondary market (trading… https://bnb-asset.com/en/knowledge/ipo/52/ https://bnb-asset.com/en/knowledge/ipo/52/ Wed, 14 Oct 2026 00:00:00 GMT IPOs & IPO Shares A company preparing to list undergoes an accounting audit by an auditor designated by the Securities and Futures Commission and, if it meets certain criteria, a financial statement review by the… https://bnb-asset.com/en/knowledge/venture-fund/01/ https://bnb-asset.com/en/knowledge/venture-fund/01/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds 'KOSDAQ venture fund' is not an official legal term but a common name for the 'venture company investment trust' defined in the Restriction of Special Taxation Act. https://bnb-asset.com/en/knowledge/venture-fund/02/ https://bnb-asset.com/en/knowledge/venture-fund/02/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The venture company investment trust was created at the end of 1997, but it was rarely used because of a strict rule requiring at least 50% of fund assets to be invested in new shares of venture… https://bnb-asset.com/en/knowledge/venture-fund/03/ https://bnb-asset.com/en/knowledge/venture-fund/03/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds According to the Financial Services Commission, KOSDAQ venture funds were launched on April 5, 2018, and total sales reached KRW 1.9469 trillion (KRW 523.6 billion public, KRW 1.4233 trillion… https://bnb-asset.com/en/knowledge/venture-fund/04/ https://bnb-asset.com/en/knowledge/venture-fund/04/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds According to materials released by the Financial Services Commission in December 2025, the outstanding balance of KOSDAQ venture funds was KRW 3.9 trillion at the end of 2020, KRW 5.1 trillion at the… https://bnb-asset.com/en/knowledge/venture-fund/05/ https://bnb-asset.com/en/knowledge/venture-fund/05/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Because the government has built incentives into the system, namely tax benefits and a separate allocation of IPO shares, to channel money into the KOSDAQ market and venture companies. https://bnb-asset.com/en/knowledge/venture-fund/06/ https://bnb-asset.com/en/knowledge/venture-fund/06/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under the Enforcement Decree of the Restriction of Special Taxation Act, within 6 months of establishment (9 months for funds that are not private), the combined share of (1) investments in venture… https://bnb-asset.com/en/knowledge/venture-fund/07/ https://bnb-asset.com/en/knowledge/venture-fund/07/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The Enforcement Decree defines the 15% requirement in terms of investment under Article 2(1) of the Act on the Promotion of Venture Investment, excluding purchases of shares or bonds held by others. https://bnb-asset.com/en/knowledge/venture-fund/08/ https://bnb-asset.com/en/knowledge/venture-fund/08/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds New shares are newly issued by a company, so the money invested goes to the company and funds its growth; existing shares are already held by shareholders, so when you buy them the money goes to the… https://bnb-asset.com/en/knowledge/venture-fund/09/ https://bnb-asset.com/en/knowledge/venture-fund/09/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds It refers to a company that used to be a venture company, ceased to qualify as one less than 7 years ago, and is a small, medium or mid-sized company listed on the KOSDAQ market. https://bnb-asset.com/en/knowledge/venture-fund/10/ https://bnb-asset.com/en/knowledge/venture-fund/10/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds No. There is a compliance period before the requirements must be met: under the current Enforcement Decree, private funds have 6 months from establishment and funds that are not private have 9 months. https://bnb-asset.com/en/knowledge/venture-fund/11/ https://bnb-asset.com/en/knowledge/venture-fund/11/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The Enforcement Decree has a special rule: if the valuation of the trust assets is below the invested principal and the 15% ratio falls short, the ratio is deemed to be 15%. https://bnb-asset.com/en/knowledge/venture-fund/12/ https://bnb-asset.com/en/knowledge/venture-fund/12/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes. 'Investment' under the Act on the Promotion of Venture Investment includes subscribing for unsecured convertible bonds and unsecured bonds with warrants, so such mezzanine securities can count… https://bnb-asset.com/en/knowledge/venture-fund/13/ https://bnb-asset.com/en/knowledge/venture-fund/13/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds They can. To meet the 15% requirement, a fund must subscribe for new shares or mezzanine securities issued by venture companies, and in 2018 the Financial Services Commission explained that private… https://bnb-asset.com/en/knowledge/venture-fund/14/ https://bnb-asset.com/en/knowledge/venture-fund/14/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds A venture company is a company that meets the requirements of the Special Act on the Promotion of Venture Businesses and has been confirmed as a venture company in recognition of its technological… https://bnb-asset.com/en/knowledge/venture-fund/15/ https://bnb-asset.com/en/knowledge/venture-fund/15/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Since February 12, 2021, the system has been private-sector led: the Korea Venture Business Association, designated as the venture company confirmation institution, handles everything from receiving… https://bnb-asset.com/en/knowledge/venture-fund/16/ https://bnb-asset.com/en/knowledge/venture-fund/16/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under Korea Financial Investment Association regulations, when allocating the share reserved for venture company investment trusts, if funds bid at or above the offer price in book-building and made… https://bnb-asset.com/en/knowledge/venture-fund/17/ https://bnb-asset.com/en/knowledge/venture-fund/17/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Shortly after the 2018 launch, money flowed mainly into private funds, and critics pointed out that the practice of allocating shares regardless of fund size favored small private funds. https://bnb-asset.com/en/knowledge/venture-fund/18/ https://bnb-asset.com/en/knowledge/venture-fund/18/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Korea Financial Investment Association regulations provide that if valid book-building bids from venture company investment trusts are insufficient to fill the mandatory allocation, the mandatory… https://bnb-asset.com/en/knowledge/venture-fund/19/ https://bnb-asset.com/en/knowledge/venture-fund/19/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds No. Under Korea Financial Investment Association regulations, the separate allocation for venture company investment trusts applies to IPOs for listing on the KOSDAQ market and to public offerings of… https://bnb-asset.com/en/knowledge/venture-fund/20/ https://bnb-asset.com/en/knowledge/venture-fund/20/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes. Korea Financial Investment Association regulations provide that when a KOSDAQ-listed company issues new shares through a public offering, at least 30% of the shares remaining after allocations… https://bnb-asset.com/en/knowledge/venture-fund/21/ https://bnb-asset.com/en/knowledge/venture-fund/21/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes, but Korea Financial Investment Association regulations set a separate test. A venture company investment trust that has existed for less than 1 year from its initial establishment to the… https://bnb-asset.com/en/knowledge/venture-fund/22/ https://bnb-asset.com/en/knowledge/venture-fund/22/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds It can. In 2018 materials, the Financial Services Commission analyzed, by fund size, how much KOSDAQ IPO allocations contribute to meeting a fund's obligation to hold new shares, and concluded that… https://bnb-asset.com/en/knowledge/venture-fund/23/ https://bnb-asset.com/en/knowledge/venture-fund/23/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds In January 2025, the financial authorities responded to criticism that more policy funds were selling separately allocated IPO shares on the listing day just for short-term gains, and decided to… https://bnb-asset.com/en/knowledge/venture-fund/24/ https://bnb-asset.com/en/knowledge/venture-fund/24/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds When the funds were first launched in 2018, concerns were raised that without redemption limits, wealthy investors and others with little interest in the tax benefit could enjoy the IPO allocation… https://bnb-asset.com/en/knowledge/venture-fund/25/ https://bnb-asset.com/en/knowledge/venture-fund/25/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes. Korea Financial Investment Association regulations treat it as improper book-building participation if a venture company investment trust that received IPO shares through book-building is… https://bnb-asset.com/en/knowledge/venture-fund/26/ https://bnb-asset.com/en/knowledge/venture-fund/26/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under Korea Financial Investment Association regulations, a collective investment business entity that wants IPO shares allocated to a venture company investment trust must submit a letter of… https://bnb-asset.com/en/knowledge/venture-fund/27/ https://bnb-asset.com/en/knowledge/venture-fund/27/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds When the scheme was introduced in 2018, 30% of KOSDAQ IPO shares were allocated to KOSDAQ venture funds on a priority basis, but the ratio was later adjusted and stood at 25% when the financial… https://bnb-asset.com/en/knowledge/venture-fund/28/ https://bnb-asset.com/en/knowledge/venture-fund/28/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Priority allocation has been run as a temporary benefit with a set deadline. In 2020 Financial Services Commission materials the sunset date was the end of 2023, and in January 2025 materials it was… https://bnb-asset.com/en/knowledge/venture-fund/29/ https://bnb-asset.com/en/knowledge/venture-fund/29/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds No. IPO shares can trade below the offer price after listing, and because participating funds share the separate allocation according to net assets and other factors, the amount each fund receives… https://bnb-asset.com/en/knowledge/venture-fund/30/ https://bnb-asset.com/en/knowledge/venture-fund/30/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes. When the financial authorities improved IPO share allocation in 2020, they required the securities registration statement to state the allocation for each investor type, such as institutional… https://bnb-asset.com/en/knowledge/venture-fund/31/ https://bnb-asset.com/en/knowledge/venture-fund/31/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds An ordinary IPO fund has no separate allocation and takes part in book-building as a 'general institutional investor', competing with other institutions for the remaining institutional allocation. https://bnb-asset.com/en/knowledge/venture-fund/32/ https://bnb-asset.com/en/knowledge/venture-fund/32/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under Korea Financial Investment Association regulations, high-risk high-yield investment trusts (high-yield funds) that commit to a lock-up of at least 15 days receive at least 5% of offered shares… https://bnb-asset.com/en/knowledge/venture-fund/33/ https://bnb-asset.com/en/knowledge/venture-fund/33/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The income deduction under Article 16 of the Restriction of Special Taxation Act deducts an amount from global income when a 'resident' invests in beneficiary certificates of a venture company… https://bnb-asset.com/en/knowledge/venture-fund/34/ https://bnb-asset.com/en/knowledge/venture-fund/34/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds No. The proviso to Article 16(1) of the Restriction of Special Taxation Act states that the income deduction does not apply to investments made by acquiring another person's capital contribution… https://bnb-asset.com/en/knowledge/venture-fund/35/ https://bnb-asset.com/en/knowledge/venture-fund/35/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds In setting the requirements for venture company investment trusts, the Enforcement Decree provides separate compliance periods of 6 months for private collective investment vehicles and 9 months for… https://bnb-asset.com/en/knowledge/venture-fund/36/ https://bnb-asset.com/en/knowledge/venture-fund/36/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under the Enforcement Decree, an investor seeking the deduction must obtain a capital contribution or investment confirmation from the collective investment business entity of the venture company… https://bnb-asset.com/en/knowledge/venture-fund/37/ https://bnb-asset.com/en/knowledge/venture-fund/37/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The deduction is in principle taken in the year of investment, but you may choose one year from the investment year through the year that includes the date 2 years after the investment. https://bnb-asset.com/en/knowledge/venture-fund/38/ https://bnb-asset.com/en/knowledge/venture-fund/38/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under the current Enforcement Decree, the financial company handling the venture company investment trust collects 35/1,000 of the amount of the transfer or redemption of the beneficiary certificates… https://bnb-asset.com/en/knowledge/venture-fund/39/ https://bnb-asset.com/en/knowledge/venture-fund/39/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Article 16 of the Restriction of Special Taxation Act applies the income deduction to amounts contributed to or invested in venture company investment trusts and the like by December 31, 2028… https://bnb-asset.com/en/knowledge/venture-fund/40/ https://bnb-asset.com/en/knowledge/venture-fund/40/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The income deduction is a benefit on the amount invested; separate tax rules apply to income you receive from the fund. https://bnb-asset.com/en/knowledge/venture-fund/41/ https://bnb-asset.com/en/knowledge/venture-fund/41/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds The Financial Services Commission explained that public KOSDAQ venture funds are open to anyone but subject to strict diversification, disclosure and other investor protection rules, giving them an… https://bnb-asset.com/en/knowledge/venture-fund/42/ https://bnb-asset.com/en/knowledge/venture-fund/42/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds A private KOSDAQ venture fund is a general private fund, so only qualified investors can invest. https://bnb-asset.com/en/knowledge/venture-fund/43/ https://bnb-asset.com/en/knowledge/venture-fund/43/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Yes. A KOSDAQ venture fund set up privately is a general private collective investment vehicle under the FSCMA and follows the rules for general private funds, such as issuance only to qualified… https://bnb-asset.com/en/knowledge/venture-fund/44/ https://bnb-asset.com/en/knowledge/venture-fund/44/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds First, under Korea Financial Investment Association regulations, a private venture company investment trust must prohibit redemption for at least 1 year and 6 months from its initial establishment to… https://bnb-asset.com/en/knowledge/venture-fund/45/ https://bnb-asset.com/en/knowledge/venture-fund/45/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under the Enforcement Decree, a venture company investment trust eligible for the income deduction must be an investment trust with a contract term of at least 3 years, so it has a set trust contract… https://bnb-asset.com/en/knowledge/venture-fund/46/ https://bnb-asset.com/en/knowledge/venture-fund/46/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Fund assets are in principle valued at market price, and at fair value where no market price exists. https://bnb-asset.com/en/knowledge/venture-fund/47/ https://bnb-asset.com/en/knowledge/venture-fund/47/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Because a large part of the assets is invested in venture companies and small KOSDAQ companies, price volatility from sector and stock concentration is high, and unlisted shares and mezzanine… https://bnb-asset.com/en/knowledge/venture-fund/48/ https://bnb-asset.com/en/knowledge/venture-fund/48/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Management, distribution and custody fees, as well as sales charges and redemption charges, are set for each fund in its collective investment rules and prospectus or product description. https://bnb-asset.com/en/knowledge/venture-fund/49/ https://bnb-asset.com/en/knowledge/venture-fund/49/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Under the 2021 private fund reform, the obligation to deliver asset management reports applies to general private funds in which general investors have invested, and items such as the fund's… https://bnb-asset.com/en/knowledge/venture-fund/50/ https://bnb-asset.com/en/knowledge/venture-fund/50/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds According to Financial Services Commission materials, KOSDAQ venture funds invest at least 50% of fund assets in shares, CBs and the like of venture companies (including listed ventures) or KOSDAQ… https://bnb-asset.com/en/knowledge/venture-fund/51/ https://bnb-asset.com/en/knowledge/venture-fund/51/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds Article 16 of the Restriction of Special Taxation Act lists contributions to venture investment associations and the like, investments in beneficiary certificates of venture company investment trusts… https://bnb-asset.com/en/knowledge/venture-fund/52/ https://bnb-asset.com/en/knowledge/venture-fund/52/ Wed, 14 Oct 2026 00:00:00 GMT 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… https://bnb-asset.com/en/knowledge/venture-fund/53/ https://bnb-asset.com/en/knowledge/venture-fund/53/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds According to materials released by the Financial Services Commission in June 2026, the public-participation National Growth Fund allowed KOSDAQ venture funds, which benefit from priority IPO… https://bnb-asset.com/en/knowledge/venture-fund/54/ https://bnb-asset.com/en/knowledge/venture-fund/54/ Wed, 14 Oct 2026 00:00:00 GMT KOSDAQ Venture Funds First, check whether the fund is public or private and whether it is designed to meet the requirements for the income deduction and the separate IPO allocation. https://bnb-asset.com/en/knowledge/mezzanine/01/ https://bnb-asset.com/en/knowledge/mezzanine/01/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Mezzanine originally refers to an intermediate floor between the first and second floors of a building, and in finance it refers to securities that sit between bonds and shares. https://bnb-asset.com/en/knowledge/mezzanine/02/ https://bnb-asset.com/en/knowledge/mezzanine/02/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs In materials for a 2018 forum on the development of private funds, the Financial Services Commission explained that growth-stage companies often prefer medium- to long-term mezzanine investment over… https://bnb-asset.com/en/knowledge/mezzanine/03/ https://bnb-asset.com/en/knowledge/mezzanine/03/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs KOFIA guidelines require the fair value of mezzanine securities to be measured by splitting it into a bond value and an option value. https://bnb-asset.com/en/knowledge/mezzanine/04/ https://bnb-asset.com/en/knowledge/mezzanine/04/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The coupon rate is the rate of interest paid at set intervals while you hold the bond, whereas the yield-to-maturity rate (guaranteed yield to maturity) is the annual yield guaranteed if you hold the… https://bnb-asset.com/en/knowledge/mezzanine/05/ https://bnb-asset.com/en/knowledge/mezzanine/05/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Under the Regulations on Securities Issuance and Disclosure, etc., a listed company's conversion price must be at least the highest of the following, counted back from the day before the board… https://bnb-asset.com/en/knowledge/mezzanine/06/ https://bnb-asset.com/en/knowledge/mezzanine/06/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs To refix (lower) the conversion price because of a fall in the market price, the board must set out the grounds, the adjustment dates and the specific adjustment method in advance when the bond is… https://bnb-asset.com/en/knowledge/mezzanine/07/ https://bnb-asset.com/en/knowledge/mezzanine/07/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs If a listed company's privately placed convertible bond includes a condition for lowering the conversion price when the market price falls, the board must also set out, at issuance, that the… https://bnb-asset.com/en/knowledge/mezzanine/08/ https://bnb-asset.com/en/knowledge/mezzanine/08/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs When the conversion price is lowered for reasons other than market price movements that reduce share value, such as a capital increase or stock dividend, it may be lowered only to a price at or above… https://bnb-asset.com/en/knowledge/mezzanine/09/ https://bnb-asset.com/en/knowledge/mezzanine/09/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs A call option is the right of the issuer or a person it designates to demand that bondholders sell the convertible bond at a set price; the regulations call it a 'convertible bond purchase option'… https://bnb-asset.com/en/knowledge/mezzanine/10/ https://bnb-asset.com/en/knowledge/mezzanine/10/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The Financial Services Commission amended the Regulations on Securities Issuance and Disclosure, etc., with effect from December 1, 2024. https://bnb-asset.com/en/knowledge/mezzanine/11/ https://bnb-asset.com/en/knowledge/mezzanine/11/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs No. An early redemption right is merely the investor's right to demand repayment at set times; to actually get the money back, the issuer must be able to repay at that point. https://bnb-asset.com/en/knowledge/mezzanine/12/ https://bnb-asset.com/en/knowledge/mezzanine/12/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Loss of the benefit of term means that when a ground set out in the contract occurs, the issuer loses the benefit of being able to defer repayment until maturity, and the investor becomes able to… https://bnb-asset.com/en/knowledge/mezzanine/13/ https://bnb-asset.com/en/knowledge/mezzanine/13/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Among bonds with warrants (BWs), those whose bond and warrant (right to subscribe for new shares) can be separated and transferred independently are called detachable, and those that can only be… https://bnb-asset.com/en/knowledge/mezzanine/14/ https://bnb-asset.com/en/knowledge/mezzanine/14/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs In principle, yes. Under the Commercial Act, a person who wishes to exercise a warrant must submit a request and pay the full issue price of the new shares, and becomes a shareholder upon payment. https://bnb-asset.com/en/knowledge/mezzanine/15/ https://bnb-asset.com/en/knowledge/mezzanine/15/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Yes, but there are requirements. Under the Commercial Act, when issuing convertible bonds to persons other than shareholders, if the articles of incorporation do not set out the amount of convertible… https://bnb-asset.com/en/knowledge/mezzanine/16/ https://bnb-asset.com/en/knowledge/mezzanine/16/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Even if securities are privately placed with fewer than 50 persons, they are treated by law as a public offering, requiring a securities registration statement, if they could be transferred to 50 or… https://bnb-asset.com/en/knowledge/mezzanine/17/ https://bnb-asset.com/en/knowledge/mezzanine/17/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs This is restricted. During the period from when minority shareholders request the convening of a general meeting, or apply to the court for permission to convene one, to dismiss officers until the… https://bnb-asset.com/en/knowledge/mezzanine/18/ https://bnb-asset.com/en/knowledge/mezzanine/18/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Privately placed convertible bonds can be issued with only a board resolution (and the filing of a major matters report) without submitting a securities registration statement, so the procedure is… https://bnb-asset.com/en/knowledge/mezzanine/19/ https://bnb-asset.com/en/knowledge/mezzanine/19/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs When a company required to file business reports decides to issue convertible bonds, exchangeable bonds or bonds with warrants, it must submit a major matters report to the Financial Services… https://bnb-asset.com/en/knowledge/mezzanine/20/ https://bnb-asset.com/en/knowledge/mezzanine/20/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Payment in kind means a company receives the proceeds of convertible bonds or bonds with warrants in the form of physical assets, such as unlisted shares, real estate or intangible assets, instead of… https://bnb-asset.com/en/knowledge/mezzanine/21/ https://bnb-asset.com/en/knowledge/mezzanine/21/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs In the targeted investigation into unfair trading exploiting privately placed convertible bonds that the Financial Supervisory Service announced in 2023 (40 cases investigated), 32 of the 40 cases… https://bnb-asset.com/en/knowledge/mezzanine/22/ https://bnb-asset.com/en/knowledge/mezzanine/22/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs When convertible bonds are converted into shares or the warrants of bonds with warrants are exercised, new shares are issued and existing shareholders' ownership ratios fall, which is called dilution. https://bnb-asset.com/en/knowledge/mezzanine/23/ https://bnb-asset.com/en/knowledge/mezzanine/23/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Because an exchangeable bond is exchanged for securities held by the issuer, such as shares of another company, the board decides the type and details of the shares or securities to be exchanged, the… https://bnb-asset.com/en/knowledge/mezzanine/24/ https://bnb-asset.com/en/knowledge/mezzanine/24/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs As of October 2026, it cannot. According to the Financial Services Commission, the amended Commercial Act completely prohibits the issuance of exchangeable bonds (EBs) whose underlying securities are… https://bnb-asset.com/en/knowledge/mezzanine/25/ https://bnb-asset.com/en/knowledge/mezzanine/25/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Chapter 5 of the Regulations on Securities Issuance and Disclosure, etc., titled 'Special Provisions for Stock-Listed Corporations', applies rules such as the method for calculating the conversion… https://bnb-asset.com/en/knowledge/mezzanine/26/ https://bnb-asset.com/en/knowledge/mezzanine/26/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs When the Financial Services Commission and the Financial Supervisory Service announced the direction of private fund reforms in 2020, they explained that funds with a high proportion of illiquid… https://bnb-asset.com/en/knowledge/mezzanine/27/ https://bnb-asset.com/en/knowledge/mezzanine/27/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Pre-IPO investment broadly takes three forms: subscribing, through a third-party allotment, for new shares issued by a company preparing to list; buying existing shares held by current shareholders… https://bnb-asset.com/en/knowledge/mezzanine/28/ https://bnb-asset.com/en/knowledge/mezzanine/28/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Under the Commercial Act, shareholders in principle have the right to be allotted new shares in proportion to the shares they hold, so allotting new shares to investors who are not shareholders (a… https://bnb-asset.com/en/knowledge/mezzanine/29/ https://bnb-asset.com/en/knowledge/mezzanine/29/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs For the KOSPI market (Korea Exchange 2025 guidebook), a person who acquired shares, etc. issued by the company through a third-party allotment within 1 year before the preliminary listing review… https://bnb-asset.com/en/knowledge/mezzanine/30/ https://bnb-asset.com/en/knowledge/mezzanine/30/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs According to the Korea Exchange's guidance on KOSDAQ listing review, venture finance firms and professional investors whose investment period is less than 2 years as of the preliminary listing review… https://bnb-asset.com/en/knowledge/mezzanine/31/ https://bnb-asset.com/en/knowledge/mezzanine/31/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs RCPS are preferred shares that combine the features of convertible shares, which can be converted into another class of shares, and redeemable shares, which the company can retire out of its profits… https://bnb-asset.com/en/knowledge/mezzanine/32/ https://bnb-asset.com/en/knowledge/mezzanine/32/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs To protect minority shareholders, the Korea Exchange advises that it is desirable for convertible (redeemable) preferred shares issued by a listing applicant to be converted into common shares before… https://bnb-asset.com/en/knowledge/mezzanine/33/ https://bnb-asset.com/en/knowledge/mezzanine/33/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The Korea Exchange reviews the possibility that conversion of convertible bonds, etc. issued by a listing applicant could change the largest shareholder, and whether the conversion period, conversion… https://bnb-asset.com/en/knowledge/mezzanine/34/ https://bnb-asset.com/en/knowledge/mezzanine/34/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs For the KOSPI market, the result of the preliminary listing review is valid for 6 months from the date of notification, and if there is an unavoidable reason such as a sudden change in market… https://bnb-asset.com/en/knowledge/mezzanine/35/ https://bnb-asset.com/en/knowledge/mezzanine/35/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The pre-IPO price is negotiated between the company and investors before listing, whereas the offer price is determined separately at the time of listing through the underwriter's valuation of the… https://bnb-asset.com/en/knowledge/mezzanine/36/ https://bnb-asset.com/en/knowledge/mezzanine/36/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The typical route is to sell shares in the market after the mandatory holding period ends following listing, and another is to take part in the sale of existing shares, in which current shareholders… https://bnb-asset.com/en/knowledge/mezzanine/37/ https://bnb-asset.com/en/knowledge/mezzanine/37/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs If securities are newly issued (public offering) or already-issued securities are sold (public sale) after soliciting 50 or more investors to acquire them, a securities registration statement must be… https://bnb-asset.com/en/knowledge/mezzanine/38/ https://bnb-asset.com/en/knowledge/mezzanine/38/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Because unlisted shares have no reliable market price, they are measured at fair value, and KOFIA guidelines allow reference to the 'Fair Value Measurement Guidelines for Investments in Unlisted… https://bnb-asset.com/en/knowledge/mezzanine/39/ https://bnb-asset.com/en/knowledge/mezzanine/39/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs According to a Korea Exchange handbook, a SPAC lists after a public offering and then searches for a merger target; once a target is chosen, it goes through a board resolution on the merger and its… https://bnb-asset.com/en/knowledge/mezzanine/40/ https://bnb-asset.com/en/knowledge/mezzanine/40/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The Enforcement Decree of the FSCMA requires a SPAC to list the shares from its initial offering on the stock market within 90 days of the payment date for those shares, and to complete registration… https://bnb-asset.com/en/knowledge/mezzanine/41/ https://bnb-asset.com/en/knowledge/mezzanine/41/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs According to the Korea Exchange, the total investment (shares and equity-linked bonds) of the securities firm serving as lead promoter must be at least 5% of the SPAC's total issuance (shares and… https://bnb-asset.com/en/knowledge/mezzanine/42/ https://bnb-asset.com/en/knowledge/mezzanine/42/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Under the Regulations on Financial Investment Business, a SPAC must deposit or place in trust an amount equal to at least 90% of the issue amount of the shares issued from its initial offering onward… https://bnb-asset.com/en/knowledge/mezzanine/43/ https://bnb-asset.com/en/knowledge/mezzanine/43/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs For the KOSDAQ market, if a SPAC does not apply for the preliminary review of a merger listing at least 6 months before the expiry of its duration set in its articles of incorporation (described in a… https://bnb-asset.com/en/knowledge/mezzanine/44/ https://bnb-asset.com/en/knowledge/mezzanine/44/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs A shareholder who opposes a listed company's board resolution on a merger can notify the company in writing of their opposition before the general meeting of shareholders and then, within 20 days of… https://bnb-asset.com/en/knowledge/mezzanine/45/ https://bnb-asset.com/en/knowledge/mezzanine/45/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs This is restricted. The Korea Exchange's listing rules prevent a SPAC's pre-offering shareholders, etc. https://bnb-asset.com/en/knowledge/mezzanine/46/ https://bnb-asset.com/en/knowledge/mezzanine/46/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Yes. Where a preliminary review of the merger listing is required, such as a merger with an unlisted company, the exchange suspends trading in the SPAC's shares from the time the merger resolution is… https://bnb-asset.com/en/knowledge/mezzanine/47/ https://bnb-asset.com/en/knowledge/mezzanine/47/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs In a SPAC-surviving merger, the listed SPAC absorbs the unlisted company, so the SPAC's listing is maintained, the new merger shares are additionally listed and the company name is changed, among… https://bnb-asset.com/en/knowledge/mezzanine/48/ https://bnb-asset.com/en/knowledge/mezzanine/48/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The merger ratio is determined by each company's merger value, and the merger value of an unlisted corporation is in principle calculated using the formula in the Enforcement Decree of the FSCMA… https://bnb-asset.com/en/knowledge/mezzanine/49/ https://bnb-asset.com/en/knowledge/mezzanine/49/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs For the KOSDAQ market, a SPAC cannot resolve to merge with a corporation that received an ineligibility notice in the preliminary review of the merger listing, a corporation whose merger value and… https://bnb-asset.com/en/knowledge/mezzanine/50/ https://bnb-asset.com/en/knowledge/mezzanine/50/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs The review of a SPAC merger is based on the general new listing criteria, but the special tracks for not-yet-profitable companies and business-model companies do not apply, because the listing… https://bnb-asset.com/en/knowledge/mezzanine/51/ https://bnb-asset.com/en/knowledge/mezzanine/51/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs A SPAC is a company with no business operations whose sole purpose is a merger, so if the merger falls through and it dissolves, the amount returned is based on the escrowed funds, and investors who… https://bnb-asset.com/en/knowledge/mezzanine/52/ https://bnb-asset.com/en/knowledge/mezzanine/52/ Wed, 14 Oct 2026 00:00:00 GMT Mezzanine, Pre-IPO & SPACs Post-IPO investment is not a legal term; it is a common name for a strategy of investing in companies within a certain period after they list. https://bnb-asset.com/en/knowledge/private-funds/01/ https://bnb-asset.com/en/knowledge/private-funds/01/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A private fund (private collective investment vehicle) is a fund that issues its collective investment securities only by private placement; under the FSCMA, it is a collective investment vehicle… https://bnb-asset.com/en/knowledge/private-funds/02/ https://bnb-asset.com/en/knowledge/private-funds/02/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A public fund raises money from investors through public offerings or public sales and is subject to strict investor protection rules, including investment rules such as diversification requirements… https://bnb-asset.com/en/knowledge/private-funds/03/ https://bnb-asset.com/en/knowledge/private-funds/03/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The FSCMA defines soliciting 50 or more investors to subscribe for newly issued securities as a 'public offering', and any solicitation that does not amount to a public offering as a 'private… https://bnb-asset.com/en/knowledge/private-funds/04/ https://bnb-asset.com/en/knowledge/private-funds/04/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors When the 2021 amendment to the FSCMA took effect, the cap on the number of investors in a private fund changed from '49 or fewer' to '100 or fewer'. https://bnb-asset.com/en/knowledge/private-funds/05/ https://bnb-asset.com/en/knowledge/private-funds/05/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors With the 2021 reform, private funds came to be classified not by their management purpose (professional investment type or management participation type) but by the range of eligible investors. https://bnb-asset.com/en/knowledge/private-funds/06/ https://bnb-asset.com/en/knowledge/private-funds/06/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors To prevent a repeat of private fund scandals such as Lime and Optimus and to strengthen the supply of risk capital, the FSCMA and its subordinate regulations were amended, taking effect on October 21… https://bnb-asset.com/en/knowledge/private-funds/07/ https://bnb-asset.com/en/knowledge/private-funds/07/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A qualified investor is an investor who may invest in a general private fund. Under the FSCMA, qualified investors are (1) professional investors as defined by law and (2) individuals, corporations… https://bnb-asset.com/en/knowledge/private-funds/08/ https://bnb-asset.com/en/knowledge/private-funds/08/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Individuals and corporations that are not professional investors must invest at least a minimum amount set according to the fund's level of leverage. https://bnb-asset.com/en/knowledge/private-funds/09/ https://bnb-asset.com/en/knowledge/private-funds/09/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors As a follow-up to the measures introduced after the 2019 derivative-linked fund (DLF) crisis, the FSCMA Enforcement Decree was amended to raise the minimum private fund investment for general… https://bnb-asset.com/en/knowledge/private-funds/10/ https://bnb-asset.com/en/knowledge/private-funds/10/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A professional investor is an investor regarded as able to bear investment risk in light of their expertise in financial investment products, the size of their assets and similar factors. https://bnb-asset.com/en/knowledge/private-funds/11/ https://bnb-asset.com/en/knowledge/private-funds/11/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes, if they meet the requirements. The Enforcement Decree recognizes as a professional investor an individual who, for at least 1 of the last 5 years, held financial investment products specified by… https://bnb-asset.com/en/knowledge/private-funds/12/ https://bnb-asset.com/en/knowledge/private-funds/12/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Since the reform on November 21, 2019, individual professional investor designation has been handled not by the Korea Financial Investment Association but by financial investment business entities… https://bnb-asset.com/en/knowledge/private-funds/13/ https://bnb-asset.com/en/knowledge/private-funds/13/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A corporation or organization with a financial investment product balance of KRW 10 billion or more (KRW 5 billion for stock companies subject to external audit) may apply to the Korea Financial… https://bnb-asset.com/en/knowledge/private-funds/14/ https://bnb-asset.com/en/knowledge/private-funds/14/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The suitability and appropriateness principles and the duty to explain, which apply to general investors, do not apply to professional investors (the prohibition on unfair solicitation still applies). https://bnb-asset.com/en/knowledge/private-funds/15/ https://bnb-asset.com/en/knowledge/private-funds/15/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Certain professional investors may notify a financial investment business entity in writing that they wish to be treated as general investors, and the firm must agree unless it has a justifiable… https://bnb-asset.com/en/knowledge/private-funds/16/ https://bnb-asset.com/en/knowledge/private-funds/16/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors In principle, the limited partners (LPs) of an institutional-only private fund must not be individuals and are restricted to investors with expertise and risk management capabilities. https://bnb-asset.com/en/knowledge/private-funds/17/ https://bnb-asset.com/en/knowledge/private-funds/17/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors An institutional-only private fund consists of one or more unlimited liability partners and one or more limited liability partners, with no more than 100 partners in total. https://bnb-asset.com/en/knowledge/private-funds/18/ https://bnb-asset.com/en/knowledge/private-funds/18/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors With the October 2021 reform, the former management-participation private funds (PEFs) became institutional-only private funds, and the former professional-investment private funds became general… https://bnb-asset.com/en/knowledge/private-funds/19/ https://bnb-asset.com/en/knowledge/private-funds/19/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Investment advertising for general private funds is heavily restricted. Distributors may advertise only to professional investors or to general investors whose financial investment product balance on… https://bnb-asset.com/en/knowledge/private-funds/20/ https://bnb-asset.com/en/knowledge/private-funds/20/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The distributor must first verify whether the investor is a qualified investor. The asset manager prepares a key product description and provides it to the distributor, which must review it in… https://bnb-asset.com/en/knowledge/private-funds/21/ https://bnb-asset.com/en/knowledge/private-funds/21/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The Financial Consumer Protection Act provides that, in principle, the suitability and appropriateness principles do not apply when private funds are sold. https://bnb-asset.com/en/knowledge/private-funds/22/ https://bnb-asset.com/en/knowledge/private-funds/22/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A key product description is a document prepared by the asset manager issuing a general private fund and provided to the distributor. https://bnb-asset.com/en/knowledge/private-funds/23/ https://bnb-asset.com/en/knowledge/private-funds/23/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Before selling, the distributor must verify whether the key product description is consistent with the collective investment rules, whether the risks of the investment have been assessed and stated… https://bnb-asset.com/en/knowledge/private-funds/24/ https://bnb-asset.com/en/knowledge/private-funds/24/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A distributor that has sold a general private fund to general investors must check whether the asset manager's management is consistent with the key product description. https://bnb-asset.com/en/knowledge/private-funds/25/ https://bnb-asset.com/en/knowledge/private-funds/25/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes. For private funds sold to general investors, the trust company must monitor whether the asset manager's management instructions comply with laws and regulations, the collective investment rules… https://bnb-asset.com/en/knowledge/private-funds/26/ https://bnb-asset.com/en/knowledge/private-funds/26/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Since the 2021 reform, the obligation to deliver asset management reports applies to general private funds offered to general investors (reports need not be delivered to professional investors). https://bnb-asset.com/en/knowledge/private-funds/27/ https://bnb-asset.com/en/knowledge/private-funds/27/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors With the 2021 reform, general private funds offered to general investors above a certain size became subject to external audits. https://bnb-asset.com/en/knowledge/private-funds/28/ https://bnb-asset.com/en/knowledge/private-funds/28/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors If a general private fund offered to general investors postpones redemption, it must hold a general meeting of investors within 3 months from the date of postponement to resolve matters concerning… https://bnb-asset.com/en/knowledge/private-funds/29/ https://bnb-asset.com/en/knowledge/private-funds/29/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors It depends on the fund. Unlike public funds, private funds have no obligation to list even if redemption is prohibited, so a fund that invests in illiquid assets may not allow redemption at all or… https://bnb-asset.com/en/knowledge/private-funds/30/ https://bnb-asset.com/en/knowledge/private-funds/30/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Under the 2021 reform, private funds with a high proportion of non-marketable assets for which no market price is available can no longer be set up as open-end funds that allow redemption at any time. https://bnb-asset.com/en/knowledge/private-funds/31/ https://bnb-asset.com/en/knowledge/private-funds/31/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors In principle, this is difficult. In a Financial Supervisory Service dispute mediation case, where the investment proposal stated a maturity of 15 years from the establishment date and the investor… https://bnb-asset.com/en/knowledge/private-funds/32/ https://bnb-asset.com/en/knowledge/private-funds/32/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Investors in a general private fund may not transfer their collective investment securities to anyone who is not a qualified investor. https://bnb-asset.com/en/knowledge/private-funds/33/ https://bnb-asset.com/en/knowledge/private-funds/33/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Most public fund rules, such as diversification requirements, do not apply to private funds, so they enjoy relatively broad freedom in management. https://bnb-asset.com/en/knowledge/private-funds/34/ https://bnb-asset.com/en/knowledge/private-funds/34/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Private funds can invest on a scale larger than their net assets by investing in derivatives, borrowing money, providing debt guarantees and so on; this is called leverage. https://bnb-asset.com/en/knowledge/private-funds/35/ https://bnb-asset.com/en/knowledge/private-funds/35/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes. The FSCMA prohibits performance fees linked to investment results in principle but permits them for private funds, and private fund fee structures are not standardized. https://bnb-asset.com/en/knowledge/private-funds/36/ https://bnb-asset.com/en/knowledge/private-funds/36/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Most public-fund-level rules, such as diversification and disclosure requirements, do not apply to private funds, so they may invest heavily in particular assets, and leverage such as borrowing can… https://bnb-asset.com/en/knowledge/private-funds/37/ https://bnb-asset.com/en/knowledge/private-funds/37/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The Financial Supervisory Service advises checking, before investing in a private fund, whether the asset manager and distributor are regulated financial companies; the investor requirements, such as… https://bnb-asset.com/en/knowledge/private-funds/38/ https://bnb-asset.com/en/knowledge/private-funds/38/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors To manage a general private fund, a firm must register a general private collective investment business with the Financial Services Commission; operating without registration is prohibited. https://bnb-asset.com/en/knowledge/private-funds/39/ https://bnb-asset.com/en/knowledge/private-funds/39/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes. A general private fund must be reported to the Financial Services Commission within 2 weeks from the date it is established, and if any reported matter changes, a change report must be filed… https://bnb-asset.com/en/knowledge/private-funds/40/ https://bnb-asset.com/en/knowledge/private-funds/40/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A general private fund may accept contributions in assets other than cash, such as securities, real estate or physical assets, in accordance with methods prescribed by law, where an objective… https://bnb-asset.com/en/knowledge/private-funds/41/ https://bnb-asset.com/en/knowledge/private-funds/41/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes. A general private fund may set out in its collective investment rules how gains and losses are distributed to investors, including their order of priority. https://bnb-asset.com/en/knowledge/private-funds/42/ https://bnb-asset.com/en/knowledge/private-funds/42/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A blind fund raises money first without having decided on its investment targets, and then finds targets and invests in them. https://bnb-asset.com/en/knowledge/private-funds/43/ https://bnb-asset.com/en/knowledge/private-funds/43/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors 'Hedge fund' commonly refers to a fund that raises money by private placement from a small number of high-net-worth investors and invests actively not only in stocks and bonds but also in high-risk… https://bnb-asset.com/en/knowledge/private-funds/44/ https://bnb-asset.com/en/knowledge/private-funds/44/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors PBS (Prime Brokerage Service) is a business in which a securities firm links and provides comprehensively a range of services needed to manage private funds, such as securities lending and borrowing… https://bnb-asset.com/en/knowledge/private-funds/45/ https://bnb-asset.com/en/knowledge/private-funds/45/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A corporate financial stability private fund invests in companies that need to improve their financial structure, such as companies showing signs of insolvency, companies that have filed for… https://bnb-asset.com/en/knowledge/private-funds/46/ https://bnb-asset.com/en/knowledge/private-funds/46/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors A start-up and venture private fund is a private fund whose purpose is to invest in founders, venture companies, technology-innovative small and medium-sized enterprises and the like, and to… https://bnb-asset.com/en/knowledge/private-funds/47/ https://bnb-asset.com/en/knowledge/private-funds/47/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Yes. Under the 2021 reform, 'general private funds offered to general investors' are subject to strengthened safeguards, such as delivery of the key product description and asset management reports… https://bnb-asset.com/en/knowledge/private-funds/48/ https://bnb-asset.com/en/knowledge/private-funds/48/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Most of the public disclosure obligations that apply to public funds do not apply to private funds, so publicly available information is limited. https://bnb-asset.com/en/knowledge/private-funds/49/ https://bnb-asset.com/en/knowledge/private-funds/49/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors Private funds are also sold by distributors qualified to sell funds, such as banks and securities firms, and a general private fund manager may also sell the general private funds it manages directly. https://bnb-asset.com/en/knowledge/private-funds/50/ https://bnb-asset.com/en/knowledge/private-funds/50/ Wed, 14 Oct 2026 00:00:00 GMT Private Funds & Qualified Investors The Financial Services Commission may order a general private fund to be terminated or dissolved where, for example, the fund does not meet the requirements for establishment, has not been reported… https://bnb-asset.com/en/knowledge/fund-basics/01/ https://bnb-asset.com/en/knowledge/fund-basics/01/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A fund is a financial product in which a professional asset manager invests money pooled from multiple investors in stocks, bonds, real estate and other assets, and returns the results to investors… https://bnb-asset.com/en/knowledge/fund-basics/02/ https://bnb-asset.com/en/knowledge/fund-basics/02/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The FSCMA defines collective investment as pooling money or other assets from two or more investors, managing them in assets with property value without day-to-day management instructions from the… https://bnb-asset.com/en/knowledge/fund-basics/03/ https://bnb-asset.com/en/knowledge/fund-basics/03/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics No. A fund is a performance-based product whose management results pass directly to investors, so you can lose principal. https://bnb-asset.com/en/knowledge/fund-basics/04/ https://bnb-asset.com/en/knowledge/fund-basics/04/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Commonly cited advantages are that professionals manage the money for you, saving time and effort, and that even a small amount lets you spread your investment across many assets. https://bnb-asset.com/en/knowledge/fund-basics/05/ https://bnb-asset.com/en/knowledge/fund-basics/05/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A fund pools money from multiple investors into a single collective investment vehicle, manages it, and shares out the results. https://bnb-asset.com/en/knowledge/fund-basics/06/ https://bnb-asset.com/en/knowledge/fund-basics/06/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An investment trust is a fund created when an asset management company (the settlor) enters into a trust agreement with a trust company (the trustee); the asset manager gives management instructions… https://bnb-asset.com/en/knowledge/fund-basics/07/ https://bnb-asset.com/en/knowledge/fund-basics/07/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The FSCMA classifies collective investment vehicles into investment trusts, investment companies, investment limited companies, investment limited partnership companies, investment limited liability… https://bnb-asset.com/en/knowledge/fund-basics/08/ https://bnb-asset.com/en/knowledge/fund-basics/08/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The FSCMA divides collective investment vehicles by investment target into securities, real estate, special assets, mixed assets and short-term financial (MMF) vehicles, and a 2025 amendment to the… https://bnb-asset.com/en/knowledge/fund-basics/09/ https://bnb-asset.com/en/knowledge/fund-basics/09/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Securities funds are classified by the proportion of the assets they mainly invest in. Generally, a fund that invests 60% or more of its total assets in stocks is called an equity fund, and one that… https://bnb-asset.com/en/knowledge/fund-basics/10/ https://bnb-asset.com/en/knowledge/fund-basics/10/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A special asset fund invests more than 50% of its assets in assets other than securities and real estate; because its range of investment targets is broad, it is easy to create new products. https://bnb-asset.com/en/knowledge/fund-basics/11/ https://bnb-asset.com/en/knowledge/fund-basics/11/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An MMF is a fund that invests in short-maturity, low-credit-risk money market instruments such as government bonds and Monetary Stabilization Bonds, high-grade commercial paper (CP) and certificates… https://bnb-asset.com/en/knowledge/fund-basics/12/ https://bnb-asset.com/en/knowledge/fund-basics/12/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A BDC is a listed public fund that invests 60% or more of its total assets in 'primary investment target companies', such as unlisted venture and innovative companies and companies listed on KONEX or… https://bnb-asset.com/en/knowledge/fund-basics/13/ https://bnb-asset.com/en/knowledge/fund-basics/13/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The key players are the asset management company (collective investment business entity), which creates the fund and gives management instructions; the distributor (a securities firm, bank, insurer… https://bnb-asset.com/en/knowledge/fund-basics/14/ https://bnb-asset.com/en/knowledge/fund-basics/14/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A distributor enters into a sales agreement with the asset manager, sells the fund to investors, and receives and processes investors' redemption requests. https://bnb-asset.com/en/knowledge/fund-basics/15/ https://bnb-asset.com/en/knowledge/fund-basics/15/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A trust company holds and administers fund assets separately from its own proprietary assets and from other assets. https://bnb-asset.com/en/knowledge/fund-basics/16/ https://bnb-asset.com/en/knowledge/fund-basics/16/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Fund assets are held and administered not by the asset manager but by a trust company, and the law requires them to be kept separate from the trust company's own proprietary assets as well. https://bnb-asset.com/en/knowledge/fund-basics/17/ https://bnb-asset.com/en/knowledge/fund-basics/17/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics In principle, you request redemption from the distributor that sold you the fund. However, if the distributor cannot meet redemption requests because of dissolution, revocation of its authorization… https://bnb-asset.com/en/knowledge/fund-basics/18/ https://bnb-asset.com/en/knowledge/fund-basics/18/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The NAV per unit (base price) is the price of one unit of a fund that applies when you buy or sell (redeem) the fund. https://bnb-asset.com/en/knowledge/fund-basics/19/ https://bnb-asset.com/en/knowledge/fund-basics/19/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics NAV (Net Asset Value) is the value of the assets held by a fund or similar vehicle minus its liabilities. https://bnb-asset.com/en/knowledge/fund-basics/20/ https://bnb-asset.com/en/knowledge/fund-basics/20/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Asset managers must in principle value fund assets at market price and, where no reliable market price exists, at fair value as prescribed by law. https://bnb-asset.com/en/knowledge/fund-basics/21/ https://bnb-asset.com/en/knowledge/fund-basics/21/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics For an investment trust, establishment means the asset manager entering into a trust agreement with a trust company and paying in the trust principal to create the fund; issuing more beneficiary… https://bnb-asset.com/en/knowledge/fund-basics/22/ https://bnb-asset.com/en/knowledge/fund-basics/22/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Redemption means a fund investor getting back all or part of their investment stake at the fund's net asset value. https://bnb-asset.com/en/knowledge/fund-basics/23/ https://bnb-asset.com/en/knowledge/fund-basics/23/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics In principle, the FSCMA requires redemption proceeds to be paid on the redemption date set in the collective investment rules, within 15 days from the day the investor requests redemption. https://bnb-asset.com/en/knowledge/fund-basics/24/ https://bnb-asset.com/en/knowledge/fund-basics/24/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics In principle, the redemption price is the NAV per unit calculated after the day the redemption is requested. https://bnb-asset.com/en/knowledge/fund-basics/25/ https://bnb-asset.com/en/knowledge/fund-basics/25/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A redemption fee is charged when you redeem within the charging period set in the collective investment rules, and it is usually levied as a percentage of the profit. https://bnb-asset.com/en/knowledge/fund-basics/26/ https://bnb-asset.com/en/knowledge/fund-basics/26/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Yes. If redemption cannot be made on the scheduled date for reasons prescribed by law, such as the fund being unable to dispose of its assets, the asset manager may postpone redemption. https://bnb-asset.com/en/knowledge/fund-basics/27/ https://bnb-asset.com/en/knowledge/fund-basics/27/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Fees are costs paid out of the fund on an ongoing basis to the asset manager, distributor, trust company, administration company and others, usually calculated as a percentage of the fund's net… https://bnb-asset.com/en/knowledge/fund-basics/28/ https://bnb-asset.com/en/knowledge/fund-basics/28/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The main ones are the management fee, paid for managing the portfolio; the distribution fee, paid for selling and servicing the fund; and the trustee fee, paid for keeping and administering the… https://bnb-asset.com/en/knowledge/fund-basics/29/ https://bnb-asset.com/en/knowledge/fund-basics/29/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A sales charge is paid by the investor in return for the sale of a fund; one deducted when you subscribe is a front-end sales charge, and one deducted when you redeem is a back-end sales charge. https://bnb-asset.com/en/knowledge/fund-basics/30/ https://bnb-asset.com/en/knowledge/fund-basics/30/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Even the same fund is divided into several classes depending on how sales charges and distribution fees are collected. https://bnb-asset.com/en/knowledge/fund-basics/31/ https://bnb-asset.com/en/knowledge/fund-basics/31/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A multi-class fund issues several classes of units within a single fund whose NAVs per unit differ because of differences in distribution fees and sales charges. https://bnb-asset.com/en/knowledge/fund-basics/32/ https://bnb-asset.com/en/knowledge/fund-basics/32/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A listed class is a new exchange-listed class of beneficiary certificates created within an existing public fund; it is listed on the KOSPI market of the Korea Exchange and can be bought and sold in… https://bnb-asset.com/en/knowledge/fund-basics/33/ https://bnb-asset.com/en/knowledge/fund-basics/33/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The TER is the ratio of the fees and expenses paid continuously and repeatedly out of a fund to the fund's net assets. https://bnb-asset.com/en/knowledge/fund-basics/34/ https://bnb-asset.com/en/knowledge/fund-basics/34/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A performance fee is a fee the asset manager receives, calculated in a predetermined way linked to the fund's performance. https://bnb-asset.com/en/knowledge/fund-basics/35/ https://bnb-asset.com/en/knowledge/fund-basics/35/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An open-end fund allows you to request redemption after investing, while a closed-end fund has a fixed term during which you cannot request redemption. https://bnb-asset.com/en/knowledge/fund-basics/36/ https://bnb-asset.com/en/knowledge/fund-basics/36/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A public non-redeemable (closed-end) fund must be listed on the securities market within 90 days from the date its collective investment securities are first issued, unless it has set out a separate… https://bnb-asset.com/en/knowledge/fund-basics/37/ https://bnb-asset.com/en/knowledge/fund-basics/37/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics It is a structure in which money from multiple feeder (child) funds created by the same asset manager is pooled into one master (parent) fund and managed together, with the aim of lowering… https://bnb-asset.com/en/knowledge/fund-basics/38/ https://bnb-asset.com/en/knowledge/fund-basics/38/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A fund of funds invests a substantial portion of its assets (generally 40% or more) in collective investment securities issued by other funds. https://bnb-asset.com/en/knowledge/fund-basics/39/ https://bnb-asset.com/en/knowledge/fund-basics/39/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A switching fund groups several funds under common collective investment rules so that investors can switch to another fund within the group. https://bnb-asset.com/en/knowledge/fund-basics/40/ https://bnb-asset.com/en/knowledge/fund-basics/40/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An index fund builds its portfolio to track the movement of a stock index and aims for the market's average return. https://bnb-asset.com/en/knowledge/fund-basics/41/ https://bnb-asset.com/en/knowledge/fund-basics/41/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An ETF is a fund managed to track changes in a specific index or asset price, and it is listed on an exchange and traded like a stock. https://bnb-asset.com/en/knowledge/fund-basics/42/ https://bnb-asset.com/en/knowledge/fund-basics/42/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A leveraged ETF is designed so that its return moves at a set multiple of changes in the underlying index, while an inverse ETF's return is set to move in the opposite direction to the underlying… https://bnb-asset.com/en/knowledge/fund-basics/43/ https://bnb-asset.com/en/knowledge/fund-basics/43/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An asset management report explains the fund's management results; the asset manager must provide it to investors through the distributor at least once every 3 months, after it has been confirmed by… https://bnb-asset.com/en/knowledge/fund-basics/44/ https://bnb-asset.com/en/knowledge/fund-basics/44/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The asset custody and administration report is prepared and delivered to investors not by the asset manager but by the trust company that holds the fund assets. https://bnb-asset.com/en/knowledge/fund-basics/45/ https://bnb-asset.com/en/knowledge/fund-basics/45/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A prospectus is a statutory document that must be delivered in advance when soliciting investors to buy securities for which a securities registration statement has become effective, and its contents… https://bnb-asset.com/en/knowledge/fund-basics/46/ https://bnb-asset.com/en/knowledge/fund-basics/46/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The trust agreement, which serves as the collective investment rules of an investment trust, covers matters such as the asset manager and trust company, the trust principal and total number of units… https://bnb-asset.com/en/knowledge/fund-basics/47/ https://bnb-asset.com/en/knowledge/fund-basics/47/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A benchmark is the reference used for comparison when evaluating a fund's performance objectively. https://bnb-asset.com/en/knowledge/fund-basics/48/ https://bnb-asset.com/en/knowledge/fund-basics/48/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The Korea Financial Investment Association's electronic disclosure service (dis.kofia.or.kr) offers fund disclosures, fund return disclosures, fund comparison search and NAV per unit lookup. https://bnb-asset.com/en/knowledge/fund-basics/49/ https://bnb-asset.com/en/knowledge/fund-basics/49/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Yes. The asset managers of investment trusts and similar funds must make an ad hoc disclosure without delay when events occur such as a change in investment management personnel, a decision to… https://bnb-asset.com/en/knowledge/fund-basics/50/ https://bnb-asset.com/en/knowledge/fund-basics/50/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A fund rating company evaluates funds and provides that information to investors, distributors and others; it must meet certain requirements and register with the Financial Services Commission. https://bnb-asset.com/en/knowledge/fund-basics/51/ https://bnb-asset.com/en/knowledge/fund-basics/51/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics Under the Financial Consumer Protection Act, financial companies that sell funds must explain the risk grade of investment products, and the example in the Korea Financial Investment Association's… https://bnb-asset.com/en/knowledge/fund-basics/52/ https://bnb-asset.com/en/knowledge/fund-basics/52/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics An onshore fund is established in Korea under Korean law, while an offshore fund is established abroad under foreign law. https://bnb-asset.com/en/knowledge/fund-basics/53/ https://bnb-asset.com/en/knowledge/fund-basics/53/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The FSCMA restricts how fund assets are managed in order to ensure diversification. For example, each fund may not invest more than the ratio set by the Enforcement Decree, within a limit of 10% of… https://bnb-asset.com/en/knowledge/fund-basics/54/ https://bnb-asset.com/en/knowledge/fund-basics/54/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A TDF continuously adjusts its allocation between stocks, bonds and other assets according to the time remaining until the expected retirement date. https://bnb-asset.com/en/knowledge/fund-basics/55/ https://bnb-asset.com/en/knowledge/fund-basics/55/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics A target-conversion fund raises money for a set period and invests it in risky assets such as stocks; once a predetermined target return is reached, it switches to safe assets such as bonds and is… https://bnb-asset.com/en/knowledge/fund-basics/56/ https://bnb-asset.com/en/knowledge/fund-basics/56/ Wed, 14 Oct 2026 00:00:00 GMT Fund Basics The asset manager must distribute profits from managing the fund to investors in cash or in newly issued collective investment securities. https://bnb-asset.com/en/knowledge/stocks/01/ https://bnb-asset.com/en/knowledge/stocks/01/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A share of stock is a unit that makes up the capital of a stock company, and it also means the equity interest (status as a shareholder) that a shareholder obtains by contributing capital to the… https://bnb-asset.com/en/knowledge/stocks/02/ https://bnb-asset.com/en/knowledge/stocks/02/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Shareholders have rights such as voting at general meetings of shareholders, receiving dividends from the company's profits, and being allotted new shares in proportion to their holdings when the… https://bnb-asset.com/en/knowledge/stocks/03/ https://bnb-asset.com/en/knowledge/stocks/03/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Common shares are ordinary voting shares, while preferred shares usually carry no voting rights but rank ahead of common shares in matters such as dividends. https://bnb-asset.com/en/knowledge/stocks/04/ https://bnb-asset.com/en/knowledge/stocks/04/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Under the Commercial Act, a company may issue, as provided in its articles of incorporation, classes of shares that differ in matters such as profit dividends, distribution of residual assets… https://bnb-asset.com/en/knowledge/stocks/05/ https://bnb-asset.com/en/knowledge/stocks/05/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Convertible shares are a class of shares that can be converted into another class (e.g., from preferred to common) under conditions set in the articles of incorporation, and convertible preferred… https://bnb-asset.com/en/knowledge/stocks/06/ https://bnb-asset.com/en/knowledge/stocks/06/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Market capitalization is the share price multiplied by the number of common shares issued, and it represents the total value of the company's equity as valued by the market. https://bnb-asset.com/en/knowledge/stocks/07/ https://bnb-asset.com/en/knowledge/stocks/07/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A stock index is an indicator that combines the price movements of many stocks to show the price level of the stock market as a whole. https://bnb-asset.com/en/knowledge/stocks/08/ https://bnb-asset.com/en/knowledge/stocks/08/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The KOSPI is the benchmark stock index that expresses the market capitalization of companies listed on the Korea Exchange's KOSPI market relative to a base date. https://bnb-asset.com/en/knowledge/stocks/09/ https://bnb-asset.com/en/knowledge/stocks/09/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks KOSDAQ is a stock market opened in July 1996, modeled on the US NASDAQ, to help small and medium-sized enterprises and venture companies raise business funds smoothly through the stock market. https://bnb-asset.com/en/knowledge/stocks/10/ https://bnb-asset.com/en/knowledge/stocks/10/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The KOSPI 200 and the KOSDAQ 150 are indices made up of 200 and 150 stocks, respectively, selected from among KOSPI- and KOSDAQ-listed stocks with large market capitalization and high trading volume… https://bnb-asset.com/en/knowledge/stocks/11/ https://bnb-asset.com/en/knowledge/stocks/11/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The KOSPI market, the KOSDAQ market and the KONEX market are exchange markets opened and operated by the Korea Exchange, while the K-OTC market is an over-the-counter market. https://bnb-asset.com/en/knowledge/stocks/12/ https://bnb-asset.com/en/knowledge/stocks/12/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks An investor first opens a trading account with a securities firm and places an order, and the securities firm, as a member of the exchange, submits (quotes) that order to the exchange. https://bnb-asset.com/en/knowledge/stocks/13/ https://bnb-asset.com/en/knowledge/stocks/13/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The Korean stock market settles securities and cash on the 2nd trading day after the trade date (T+2). https://bnb-asset.com/en/knowledge/stocks/14/ https://bnb-asset.com/en/knowledge/stocks/14/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks According to the Financial Supervisory Service, orders for determining the opening price are accepted from 8:30 to 9:00 a.m., and regular market trading begins at 9:00. https://bnb-asset.com/en/knowledge/stocks/15/ https://bnb-asset.com/en/knowledge/stocks/15/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A single-price auction is a method in which orders received over a set period are collected and executed all at once at a single price; it is commonly called a 'simultaneous quote' session in Korea. https://bnb-asset.com/en/knowledge/stocks/16/ https://bnb-asset.com/en/knowledge/stocks/16/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A limit order specifies the price at which you want to buy or sell; it is executed only at that price or a better one, but it may not be executed at all. https://bnb-asset.com/en/knowledge/stocks/17/ https://bnb-asset.com/en/knowledge/stocks/17/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The after-hours market operates outside regular market hours; according to the Financial Supervisory Service glossary, it runs from 08:00 to 09:00 before the market opens and from 15:40 to 18:00… https://bnb-asset.com/en/knowledge/stocks/18/ https://bnb-asset.com/en/knowledge/stocks/18/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The daily price limit is the maximum amount by which an individual stock's price can rise or fall in a single day, a mechanism to reduce the shock that excessive price movements cause to the market. https://bnb-asset.com/en/knowledge/stocks/19/ https://bnb-asset.com/en/knowledge/stocks/19/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Circuit breakers (trading halts) are triggered in stages when the KOSPI or KOSDAQ index falls 8%, 15% or 20% or more from the previous trading day and stays there for 1 minute. https://bnb-asset.com/en/knowledge/stocks/20/ https://bnb-asset.com/en/knowledge/stocks/20/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A sidecar (temporary suspension of program trading orders) is a mechanism to reduce the impact of program trading on the cash market when futures prices change sharply. https://bnb-asset.com/en/knowledge/stocks/21/ https://bnb-asset.com/en/knowledge/stocks/21/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A VI is a mechanism that gives investors a cooling-off period by allowing only single-price auction trading for 2 minutes when the price of an individual stock temporarily changes sharply due to… https://bnb-asset.com/en/knowledge/stocks/22/ https://bnb-asset.com/en/knowledge/stocks/22/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The short-term overheating mitigation system is designed to prevent excessive momentum trading and unfair trading in stocks that continue to show abnormal surges or overheating. https://bnb-asset.com/en/knowledge/stocks/23/ https://bnb-asset.com/en/knowledge/stocks/23/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Short selling means selling securities you do not own or have borrowed; it is a trade in which you sell when you expect the price to fall and later buy them back more cheaply to return them… https://bnb-asset.com/en/knowledge/stocks/24/ https://bnb-asset.com/en/knowledge/stocks/24/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The FSCMA prohibits naked short selling, i.e., selling listed securities you do not own, and allows only covered short selling, settled with borrowed securities, when it follows the methods… https://bnb-asset.com/en/knowledge/stocks/25/ https://bnb-asset.com/en/knowledge/stocks/25/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The uptick rule prohibits placing short sale orders at or below the last price, to prevent short selling from directly pushing prices down. https://bnb-asset.com/en/knowledge/stocks/26/ https://bnb-asset.com/en/knowledge/stocks/26/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Illegal short selling is subject to criminal penalties such as fines and to administrative penalty surcharges. https://bnb-asset.com/en/knowledge/stocks/27/ https://bnb-asset.com/en/knowledge/stocks/27/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Individuals mainly short sell by borrowing shares through the stock borrowing for margin trading service offered by securities firms. https://bnb-asset.com/en/knowledge/stocks/28/ https://bnb-asset.com/en/knowledge/stocks/28/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A dividend is a distribution of part of a company's profits to its shareholders; types include cash dividends paid in cash and stock dividends paid in new shares. https://bnb-asset.com/en/knowledge/stocks/29/ https://bnb-asset.com/en/knowledge/stocks/29/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Under the Commercial Act, a company may pay dividends up to the amount of net assets on its statement of financial position less capital stock, accumulated capital reserves and earned surplus… https://bnb-asset.com/en/knowledge/stocks/30/ https://bnb-asset.com/en/knowledge/stocks/30/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A stock dividend pays the profit dividend in newly issued shares instead of cash; it requires a resolution of the general meeting of shareholders, and the shares are distributed at par value. https://bnb-asset.com/en/knowledge/stocks/31/ https://bnb-asset.com/en/knowledge/stocks/31/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A company that closes its accounts once a year may, if its articles of incorporation so provide, pay an interim dividend once during the business year by board resolution (Commercial Act). https://bnb-asset.com/en/knowledge/stocks/32/ https://bnb-asset.com/en/knowledge/stocks/32/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks To determine which shareholders may exercise rights such as receiving dividends, a company sets a specific date (the record date) and grants the rights to the shareholders listed on the shareholder… https://bnb-asset.com/en/knowledge/stocks/33/ https://bnb-asset.com/en/knowledge/stocks/33/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Ex-dividend means that buying the shares no longer comes with the right to receive the most recently declared dividend. https://bnb-asset.com/en/knowledge/stocks/34/ https://bnb-asset.com/en/knowledge/stocks/34/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A paid-in capital increase is when a company raises funds by issuing new shares and selling them to investors for money. https://bnb-asset.com/en/knowledge/stocks/35/ https://bnb-asset.com/en/knowledge/stocks/35/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Shareholder allotment is the basic method, in which existing shareholders are given the right to subscribe for new shares in proportion to their holdings. https://bnb-asset.com/en/knowledge/stocks/36/ https://bnb-asset.com/en/knowledge/stocks/36/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks No. A bonus issue (free capital increase) transfers reserves (mainly capital surplus) to capital stock by board resolution or similar means and distributes an equivalent number of new shares to… https://bnb-asset.com/en/knowledge/stocks/37/ https://bnb-asset.com/en/knowledge/stocks/37/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Bonus shares are allotted in proportion to the number of shares held by shareholders as of the record date for the allotment of new shares. https://bnb-asset.com/en/knowledge/stocks/38/ https://bnb-asset.com/en/knowledge/stocks/38/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A stock split increases the number of shares by dividing the par value of each share while leaving the company's capital unchanged; because it amends the articles of incorporation, it requires a… https://bnb-asset.com/en/knowledge/stocks/39/ https://bnb-asset.com/en/knowledge/stocks/39/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A reverse stock split (share consolidation) combines the par value of several issued shares into a smaller number of shares; it is the opposite of a stock split. https://bnb-asset.com/en/knowledge/stocks/40/ https://bnb-asset.com/en/knowledge/stocks/40/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A share buyback is when a company buys back shares it has issued. Under the Commercial Act, it may acquire them within the limit of distributable profits by prescribed methods such as purchases on… https://bnb-asset.com/en/knowledge/stocks/41/ https://bnb-asset.com/en/knowledge/stocks/41/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The PER is the share price divided by earnings per share (EPS), showing how many times its per-share earnings a stock is trading at. https://bnb-asset.com/en/knowledge/stocks/42/ https://bnb-asset.com/en/knowledge/stocks/42/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The PBR is the share price divided by book value per share (BPS), indicating the level of the share price relative to the company's net assets on its books. https://bnb-asset.com/en/knowledge/stocks/43/ https://bnb-asset.com/en/knowledge/stocks/43/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks EPS is a company's net income divided by the number of shares issued, showing how much profit was earned per share over a year. https://bnb-asset.com/en/knowledge/stocks/44/ https://bnb-asset.com/en/knowledge/stocks/44/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks ROE is net income divided by shareholders' equity (total equity), showing how much profit a company earned over a year using its shareholders' capital. https://bnb-asset.com/en/knowledge/stocks/45/ https://bnb-asset.com/en/knowledge/stocks/45/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Buying many stocks directly requires a lot of money, but ETFs managed to track a stock index or similar benchmark let you achieve the effect of diversifying across many stocks even with a small… https://bnb-asset.com/en/knowledge/stocks/46/ https://bnb-asset.com/en/knowledge/stocks/46/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Margin trading uses leverage, such as borrowing money from a securities firm (a margin loan) to buy shares; gains grow when prices rise, but losses also grow when they fall. https://bnb-asset.com/en/knowledge/stocks/47/ https://bnb-asset.com/en/knowledge/stocks/47/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Unpaid-balance trading means buying shares on credit, using as collateral a margin deposit equal to part of the purchase price (usually 40% or more) and the shares you hold. https://bnb-asset.com/en/knowledge/stocks/48/ https://bnb-asset.com/en/knowledge/stocks/48/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Delisting means a security loses its eligibility to be traded on the exchange; it may occur at the company's own request or by decision of the exchange on its own authority. https://bnb-asset.com/en/knowledge/stocks/49/ https://bnb-asset.com/en/knowledge/stocks/49/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks In January 2025, the financial authorities announced measures to tighten delisting requirements and streamline procedures so that underperforming companies can be removed in a timely manner. https://bnb-asset.com/en/knowledge/stocks/50/ https://bnb-asset.com/en/knowledge/stocks/50/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Under this system, a person who, together with specially related persons, comes to hold 5% or more of a listed company's shares or similar securities, or whose holding subsequently changes by 1% or… https://bnb-asset.com/en/knowledge/stocks/51/ https://bnb-asset.com/en/knowledge/stocks/51/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks When the general meeting of shareholders resolves on a matter that greatly affects shareholders' interests, such as a merger or a transfer or acquisition of business, shareholders who opposed it have… https://bnb-asset.com/en/knowledge/stocks/52/ https://bnb-asset.com/en/knowledge/stocks/52/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks The FSCMA prohibits insiders, such as officers, employees and major shareholders of listed companies, and people who receive information from them, from using material non-public information that… https://bnb-asset.com/en/knowledge/stocks/53/ https://bnb-asset.com/en/knowledge/stocks/53/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A market maker is a securities firm that signs a market-making agreement with the exchange and continuously presents two-way buy and sell quotes for predetermined stocks, acting as a counterparty to… https://bnb-asset.com/en/knowledge/stocks/54/ https://bnb-asset.com/en/knowledge/stocks/54/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks Overseas stocks are exposed to exchange rate risk when you convert currency before buying and after selling, so you can incur a loss from currency movements even if the share price rises. https://bnb-asset.com/en/knowledge/stocks/55/ https://bnb-asset.com/en/knowledge/stocks/55/ Wed, 14 Oct 2026 00:00:00 GMT Investing in Stocks A leveraged ETF moves by a multiple of the underlying index's daily rate of change, so when the index repeatedly rises and falls, a 'compounding effect' can make the cumulative return lower than the… https://bnb-asset.com/en/knowledge/tax/01/ https://bnb-asset.com/en/knowledge/tax/01/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, income received from a collective investment vehicle (fund) is in principle classified as dividend income. https://bnb-asset.com/en/knowledge/tax/02/ https://bnb-asset.com/en/knowledge/tax/02/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, the fund must be a collective investment vehicle under the FSCMA that settles its accounts and makes distributions at least once a year, and that receives money… https://bnb-asset.com/en/knowledge/tax/03/ https://bnb-asset.com/en/knowledge/tax/03/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, gains and losses arising from a collective investment vehicle's trading or valuation of securities listed on the securities market, or of exchange-traded… https://bnb-asset.com/en/knowledge/tax/04/ https://bnb-asset.com/en/knowledge/tax/04/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Enforcement Decree of the Income Tax Act, fund income is in principle recognized on the date it is paid, or, where there is a special agreement to add distributions to principal, on the… https://bnb-asset.com/en/knowledge/tax/05/ https://bnb-asset.com/en/knowledge/tax/05/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Even if you reinvest distributions instead of receiving them in cash, distributions that are subject to a special agreement to add them to principal are deemed to be income on the date they are added… https://bnb-asset.com/en/knowledge/tax/06/ https://bnb-asset.com/en/knowledge/tax/06/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The Restriction of Special Taxation Act provides that when a collective investment vehicle meeting certain requirements redeems its own collective investment securities, the investor's transfer of… https://bnb-asset.com/en/knowledge/tax/07/ https://bnb-asset.com/en/knowledge/tax/07/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Interest income includes interest and discounts on bonds and securities issued by the State, local governments, domestic corporations and foreign corporations; interest on domestic and overseas… https://bnb-asset.com/en/knowledge/tax/08/ https://bnb-asset.com/en/knowledge/tax/08/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Dividend income includes dividends of profits or surplus received from domestic and foreign corporations, deemed dividends, income from collective investment vehicles, and income from… https://bnb-asset.com/en/knowledge/tax/09/ https://bnb-asset.com/en/knowledge/tax/09/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Withholding is a system in which the payer of income (the withholding agent) deducts tax in advance when paying the recipient and pays it to the State on the recipient's behalf. https://bnb-asset.com/en/knowledge/tax/10/ https://bnb-asset.com/en/knowledge/tax/10/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, the withholding rate on ordinary interest and dividend income is 14%, with local income tax added separately. https://bnb-asset.com/en/knowledge/tax/11/ https://bnb-asset.com/en/knowledge/tax/11/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules In addition to the 14% income tax withholding rate on interest and dividend income, personal local income tax equal to 10% of the income tax amount (1.4%) is specially collected at the same time. https://bnb-asset.com/en/knowledge/tax/12/ https://bnb-asset.com/en/knowledge/tax/12/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules There is a small-amount exemption under which tax is not withheld if the withholding amount is less than KRW 1,000. https://bnb-asset.com/en/knowledge/tax/13/ https://bnb-asset.com/en/knowledge/tax/13/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, if financial income (interest and dividend income combined) is KRW 20 million or less a year and tax has been withheld, the principle is separate taxation, in which taxation… https://bnb-asset.com/en/knowledge/tax/14/ https://bnb-asset.com/en/knowledge/tax/14/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules No. Under the special provisions of the Income Tax Act for calculating tax under comprehensive taxation, the withholding rate (14%) applies to financial income up to KRW 20 million, and only the… https://bnb-asset.com/en/knowledge/tax/15/ https://bnb-asset.com/en/knowledge/tax/15/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The global income tax rates for income attributable to 2023-2025, as published by the National Tax Service, are 8 progressive brackets ranging from 6% for a tax base of KRW 14 million or less to 45%… https://bnb-asset.com/en/knowledge/tax/16/ https://bnb-asset.com/en/knowledge/tax/16/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Anyone with global income in a given year must file and pay global income tax from May 1 to May 31 of the following year (by June 30 for those submitting a confirmation of faithful filing). https://bnb-asset.com/en/knowledge/tax/17/ https://bnb-asset.com/en/knowledge/tax/17/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Because dividends are paid out of profits on which corporate tax has already been paid, under comprehensive taxation an amount equal to certain dividend income multiplied by a gross-up rate is added… https://bnb-asset.com/en/knowledge/tax/18/ https://bnb-asset.com/en/knowledge/tax/18/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules For dividends paid on or after January 1, 2026, cash dividends that residents receive from high-dividend listed corporations meeting the requirements can be excluded from the comprehensive taxation… https://bnb-asset.com/en/knowledge/tax/19/ https://bnb-asset.com/en/knowledge/tax/19/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules In the National Tax Service's commentary on the amended tax laws, the description of what is covered by the separate taxation of high-dividend company dividends shows public and private funds, REITs… https://bnb-asset.com/en/knowledge/tax/20/ https://bnb-asset.com/en/knowledge/tax/20/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, listed shares are subject to capital gains tax when transferred by major shareholders, or when transferred outside the securities market by persons who are not major… https://bnb-asset.com/en/knowledge/tax/21/ https://bnb-asset.com/en/knowledge/tax/21/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The Income Tax Act provides that the major shareholders subject to capital gains tax on listed shares are to be defined by Presidential Decree, taking into account factors such as the shareholding… https://bnb-asset.com/en/knowledge/tax/22/ https://bnb-asset.com/en/knowledge/tax/22/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, shares transferred by major shareholders are taxed at 20% on a tax base of up to KRW 300 million and 25% on the portion over KRW 300 million, and at 30% for shares of… https://bnb-asset.com/en/knowledge/tax/23/ https://bnb-asset.com/en/knowledge/tax/23/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, when you transfer shares, you must file a preliminary return and pay within 2 months from the last day of the half-year in which the transfer date falls, and if… https://bnb-asset.com/en/knowledge/tax/24/ https://bnb-asset.com/en/knowledge/tax/24/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules If you do not file a preliminary or final return, the government determines the tax and notifies you, and a penalty tax for failure to file (20% or 40%) and a late payment penalty tax of 0.022% per… https://bnb-asset.com/en/knowledge/tax/25/ https://bnb-asset.com/en/knowledge/tax/25/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Yes. According to the National Tax Service, income from trading derivatives based on domestic or foreign stock indices, contracts for difference (CFDs), equity-linked warrants (ELWs), overseas… https://bnb-asset.com/en/knowledge/tax/26/ https://bnb-asset.com/en/knowledge/tax/26/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Securities transaction tax is levied on the transfer of shares or equity interests, with the transfer price as the tax base, so it is charged when you sell, regardless of whether you made a profit. https://bnb-asset.com/en/knowledge/tax/27/ https://bnb-asset.com/en/knowledge/tax/27/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service's commentary on the 2026 tax law amendments, for transfers on or after January 1, 2026, KOSPI-listed shares are subject to securities transaction tax of 0.05%… https://bnb-asset.com/en/knowledge/tax/28/ https://bnb-asset.com/en/knowledge/tax/28/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules For individuals, bonds are not listed among the assets subject to capital gains tax under the Income Tax Act, so trading gains arising from changes in bond prices are generally not taxed in… https://bnb-asset.com/en/knowledge/tax/29/ https://bnb-asset.com/en/knowledge/tax/29/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The government's 2024 tax law amendment proposal included the abolition of the financial investment income tax, and the provisions on financial investment income in the current Income Tax Act were… https://bnb-asset.com/en/knowledge/tax/30/ https://bnb-asset.com/en/knowledge/tax/30/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules An ISA is an account in which you can invest in various financial products, such as deposits, funds and listed shares, within a single account and receive tax benefits on the interest and dividend… https://bnb-asset.com/en/knowledge/tax/31/ https://bnb-asset.com/en/knowledge/tax/31/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Restriction of Special Taxation Act, residents aged 19 or older as of the date of opening or extension, or residents aged 15 or older who had employment income in the preceding tax period… https://bnb-asset.com/en/knowledge/tax/32/ https://bnb-asset.com/en/knowledge/tax/32/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Restriction of Special Taxation Act, up to KRW 2 million of the combined interest and dividend income from an ISA is tax-free, and up to KRW 4 million for the low-income type and the… https://bnb-asset.com/en/knowledge/tax/33/ https://bnb-asset.com/en/knowledge/tax/33/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules If you terminate the account before 3 years have passed from the initial contract date, the tax corresponding to the tax benefits you have received is recovered. https://bnb-asset.com/en/knowledge/tax/34/ https://bnb-asset.com/en/knowledge/tax/34/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Restriction of Special Taxation Act, the annual contribution limit for an ISA is KRW 20 million, and unused limits accumulate for each year that has passed since opening (up to 4 years)… https://bnb-asset.com/en/knowledge/tax/35/ https://bnb-asset.com/en/knowledge/tax/35/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules An ISA can be invested in deposit-type products such as deposits and savings, collective investment securities (funds), derivative-linked securities and derivative-linked bonds, shares of… https://bnb-asset.com/en/knowledge/tax/36/ https://bnb-asset.com/en/knowledge/tax/36/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules If all or part of the balance of an ISA that is more than 3 years past its contract date is paid into a pension account, that ISA is deemed to have reached the end of its contract period. https://bnb-asset.com/en/knowledge/tax/37/ https://bnb-asset.com/en/knowledge/tax/37/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Pension accounts include pension savings accounts opened under the name 'pension savings' (pension savings insurance, pension savings funds and pension savings trusts) and retirement pension accounts… https://bnb-asset.com/en/knowledge/tax/38/ https://bnb-asset.com/en/knowledge/tax/38/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The annual contribution limit for pension accounts, combining pension savings accounts and retirement pension accounts, is KRW 18 million; if you have several accounts, the total across them is what… https://bnb-asset.com/en/knowledge/tax/39/ https://bnb-asset.com/en/knowledge/tax/39/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, a withdrawal is recognized as 'pension receipt' only if the account holder applies to start receiving a pension after age 55, 5 years have passed since the… https://bnb-asset.com/en/knowledge/tax/40/ https://bnb-asset.com/en/knowledge/tax/40/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Income Tax Act, when contributions for which a tax credit was received and investment returns are received as a pension, tax is withheld at 5% if you are under 70 as of the date of receipt… https://bnb-asset.com/en/knowledge/tax/41/ https://bnb-asset.com/en/knowledge/tax/41/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, non-pension withdrawals from a pension account are subject to a 15% withholding rate as other income. https://bnb-asset.com/en/knowledge/tax/42/ https://bnb-asset.com/en/knowledge/tax/42/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Contributions to pension accounts are eligible for a tax credit within the limits set by tax law, and the amounts for which a credit was received are taxed as pension income when later received as a… https://bnb-asset.com/en/knowledge/tax/43/ https://bnb-asset.com/en/knowledge/tax/43/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Restriction of Special Taxation Act, when a resident invests in the beneficiary certificates of a venture company investment trust (KOSDAQ venture fund), 10% of the investment amount can be… https://bnb-asset.com/en/knowledge/tax/44/ https://bnb-asset.com/en/knowledge/tax/44/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Under the Restriction of Special Taxation Act, if after receiving the income deduction you transfer or redeem the beneficiary certificates (including partial redemptions) before 3 years have passed… https://bnb-asset.com/en/knowledge/tax/45/ https://bnb-asset.com/en/knowledge/tax/45/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, domestic-source interest and dividend income of non-residents without a domestic place of business is in principle taxed separately through withholding at 20%… https://bnb-asset.com/en/knowledge/tax/46/ https://bnb-asset.com/en/knowledge/tax/46/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The Income Tax Act provides that if foreign income tax has been paid, the domestic withholding tax is reduced by the amount of that foreign income tax. https://bnb-asset.com/en/knowledge/tax/47/ https://bnb-asset.com/en/knowledge/tax/47/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules If the total balance of overseas financial accounts held by a resident or domestic corporation exceeds KRW 500 million on any month-end day of the year, the accounts must be reported in June of the… https://bnb-asset.com/en/knowledge/tax/48/ https://bnb-asset.com/en/knowledge/tax/48/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules According to the National Tax Service, a withholding rate of 45% applies to interest and dividend income whose real-name holder has not been verified, and 90% applies to income from non-real-name… https://bnb-asset.com/en/knowledge/tax/49/ https://bnb-asset.com/en/knowledge/tax/49/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules Interest and dividend income is counted as income for the year in which the 'time of receipt' prescribed by the Enforcement Decree of the Income Tax Act falls. https://bnb-asset.com/en/knowledge/tax/50/ https://bnb-asset.com/en/knowledge/tax/50/ Wed, 14 Oct 2026 00:00:00 GMT Taxes & Tax Rules The tax information on this page is a general guide to the rules, and actual taxes vary with personal circumstances such as the composition of your income, holding periods and residency status. https://bnb-asset.com/en/knowledge/investor-protection/01/ https://bnb-asset.com/en/knowledge/investor-protection/01/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Consumer Protection Act took effect on March 25, 2021, to strengthen the protection of financial consumers, prompted by events such as the mis-selling of derivative-linked funds (DLFs)… https://bnb-asset.com/en/knowledge/investor-protection/02/ https://bnb-asset.com/en/knowledge/investor-protection/02/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Act divides all financial products into 4 types: deposit-type, loan-type, protection-type (insurance) and investment-type products. https://bnb-asset.com/en/knowledge/investor-protection/03/ https://bnb-asset.com/en/knowledge/investor-protection/03/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Professional financial consumers are consumers regarded as able to bear risk in light of their expertise in financial products or the size of their assets, such as the State, local governments… https://bnb-asset.com/en/knowledge/investor-protection/04/ https://bnb-asset.com/en/knowledge/investor-protection/04/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The six major sales principles are the business conduct requirements that the Financial Consumer Protection Act imposes on sellers and advisers of financial products: the suitability principle, the… https://bnb-asset.com/en/knowledge/investor-protection/05/ https://bnb-asset.com/en/knowledge/investor-protection/05/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection According to the Financial Services Commission, violations of the six major sales principles can be subject to an administrative fine of up to KRW 100 million. https://bnb-asset.com/en/knowledge/investor-protection/06/ https://bnb-asset.com/en/knowledge/investor-protection/06/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The suitability principle requires a financial company, when recommending a product to a general financial consumer, to ascertain the consumer's investment objectives, financial situation, investment… https://bnb-asset.com/en/knowledge/investor-protection/07/ https://bnb-asset.com/en/knowledge/investor-protection/07/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection For investment-type products, whether the consumer's capacity to bear losses is appropriate is judged by considering together the purpose of the transaction, the contract period, attitude toward risk… https://bnb-asset.com/en/knowledge/investor-protection/08/ https://bnb-asset.com/en/knowledge/investor-protection/08/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The suitability principle applies when a financial company 'recommends' a product, whereas the appropriateness principle applies when a consumer seeks to buy a product on their own without a… https://bnb-asset.com/en/knowledge/investor-protection/09/ https://bnb-asset.com/en/knowledge/investor-protection/09/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Even in non-face-to-face transactions, the suitability principle applies in principle if the financial company recommends a product after the consumer has indicated a wish to receive recommendations. https://bnb-asset.com/en/knowledge/investor-protection/10/ https://bnb-asset.com/en/knowledge/investor-protection/10/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection When recommending a contract to a general financial consumer, or when the consumer asks for an explanation, a financial company must explain the important features of the product in a way the… https://bnb-asset.com/en/knowledge/investor-protection/11/ https://bnb-asset.com/en/knowledge/investor-protection/11/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection If you did not understand the explanation, hold off on signing or giving recorded confirmation that you 'understood', and ask for further explanation. https://bnb-asset.com/en/knowledge/investor-protection/12/ https://bnb-asset.com/en/knowledge/investor-protection/12/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection No. The Enforcement Decree of the Financial Consumer Protection Act allows product descriptions to be provided in writing, by post or email, or by electronic means such as mobile text messages. https://bnb-asset.com/en/knowledge/investor-protection/13/ https://bnb-asset.com/en/knowledge/investor-protection/13/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection A key summary document summarizes the important contents of a lengthy product description and is placed at the very front of it. https://bnb-asset.com/en/knowledge/investor-protection/14/ https://bnb-asset.com/en/knowledge/investor-protection/14/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection These are practices in which a financial company uses its superior position to infringe on consumers' rights and interests; typical examples are forcing a consumer to sign up for other financial… https://bnb-asset.com/en/knowledge/investor-protection/15/ https://bnb-asset.com/en/knowledge/investor-protection/15/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Unfair solicitation refers to practices in recommending a contract such as providing conclusive judgments on uncertain matters, misrepresenting the details of a product, or failing to disclose… https://bnb-asset.com/en/knowledge/investor-protection/16/ https://bnb-asset.com/en/knowledge/investor-protection/16/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Making conclusive statements about uncertain matters, or leading consumers to mistakenly believe they are certain, constitutes unfair solicitation under the Financial Consumer Protection Act. https://bnb-asset.com/en/knowledge/investor-protection/17/ https://bnb-asset.com/en/knowledge/investor-protection/17/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection For investment-type products, recommending a contract through real-time conversation, such as visits or phone calls, without the consumer's request is prohibited. https://bnb-asset.com/en/knowledge/investor-protection/18/ https://bnb-asset.com/en/knowledge/investor-protection/18/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Financial product advertisements must include a recommendation to read the product description and terms and conditions before signing a contract, the seller's name and the product's details. https://bnb-asset.com/en/knowledge/investor-protection/19/ https://bnb-asset.com/en/knowledge/investor-protection/19/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection When a financial product contract is concluded, the financial company must provide the contract documents, such as the contract, terms and conditions and product description, to the consumer without… https://bnb-asset.com/en/knowledge/investor-protection/20/ https://bnb-asset.com/en/knowledge/investor-protection/20/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Financial Consumer Protection Act, general financial consumers can withdraw a subscription without penalty within a set period if the product is eligible for withdrawal. https://bnb-asset.com/en/knowledge/investor-protection/21/ https://bnb-asset.com/en/knowledge/investor-protection/21/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Enforcement Decree of the Financial Consumer Protection Act, the investment-type products eligible for withdrawal are high-complexity financial investment products that raise money only… https://bnb-asset.com/en/knowledge/investor-protection/22/ https://bnb-asset.com/en/knowledge/investor-protection/22/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Send notice of your intention to withdraw within the withdrawal period in writing, by email, by mobile text message or by similar means; for investment-type products, the withdrawal takes effect when… https://bnb-asset.com/en/knowledge/investor-protection/23/ https://bnb-asset.com/en/knowledge/investor-protection/23/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection For investment-type products and financial product advisory contracts, the financial company must return the money already received within 3 business days from the date it receives the withdrawal. https://bnb-asset.com/en/knowledge/investor-protection/24/ https://bnb-asset.com/en/knowledge/investor-protection/24/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection If a financial company concluded a contract in violation of the suitability or appropriateness principle, the duty to explain, the prohibition on unfair business practices or the prohibition on… https://bnb-asset.com/en/knowledge/investor-protection/25/ https://bnb-asset.com/en/knowledge/investor-protection/25/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Enforcement Decree of the Financial Consumer Protection Act, you can make the demand within 1 year from the date you became aware of the violation, and this must be within 5 years from the… https://bnb-asset.com/en/knowledge/investor-protection/26/ https://bnb-asset.com/en/knowledge/investor-protection/26/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Termination of an unlawful contract takes effect going forward, so it removes disadvantages from the time of termination onward; it is not a mechanism for compensating losses incurred before then. https://bnb-asset.com/en/knowledge/investor-protection/27/ https://bnb-asset.com/en/knowledge/investor-protection/27/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection In order to seek remedies such as dispute mediation or litigation, financial consumers can request access (including copies and listening to recordings) to records related to the conclusion and… https://bnb-asset.com/en/knowledge/investor-protection/28/ https://bnb-asset.com/en/knowledge/investor-protection/28/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Enforcement Decree of the Financial Consumer Protection Act, records on the conclusion and performance of contracts, advertising materials, and records related to the exercise of consumer… https://bnb-asset.com/en/knowledge/investor-protection/29/ https://bnb-asset.com/en/knowledge/investor-protection/29/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection You can apply for dispute mediation with the Financial Supervisory Service, and the Governor of the Financial Supervisory Service may recommend a settlement to the parties. https://bnb-asset.com/en/knowledge/investor-protection/30/ https://bnb-asset.com/en/knowledge/investor-protection/30/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection If both parties accept the mediation proposal, the mediation is concluded and has the same effect as a judicial settlement. https://bnb-asset.com/en/knowledge/investor-protection/31/ https://bnb-asset.com/en/knowledge/investor-protection/31/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Yes. Under the Financial Consumer Protection Act, an application for dispute mediation has the effect of interrupting the statute of limitations. https://bnb-asset.com/en/knowledge/investor-protection/32/ https://bnb-asset.com/en/knowledge/investor-protection/32/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection In small claims disputes, i.e., cases filed by general financial consumers in which the value of the rights or interests claimed is KRW 20 million or less, once the mediation procedure has begun, the… https://bnb-asset.com/en/knowledge/investor-protection/33/ https://bnb-asset.com/en/knowledge/investor-protection/33/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Financial Consumer Protection Act, a financial company that causes losses by violating the law is liable for damages. https://bnb-asset.com/en/knowledge/investor-protection/34/ https://bnb-asset.com/en/knowledge/investor-protection/34/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Financial Consumer Protection Act, a direct seller of financial products is liable for damages if a sales agent or broker acting on its behalf causes losses to a consumer in the course of… https://bnb-asset.com/en/knowledge/investor-protection/35/ https://bnb-asset.com/en/knowledge/investor-protection/35/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Sales agents and brokers must display a sign or show a credential indicating that they are an agent or broker, so it is a good idea to check this first to determine whether they are registered before… https://bnb-asset.com/en/knowledge/investor-protection/36/ https://bnb-asset.com/en/knowledge/investor-protection/36/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the Financial Consumer Protection Act, a financial company that intends to conduct door-to-door or telephone sales must keep a register of the officers and employees involved and must allow… https://bnb-asset.com/en/knowledge/investor-protection/37/ https://bnb-asset.com/en/knowledge/investor-protection/37/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection By calling the Financial Supervisory Service call center (1332, no area code needed), you can get advice on financial matters in general, including banking, insurance and securities. https://bnb-asset.com/en/knowledge/investor-protection/38/ https://bnb-asset.com/en/knowledge/investor-protection/38/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Complaints that have not gone through the financial company first go through voluntary mediation between the complainant and the financial company, while complaints that have already gone through the… https://bnb-asset.com/en/knowledge/investor-protection/39/ https://bnb-asset.com/en/knowledge/investor-protection/39/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Disputes related to the business conduct of financial investment companies can also be mediated by the Korea Financial Investment Association. https://bnb-asset.com/en/knowledge/investor-protection/40/ https://bnb-asset.com/en/knowledge/investor-protection/40/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection From September 1, 2025, the deposit insurance limit is KRW 100 million per person per financial company, including principal and interest. https://bnb-asset.com/en/knowledge/investor-protection/41/ https://bnb-asset.com/en/knowledge/investor-protection/41/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Under the deposit insurance system, not only deposits received by insured financial institutions but also investor deposits are protected. https://bnb-asset.com/en/knowledge/investor-protection/42/ https://bnb-asset.com/en/knowledge/investor-protection/42/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection No. The Financial Supervisory Service advises that bonds, unlike deposits and savings, are excluded from deposit insurance. https://bnb-asset.com/en/knowledge/investor-protection/43/ https://bnb-asset.com/en/knowledge/investor-protection/43/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Mis-selling means a financial company selling a product without observing the sales principles, for example by not adequately explaining the product's structure or risks or by recommending a product… https://bnb-asset.com/en/knowledge/investor-protection/44/ https://bnb-asset.com/en/knowledge/investor-protection/44/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection For investment-type products, check the return structure, risk grade and investment risks in the product description and key summary document, and ask the seller to explain them in plain terms. https://bnb-asset.com/en/knowledge/investor-protection/45/ https://bnb-asset.com/en/knowledge/investor-protection/45/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection BNB Asset Management's Investment Solicitation Guidelines define investors aged 65 or older as elderly investors and those aged 80 or older as very elderly investors, and set separate protection… https://bnb-asset.com/en/knowledge/investor-protection/46/ https://bnb-asset.com/en/knowledge/investor-protection/46/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Supervisory Service has warned that businesses soliciting investment in social media group chat rooms with the lure of high returns are likely to be unauthorized or disguised financial… https://bnb-asset.com/en/knowledge/investor-protection/47/ https://bnb-asset.com/en/knowledge/investor-protection/47/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection According to the Financial Supervisory Service, since July 2024 quasi-investment advisory businesses may make recommendations only through one-way channels in which the other party cannot type… https://bnb-asset.com/en/knowledge/investor-protection/48/ https://bnb-asset.com/en/knowledge/investor-protection/48/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Supervisory Service has warned of illegal 'leading' schemes in which fraudsters impersonating famous investment experts recommend little-known small-cap overseas stocks in open chat… https://bnb-asset.com/en/knowledge/investor-protection/49/ https://bnb-asset.com/en/knowledge/investor-protection/49/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Supervisory Service has warned of illegal leading-room scams that demand additional deposits from investors seeking withdrawals, using pretexts such as an FSS investigation into the… https://bnb-asset.com/en/knowledge/investor-protection/50/ https://bnb-asset.com/en/knowledge/investor-protection/50/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Illegal fundraising is the unlawful practice of raising money from the general public, without authorization or a license from the financial authorities, by promising guaranteed principal and high… https://bnb-asset.com/en/knowledge/investor-protection/51/ https://bnb-asset.com/en/knowledge/investor-protection/51/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Supervisory Service has warned about illegal fundraising that promises guaranteed principal and high returns while circulating fake videos of investment success stories and the like… https://bnb-asset.com/en/knowledge/investor-protection/52/ https://bnb-asset.com/en/knowledge/investor-protection/52/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection Never send money. According to the Financial Supervisory Service, all legitimate securities firm transactions take place only through accounts in the investor's own name, and securities firms never… https://bnb-asset.com/en/knowledge/investor-protection/53/ https://bnb-asset.com/en/knowledge/investor-protection/53/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection You can check whether the company is a financial company that has received authorization, a license or registration using the 'regulated financial company search' on the financial consumer… https://bnb-asset.com/en/knowledge/investor-protection/54/ https://bnb-asset.com/en/knowledge/investor-protection/54/ Wed, 14 Oct 2026 00:00:00 GMT Investor Protection The Financial Supervisory Service operates various reporting channels, including reports of illegal online financial activity, damage reports concerning quasi-investment advisory businesses, reports… https://bnb-asset.com/en/knowledge/bonds-rates/01/ https://bnb-asset.com/en/knowledge/bonds-rates/01/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A bond is a debt security issued by a government, local government, company or other entity when it borrows money, promising when and how it will repay the principal and interest. https://bnb-asset.com/en/knowledge/bonds-rates/02/ https://bnb-asset.com/en/knowledge/bonds-rates/02/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A stockholder, as a shareholder of the company, has a certain ownership stake, whereas a bondholder is merely a creditor who has lent money and has no ownership. https://bnb-asset.com/en/knowledge/bonds-rates/03/ https://bnb-asset.com/en/knowledge/bonds-rates/03/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates No. Unlike deposits and savings accounts, bonds are not covered by deposit insurance, so if the issuer goes bankrupt you may not get your principal and interest back. https://bnb-asset.com/en/knowledge/bonds-rates/04/ https://bnb-asset.com/en/knowledge/bonds-rates/04/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A government bond is a bond issued by the State, through National Assembly resolution and approval procedures, to raise funds for public purposes. https://bnb-asset.com/en/knowledge/bonds-rates/05/ https://bnb-asset.com/en/knowledge/bonds-rates/05/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A corporate bond is a bond issued by a private company, promising payment of principal and interest, to raise relatively long-term funds for needs such as capital investment. https://bnb-asset.com/en/knowledge/bonds-rates/06/ https://bnb-asset.com/en/knowledge/bonds-rates/06/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates By issuer, bonds are divided into government bonds issued by the State, municipal bonds issued by local governments, special bonds, Monetary Stabilization Bonds, financial bonds issued by financial… https://bnb-asset.com/en/knowledge/bonds-rates/07/ https://bnb-asset.com/en/knowledge/bonds-rates/07/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A coupon bond carries coupons stating the interest amount and pays interest at set intervals. https://bnb-asset.com/en/knowledge/bonds-rates/08/ https://bnb-asset.com/en/knowledge/bonds-rates/08/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Face value (nominal value) is the principal stated on the bond; it is the basis on which the issuer calculates interest and the amount repaid at maturity. https://bnb-asset.com/en/knowledge/bonds-rates/09/ https://bnb-asset.com/en/knowledge/bonds-rates/09/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Returns on bond investments consist of interest income received regularly and capital gains or losses arising from the difference between the buying and selling prices. https://bnb-asset.com/en/knowledge/bonds-rates/10/ https://bnb-asset.com/en/knowledge/bonds-rates/10/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates When market interest rates rise, newly issued bonds pay higher interest, so bonds already issued at lower rates become less attractive and their prices fall. https://bnb-asset.com/en/knowledge/bonds-rates/11/ https://bnb-asset.com/en/knowledge/bonds-rates/11/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Generally, the longer the remaining maturity, the more the price moves for the same change in interest rates. https://bnb-asset.com/en/knowledge/bonds-rates/12/ https://bnb-asset.com/en/knowledge/bonds-rates/12/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates If the issuer repays principal and interest as scheduled, holding to maturity generally secures the yield calculated at the time of purchase. https://bnb-asset.com/en/knowledge/bonds-rates/13/ https://bnb-asset.com/en/knowledge/bonds-rates/13/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Duration is the maturity weighted by the present value of the bond's interest and principal cash flows, representing the average period over which you recover your investment. https://bnb-asset.com/en/knowledge/bonds-rates/14/ https://bnb-asset.com/en/knowledge/bonds-rates/14/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Modified duration indicates roughly what percentage a bond's price changes when interest rates change by 1 percentage point. https://bnb-asset.com/en/knowledge/bonds-rates/15/ https://bnb-asset.com/en/knowledge/bonds-rates/15/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Duration is determined by maturity, coupon rate and the market interest rate (discount rate). https://bnb-asset.com/en/knowledge/bonds-rates/16/ https://bnb-asset.com/en/knowledge/bonds-rates/16/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Convexity refers to the degree to which a bond's price response to interest rate changes follows a curve rather than a straight line, and it is defined as the second derivative of price with respect… https://bnb-asset.com/en/knowledge/bonds-rates/17/ https://bnb-asset.com/en/knowledge/bonds-rates/17/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Yield to maturity is the average annual return you can expect if you buy a bond at its current price, hold it to maturity, and reinvest the interest received along the way. https://bnb-asset.com/en/knowledge/bonds-rates/18/ https://bnb-asset.com/en/knowledge/bonds-rates/18/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A credit rating is a letter grade expressing a credit rating agency's assessment of a bond issuer's ability to repay principal and interest. https://bnb-asset.com/en/knowledge/bonds-rates/19/ https://bnb-asset.com/en/knowledge/bonds-rates/19/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates For long-term credit ratings, AAA is the highest, followed in descending order by AA, A, BBB, BB, B, CCC, CC, C and D, with + and - used for finer gradations within the same grade. https://bnb-asset.com/en/knowledge/bonds-rates/20/ https://bnb-asset.com/en/knowledge/bonds-rates/20/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Not necessarily. A credit rating assesses the issuer's ability to repay principal and interest, whereas the product risk grade assigned by the distributor also takes into account factors such as ease… https://bnb-asset.com/en/knowledge/bonds-rates/21/ https://bnb-asset.com/en/knowledge/bonds-rates/21/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A credit spread is the difference between the yield on Korea Treasury Bonds of the same maturity and the yield on a particular bond, and it indicates the level of that bond's credit risk. https://bnb-asset.com/en/knowledge/bonds-rates/22/ https://bnb-asset.com/en/knowledge/bonds-rates/22/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates High-yield bonds are bonds rated below investment grade (speculative grade) by credit rating agencies; they carry a higher risk of default but offer higher yields than investment-grade bonds. https://bnb-asset.com/en/knowledge/bonds-rates/23/ https://bnb-asset.com/en/knowledge/bonds-rates/23/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Subordinated bonds are repaid after ordinary (senior) bonds if the issuer goes bankrupt, and in return pay higher interest. https://bnb-asset.com/en/knowledge/bonds-rates/24/ https://bnb-asset.com/en/knowledge/bonds-rates/24/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Commercial paper (CP) is a security issued by a company in the form of a promissory note to raise short-term funds, usually with a maturity of 1 year or less. https://bnb-asset.com/en/knowledge/bonds-rates/25/ https://bnb-asset.com/en/knowledge/bonds-rates/25/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Exchange-traded bonds are listed on the exchange, and their prices are determined by quotes, whereas for over-the-counter (OTC) bonds the securities firm acts as the counterparty and quotes a price… https://bnb-asset.com/en/knowledge/bonds-rates/26/ https://bnb-asset.com/en/knowledge/bonds-rates/26/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates The private valuation yield is the yield calculated by private bond valuation companies according to credit rating and other factors, and it is widely used as a reference for judging whether a bond's… https://bnb-asset.com/en/knowledge/bonds-rates/27/ https://bnb-asset.com/en/knowledge/bonds-rates/27/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates At the Korea Financial Investment Association's Bond Information Service (kofiabond.or.kr), you can check mark-to-market benchmark yields by credit rating and remaining maturity and compare the yield… https://bnb-asset.com/en/knowledge/bonds-rates/28/ https://bnb-asset.com/en/knowledge/bonds-rates/28/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Not always. Depending on the financial company, an early sale service may not be offered for bonds bought over the counter, and even where it is, an unfavorable price may be set depending on trading… https://bnb-asset.com/en/knowledge/bonds-rates/29/ https://bnb-asset.com/en/knowledge/bonds-rates/29/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates The base rate is the interest rate at the center of a country's interest rate system, set by the central bank after comprehensively considering prices, employment, growth, financial market conditions… https://bnb-asset.com/en/knowledge/bonds-rates/30/ https://bnb-asset.com/en/knowledge/bonds-rates/30/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Korea's base rate is set 8 times a year by the Monetary Policy Board of the Bank of Korea. https://bnb-asset.com/en/knowledge/bonds-rates/31/ https://bnb-asset.com/en/knowledge/bonds-rates/31/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates In theory, raising the base rate reduces the money supply, which helps cool an overheated economy, and market interest rates generally rise as well. https://bnb-asset.com/en/knowledge/bonds-rates/32/ https://bnb-asset.com/en/knowledge/bonds-rates/32/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Bond prices are determined by market interest rates, not the base rate, and market rates sometimes move in a different direction from the base rate. https://bnb-asset.com/en/knowledge/bonds-rates/33/ https://bnb-asset.com/en/knowledge/bonds-rates/33/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A yield curve is a curve connecting the yields of bonds with similar characteristics, such as creditworthiness, across maturities, showing the relationship between yield and maturity. https://bnb-asset.com/en/knowledge/bonds-rates/34/ https://bnb-asset.com/en/knowledge/bonds-rates/34/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates When short-term bond yields are higher than long-term bond yields, this is called an inverted yield curve, or an inversion of long- and short-term rates. https://bnb-asset.com/en/knowledge/bonds-rates/35/ https://bnb-asset.com/en/knowledge/bonds-rates/35/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates If you invest in long-term bonds expecting rates to fall, the price gain can be large if you are right, but losses can also be large if you are wrong. https://bnb-asset.com/en/knowledge/bonds-rates/36/ https://bnb-asset.com/en/knowledge/bonds-rates/36/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates A ladder strategy spreads bond holdings evenly across multiple maturities, aiming to secure liquidity as bonds mature in turn and to diversify interest rate risk. https://bnb-asset.com/en/knowledge/bonds-rates/37/ https://bnb-asset.com/en/knowledge/bonds-rates/37/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Yes. Because overseas bonds pay principal and interest in foreign currency, even if you make a profit in foreign currency terms, you can incur a loss if the exchange rate has fallen when you convert… https://bnb-asset.com/en/knowledge/bonds-rates/38/ https://bnb-asset.com/en/knowledge/bonds-rates/38/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Under the convention of quoting the exchange rate as the amount of won per unit of foreign currency (direct quotation), a rise in the exchange rate means a fall in the value of the won, i.e., a rise… https://bnb-asset.com/en/knowledge/bonds-rates/39/ https://bnb-asset.com/en/knowledge/bonds-rates/39/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates In the long run, a representative explanation is purchasing power parity (PPP) theory, which holds that the difference in price levels between two countries is reflected in the exchange rate. https://bnb-asset.com/en/knowledge/bonds-rates/40/ https://bnb-asset.com/en/knowledge/bonds-rates/40/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Funds that invest in overseas stocks and bonds gain or lose not only from asset prices but also from exchange rate movements, and there are currency-hedged products that reduce exchange rate risk. https://bnb-asset.com/en/knowledge/bonds-rates/41/ https://bnb-asset.com/en/knowledge/bonds-rates/41/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates No. Currency hedging does not eliminate all exchange rate risk, and gains or losses may remain depending on the hedge ratio and market conditions. https://bnb-asset.com/en/knowledge/bonds-rates/42/ https://bnb-asset.com/en/knowledge/bonds-rates/42/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Under the criteria for determining the risk grade of investment products, products invested in foreign currency, such as foreign-currency-denominated funds and overseas bonds, in principle have their… https://bnb-asset.com/en/knowledge/bonds-rates/43/ https://bnb-asset.com/en/knowledge/bonds-rates/43/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Mezzanine securities such as convertible bonds (CBs) are corporate bonds with interest and a maturity at the time of issuance, but they also carry a right to convert into shares after a certain… https://bnb-asset.com/en/knowledge/bonds-rates/44/ https://bnb-asset.com/en/knowledge/bonds-rates/44/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates The guaranteed yield to maturity is the yield the issuer has agreed to pay if you hold the bond to maturity without exercising the conversion right. https://bnb-asset.com/en/knowledge/bonds-rates/45/ https://bnb-asset.com/en/knowledge/bonds-rates/45/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates With a convertible bond, exercising the conversion right turns the bond into shares, and the bond is extinguished. https://bnb-asset.com/en/knowledge/bonds-rates/46/ https://bnb-asset.com/en/knowledge/bonds-rates/46/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates An exchangeable bond carries the right for the bondholder, if they wish, to exchange it for securities held by the issuer, such as shares of another company. https://bnb-asset.com/en/knowledge/bonds-rates/47/ https://bnb-asset.com/en/knowledge/bonds-rates/47/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates The early redemption right is the investor's right to demand that the issuer redeem the bond early at agreed times before maturity, and it is commonly attached to mezzanine securities such as… https://bnb-asset.com/en/knowledge/bonds-rates/48/ https://bnb-asset.com/en/knowledge/bonds-rates/48/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Under the Regulations on Securities Issuance and Disclosure, etc., convertible bonds of stock-listed corporations must in principle be issued on terms that allow conversion only after 1 year has… https://bnb-asset.com/en/knowledge/bonds-rates/49/ https://bnb-asset.com/en/knowledge/bonds-rates/49/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Refixing is a term under which the conversion price is lowered when the share price falls, allowing convertible bond investors to receive more shares for the same bond. https://bnb-asset.com/en/knowledge/bonds-rates/50/ https://bnb-asset.com/en/knowledge/bonds-rates/50/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates No. A CoCo bond is a bond that is forcibly written off or converted into common shares when predetermined conditions occur, such as the issuing financial institution receiving a management… https://bnb-asset.com/en/knowledge/bonds-rates/51/ https://bnb-asset.com/en/knowledge/bonds-rates/51/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Maturity-matching funds, which are managed so that the maturities of the bonds held match the fund's maturity, may charge high redemption fees of around 3%-5% of the redemption amount on early… https://bnb-asset.com/en/knowledge/bonds-rates/52/ https://bnb-asset.com/en/knowledge/bonds-rates/52/ Wed, 14 Oct 2026 00:00:00 GMT Bonds, Interest Rates & Exchange Rates Many ELBs are designed to pay back principal and interest, but they are not covered by deposit insurance, and the money invested is not deposited separately from the issuing securities firm's own… https://bnb-asset.com/en/knowledge/portfolio-risk/01/ https://bnb-asset.com/en/knowledge/portfolio-risk/01/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Diversification is a way of reducing exposure to any particular asset or risk by spreading your investment across multiple assets. https://bnb-asset.com/en/knowledge/portfolio-risk/02/ https://bnb-asset.com/en/knowledge/portfolio-risk/02/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk A diversified portfolio's return is lower than if you had invested only in the single best-performing asset, but higher than if you had invested only in the worst. https://bnb-asset.com/en/knowledge/portfolio-risk/03/ https://bnb-asset.com/en/knowledge/portfolio-risk/03/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk There is no fixed number of stocks at which a portfolio counts as diversified. Around 30 is often mentioned, but fewer may suffice if chosen carefully, and one study reported that most of the benefit… https://bnb-asset.com/en/knowledge/portfolio-risk/04/ https://bnb-asset.com/en/knowledge/portfolio-risk/04/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Asset allocation rests on the fact that returns on different asset classes do not move in perfect lockstep, and the more you combine assets with low correlation, the more you can reduce overall… https://bnb-asset.com/en/knowledge/portfolio-risk/05/ https://bnb-asset.com/en/knowledge/portfolio-risk/05/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Asset allocation is a strategy of adjusting the weightings of asset classes such as stocks, bonds and cash to match the investor's risk tolerance, investment goals and investment horizon. https://bnb-asset.com/en/knowledge/portfolio-risk/06/ https://bnb-asset.com/en/knowledge/portfolio-risk/06/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk No. Diversification can reduce a portfolio's volatility, but it cannot eliminate the risk of the market as a whole falling or guarantee a positive return. https://bnb-asset.com/en/knowledge/portfolio-risk/07/ https://bnb-asset.com/en/knowledge/portfolio-risk/07/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Modern portfolio theory, proposed by Harry Markowitz in 1952, is an analytical framework for finding the combination of assets that maximizes expected return for a given level of risk. https://bnb-asset.com/en/knowledge/portfolio-risk/08/ https://bnb-asset.com/en/knowledge/portfolio-risk/08/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The dominance principle holds that a portfolio with a higher expected return for the same risk, or lower risk for the same expected return, is better than other portfolios. https://bnb-asset.com/en/knowledge/portfolio-risk/09/ https://bnb-asset.com/en/knowledge/portfolio-risk/09/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Unsystematic risk is risk specific to a particular company or industry, and it can be substantially reduced by diversifying across many stocks. https://bnb-asset.com/en/knowledge/portfolio-risk/10/ https://bnb-asset.com/en/knowledge/portfolio-risk/10/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Beta is a measure of how much an individual asset's price rises and falls in proportion to movements in the market as a whole, indicating systematic (market) risk that cannot be eliminated by… https://bnb-asset.com/en/knowledge/portfolio-risk/11/ https://bnb-asset.com/en/knowledge/portfolio-risk/11/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Alpha measures active performance, i.e., the return achieved above an appropriate benchmark index. https://bnb-asset.com/en/knowledge/portfolio-risk/12/ https://bnb-asset.com/en/knowledge/portfolio-risk/12/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The Sharpe ratio is the excess return over the risk-free rate or a benchmark divided by the standard deviation of returns, showing how much reward was earned per unit of risk. https://bnb-asset.com/en/knowledge/portfolio-risk/13/ https://bnb-asset.com/en/knowledge/portfolio-risk/13/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The Sortino ratio is a risk-adjusted performance measure that modifies the Sharpe ratio. The Sharpe ratio treats upward and downward volatility equally as risk, whereas the Sortino ratio counts only… https://bnb-asset.com/en/knowledge/portfolio-risk/14/ https://bnb-asset.com/en/knowledge/portfolio-risk/14/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Volatility is the degree to which prices have risen and fallen over a given period, usually measured by the standard deviation of returns. https://bnb-asset.com/en/knowledge/portfolio-risk/15/ https://bnb-asset.com/en/knowledge/portfolio-risk/15/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk A drawdown shows how far an asset's value has fallen from its previous peak, and the maximum drawdown (MDD) is the largest such fall over a given period. https://bnb-asset.com/en/knowledge/portfolio-risk/16/ https://bnb-asset.com/en/knowledge/portfolio-risk/16/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk VaR is a statistical estimate of the size of the loss that could occur over a given period at a given confidence level. https://bnb-asset.com/en/knowledge/portfolio-risk/17/ https://bnb-asset.com/en/knowledge/portfolio-risk/17/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Tail risk is the risk of extreme events that are unlikely to occur but cause large losses when they do. https://bnb-asset.com/en/knowledge/portfolio-risk/18/ https://bnb-asset.com/en/knowledge/portfolio-risk/18/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Rebalancing means bringing a portfolio that has drifted from its target weightings because of market movements back to the originally planned asset allocation. https://bnb-asset.com/en/knowledge/portfolio-risk/19/ https://bnb-asset.com/en/knowledge/portfolio-risk/19/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Over time, the weight of assets that have risen a lot grows, and the portfolio may become more aggressive than originally intended or, conversely, more conservative. https://bnb-asset.com/en/knowledge/portfolio-risk/20/ https://bnb-asset.com/en/knowledge/portfolio-risk/20/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Investing a fixed amount at regular intervals means you buy more units when prices are low and fewer when prices are high, which can be expected to lower your average purchase cost. https://bnb-asset.com/en/knowledge/portfolio-risk/21/ https://bnb-asset.com/en/knowledge/portfolio-risk/21/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Market timing is a strategy of deciding when to buy and sell by predicting the future direction of the market as a whole, but many point out that short-term stock market returns are almost impossible… https://bnb-asset.com/en/knowledge/portfolio-risk/22/ https://bnb-asset.com/en/knowledge/portfolio-risk/22/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Buy and hold is a strategy of buying assets and holding them for a long period despite price fluctuations, in the expectation that their value will rise; it is an example of passive management. https://bnb-asset.com/en/knowledge/portfolio-risk/23/ https://bnb-asset.com/en/knowledge/portfolio-risk/23/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Active management is an approach in which the investor selects securities or assets directly in pursuit of returns higher than the market's, using fundamental analysis, quantitative analysis and the… https://bnb-asset.com/en/knowledge/portfolio-risk/24/ https://bnb-asset.com/en/knowledge/portfolio-risk/24/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The efficient market hypothesis is the theory that asset prices reflect all available information, making it hard to beat the market return consistently while taking the same risk. https://bnb-asset.com/en/knowledge/portfolio-risk/25/ https://bnb-asset.com/en/knowledge/portfolio-risk/25/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Market risk is the risk of losses on the assets you hold due to movements in market variables such as share prices, interest rates, exchange rates and commodity prices. https://bnb-asset.com/en/knowledge/portfolio-risk/26/ https://bnb-asset.com/en/knowledge/portfolio-risk/26/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Credit risk is the risk of loss because the creditworthiness of a counterparty you have lent money to, or of a bond issuer, deteriorates or it defaults. https://bnb-asset.com/en/knowledge/portfolio-risk/27/ https://bnb-asset.com/en/knowledge/portfolio-risk/27/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Liquidity risk is the risk of being unable to sell or redeem an asset in time and at a fair price when you need to. https://bnb-asset.com/en/knowledge/portfolio-risk/28/ https://bnb-asset.com/en/knowledge/portfolio-risk/28/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Interest rate risk is the risk that the value of assets or returns will be affected by changes in interest rates or in their volatility. https://bnb-asset.com/en/knowledge/portfolio-risk/29/ https://bnb-asset.com/en/knowledge/portfolio-risk/29/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk No. The Financial Supervisory Service warns that single-stock leveraged and inverse products are not 'diversified investment' products. https://bnb-asset.com/en/knowledge/portfolio-risk/30/ https://bnb-asset.com/en/knowledge/portfolio-risk/30/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The risk grade of investment products (a system of at least 6 levels, with grade 1 being the riskiest) is determined by considering the volatility of the underlying assets, credit rating, complexity… https://bnb-asset.com/en/knowledge/portfolio-risk/31/ https://bnb-asset.com/en/knowledge/portfolio-risk/31/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk If a private fund can be assessed using objective data, its market risk is calculated in the same way as for public funds. https://bnb-asset.com/en/knowledge/portfolio-risk/32/ https://bnb-asset.com/en/knowledge/portfolio-risk/32/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Investment profiles are usually classified into 5 types: stable, stability-seeking, risk-neutral, active and aggressive. https://bnb-asset.com/en/knowledge/portfolio-risk/33/ https://bnb-asset.com/en/knowledge/portfolio-risk/33/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk It typically asks about investment experience, level of financial knowledge, annual income and total assets, the proportion of financial assets to total assets, investment objectives, attitude toward… https://bnb-asset.com/en/knowledge/portfolio-risk/34/ https://bnb-asset.com/en/knowledge/portfolio-risk/34/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk BNB Asset Management's Investment Solicitation Guidelines provide that a contract cannot be concluded if, in the question on capacity to bear investment risk, the investor answers that 'the principal… https://bnb-asset.com/en/knowledge/portfolio-risk/35/ https://bnb-asset.com/en/knowledge/portfolio-risk/35/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk No. Investor information has a validity period and must be reassessed when it expires, and the assessment result may change if your financial situation or investment objectives change. https://bnb-asset.com/en/knowledge/portfolio-risk/36/ https://bnb-asset.com/en/knowledge/portfolio-risk/36/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Under BNB Asset Management's Investment Solicitation Guidelines, officers and employees may not recommend products that are unsuitable for the investor. https://bnb-asset.com/en/knowledge/portfolio-risk/37/ https://bnb-asset.com/en/knowledge/portfolio-risk/37/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Behavioral finance is a field that studies how investor psychology affects investment behavior and markets, on the view that investors are not always rational, have limited self-control and are… https://bnb-asset.com/en/knowledge/portfolio-risk/38/ https://bnb-asset.com/en/knowledge/portfolio-risk/38/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Loss aversion is the tendency to feel a situation far more strongly when it is perceived as a loss than as a gain; empirical studies have found that people feel losses about twice as strongly as… https://bnb-asset.com/en/knowledge/portfolio-risk/39/ https://bnb-asset.com/en/knowledge/portfolio-risk/39/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk No. Risk aversion is a rational tendency to value an uncertain outcome below its expected value, i.e., the attitude of choosing the less risky option when expected returns are the same. https://bnb-asset.com/en/knowledge/portfolio-risk/40/ https://bnb-asset.com/en/knowledge/portfolio-risk/40/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Yes. The endowment effect is the psychological phenomenon of valuing an item or asset more highly when you own it than when you do not, so that giving it up feels like a loss. https://bnb-asset.com/en/knowledge/portfolio-risk/41/ https://bnb-asset.com/en/knowledge/portfolio-risk/41/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk BNB Asset Management's Investment Solicitation Guidelines provide that where the risks of an investment are judged to be reducible, such as when the investor invests to hedge the risk of assets they… https://bnb-asset.com/en/knowledge/portfolio-risk/42/ https://bnb-asset.com/en/knowledge/portfolio-risk/42/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk This is called the disposition effect, the tendency to sell assets that have gained too early and to hold assets that have lost value too long. https://bnb-asset.com/en/knowledge/portfolio-risk/43/ https://bnb-asset.com/en/knowledge/portfolio-risk/43/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Overconfidence is the tendency to rate one's own information or judgment more highly than is warranted, and behavioral economics cites cognitive biases such as overconfidence as one reason markets… https://bnb-asset.com/en/knowledge/portfolio-risk/44/ https://bnb-asset.com/en/knowledge/portfolio-risk/44/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Anchoring is the phenomenon in which, just as a ship that has dropped anchor cannot move, your thinking becomes tied to the first number or information you encounter, which then influences later… https://bnb-asset.com/en/knowledge/portfolio-risk/45/ https://bnb-asset.com/en/knowledge/portfolio-risk/45/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Mental accounting is the tendency to divide money into different mental accounts, valuing the same amount differently and spending or investing it differently as a result. https://bnb-asset.com/en/knowledge/portfolio-risk/46/ https://bnb-asset.com/en/knowledge/portfolio-risk/46/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Status quo bias is the tendency, driven by loss aversion and the endowment effect working together, to be reluctant to change the current state of affairs and to stick with existing choices. https://bnb-asset.com/en/knowledge/portfolio-risk/47/ https://bnb-asset.com/en/knowledge/portfolio-risk/47/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Herd behavior, in which many people pile into trades in the same direction, has been identified as a factor that inflates price bubbles and crashes. https://bnb-asset.com/en/knowledge/portfolio-risk/48/ https://bnb-asset.com/en/knowledge/portfolio-risk/48/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Some analyses suggest that 'return-chasing' behavior, in which money flows into funds with high past returns, can actually lower investment performance. https://bnb-asset.com/en/knowledge/portfolio-risk/49/ https://bnb-asset.com/en/knowledge/portfolio-risk/49/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Compounding means earning returns not only on the principal but also on interest or returns already earned, and its effect grows the longer the period. https://bnb-asset.com/en/knowledge/portfolio-risk/50/ https://bnb-asset.com/en/knowledge/portfolio-risk/50/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk A long-term holding strategy can help you be less swayed by short-term price swings and reduce trading costs, but it does not eliminate risk itself. https://bnb-asset.com/en/knowledge/portfolio-risk/51/ https://bnb-asset.com/en/knowledge/portfolio-risk/51/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk Generally, expecting higher returns requires taking on greater risk; this is called the risk-return trade-off. https://bnb-asset.com/en/knowledge/portfolio-risk/52/ https://bnb-asset.com/en/knowledge/portfolio-risk/52/ Wed, 14 Oct 2026 00:00:00 GMT Asset Allocation & Risk The two main ways to reduce investment risk are diversification and hedging. Diversification reduces the impact of particular risks by spreading investments across multiple assets, while hedging… https://bnb-asset.com/en/support/faq/5c1ef576/ https://bnb-asset.com/en/support/faq/5c1ef576/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB Asset Management is a Korean asset manager that was incorporated in January 2004 as a firm specializing in IPO and Pre-IPO investment. https://bnb-asset.com/en/support/faq/b9e31510/ https://bnb-asset.com/en/support/faq/b9e31510/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The company was incorporated in January 2004 as a firm specializing in IPO and Pre-IPO investment. https://bnb-asset.com/en/support/faq/37cbf429/ https://bnb-asset.com/en/support/faq/37cbf429/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The CEO is Kim Kwang-hyun. According to the company history, the largest shareholder and the CEO changed in May 2017, and Mr. Kim is the current CEO. https://bnb-asset.com/en/support/faq/69bc93af/ https://bnb-asset.com/en/support/faq/69bc93af/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Key milestones posted on the website are: 2004.01 incorporation (IPO and Pre-IPO investment specialist); 2010.01 investment advisory business registration; 2015.10 discretionary investment management… https://bnb-asset.com/en/support/faq/90aaac0a/ https://bnb-asset.com/en/support/faq/90aaac0a/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's slogan is "Better Investment & Better Life." It reflects the belief that sound investment creates a better life and the aim of realizing clients' prosperous future through principled asset… https://bnb-asset.com/en/support/faq/e05f3cbb/ https://bnb-asset.com/en/support/faq/e05f3cbb/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB views investment not as a mere pursuit of returns but as a significant decision that shapes the choices and stability of one's life. https://bnb-asset.com/en/support/faq/1a58757b/ https://bnb-asset.com/en/support/faq/1a58757b/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's four core values and investment principles are Client Focus, Integrity, Risk Discipline, and Long-term Value. For more details, please see the source page on the BNB website. https://bnb-asset.com/en/support/faq/667f4158/ https://bnb-asset.com/en/support/faq/667f4158/ Wed, 14 Oct 2026 00:00:00 GMT FAQ With the belief that client trust is the very foundation of the firm's prosperity, BNB aims to go beyond simple asset management and deliver tailored financial solutions optimized for each client's… https://bnb-asset.com/en/support/faq/d18c761f/ https://bnb-asset.com/en/support/faq/d18c761f/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Grounded in rigorous ethical standards, BNB maintains transparency in its operations through independent research and objective indicator analysis, and builds market trust through principled and… https://bnb-asset.com/en/support/faq/c2b469a4/ https://bnb-asset.com/en/support/faq/c2b469a4/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Before asking what an investment might return, BNB asks how much risk it carries. Investment and compliance cross-check trading before and after execution, and the compliance officer, who also serves… https://bnb-asset.com/en/support/faq/e9241c60/ https://bnb-asset.com/en/support/faq/e9241c60/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Through long-term investment focused on the intrinsic value of companies, BNB invests in firms with superior intrinsic worth and pursues the growth of client assets through sustainable performance. https://bnb-asset.com/en/support/faq/b36ca4d8/ https://bnb-asset.com/en/support/faq/b36ca4d8/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB Asset Management is located at 24F, Two IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Korea. For more details, please see the source page on the BNB website. https://bnb-asset.com/en/support/faq/1f3f1533/ https://bnb-asset.com/en/support/faq/1f3f1533/ Wed, 14 Oct 2026 00:00:00 GMT FAQ You can reach the main phone line at 02-476-4840 (+82-2-476-4840 from abroad), fax 02-476-4841, or email info@bnbasset.com. For more details, please see the source page on the BNB website. https://bnb-asset.com/en/support/faq/356ccc80/ https://bnb-asset.com/en/support/faq/356ccc80/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB Asset Management's business registration number is 204-81-85764. For more details, please see the source page on the BNB website. https://bnb-asset.com/en/support/faq/d683b0e4/ https://bnb-asset.com/en/support/faq/d683b0e4/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB pursues a strategy spanning the entire IPO process. The main strategies listed in its fund line-up include IPO investments, Pre-IPO and Post-IPO strategies, listed company mezzanine (CB, BW… https://bnb-asset.com/en/support/faq/b8593629/ https://bnb-asset.com/en/support/faq/b8593629/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. According to the website, all financial investment products established and managed by BNB are general private collective investment vehicles (general private funds), which only qualified… https://bnb-asset.com/en/support/faq/df254d0a/ https://bnb-asset.com/en/support/faq/df254d0a/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's general administration agent is Shinhan Fund Partners. The fund data on the website is received from Shinhan Fund Partners each business day for the immediately preceding business day. https://bnb-asset.com/en/support/faq/b6282ec7/ https://bnb-asset.com/en/support/faq/b6282ec7/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Fund-by-fund custodian and distributor information is not published on the website. The Terms of Use direct investors to ask each fund's distributor, such as a securities company, for details. https://bnb-asset.com/en/support/faq/3d021655/ https://bnb-asset.com/en/support/faq/3d021655/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The fund line-up page lists 17 funds and each fund's net asset value as of 2026-10-13. For official company-wide figures, please refer to the quarterly business reports posted in the Korean… https://bnb-asset.com/en/support/faq/75b57ec0/ https://bnb-asset.com/en/support/faq/75b57ec0/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB operates systematic risk management together with a pre-compliance review system, emphasizing cross-checks between the investment and compliance teams and regular internal training. https://bnb-asset.com/en/support/faq/637d4a8a/ https://bnb-asset.com/en/support/faq/637d4a8a/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB operates three specialized committees: the Investment Review Committee (asset management rules, asset allocation and risk limits), the Risk Management Working Committee (risk policies, BCP, new… https://bnb-asset.com/en/support/faq/53f77bd4/ https://bnb-asset.com/en/support/faq/53f77bd4/ Wed, 14 Oct 2026 00:00:00 GMT FAQ They are: (1) strict compliance with laws and internal regulations, (2) prevention of conflicts of interest and fair dealing, (3) accurate information provision and transparent reporting, (4)… https://bnb-asset.com/en/support/faq/b29d26f9/ https://bnb-asset.com/en/support/faq/b29d26f9/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. In line with the amended Act on Corporate Governance of Financial Companies, BNB has introduced a Responsibilities Map and an Accountability Management Manual that institutionalize each… https://bnb-asset.com/en/support/faq/aa584358/ https://bnb-asset.com/en/support/faq/aa584358/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. BNB accepts and participates in the Korea Stewardship Code ("Principles on the Stewardship Responsibilities of Institutional Investors") announced by the Korea Institute of Corporate Governance… https://bnb-asset.com/en/support/faq/47e58b1d/ https://bnb-asset.com/en/support/faq/47e58b1d/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB maintains internal control standards and conflict-of-interest prevention regulations, and a Compliance Officer independent of the investment division continuously reviews potential conflicts. https://bnb-asset.com/en/support/faq/e40b174c/ https://bnb-asset.com/en/support/faq/e40b174c/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's basic principle is to exercise voting rights with investors' interests as the foremost priority. https://bnb-asset.com/en/support/faq/6be2d8ca/ https://bnb-asset.com/en/support/faq/6be2d8ca/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The Compliance Officer is Lee Heung-il (Compliance Officer/General Manager, 02-786-5329, hilee@bnbasset.com), who is also responsible for the stewardship policy and serves as the Personal Information… https://bnb-asset.com/en/support/faq/3a53745f/ https://bnb-asset.com/en/support/faq/3a53745f/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Discretionary investment management means being entrusted with all or part of an investor's investment decisions and managing assets separately for each investor (Article 6 of the FSCMA). https://bnb-asset.com/en/support/faq/81c4c0f3/ https://bnb-asset.com/en/support/faq/81c4c0f3/ Wed, 14 Oct 2026 00:00:00 GMT FAQ According to the website, the service is for professional institutional investors as defined in Article 271(1) of the Enforcement Decree of the FSCMA. https://bnb-asset.com/en/support/faq/f7e328f7/ https://bnb-asset.com/en/support/faq/f7e328f7/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The scope includes domestic newly listed IPO shares, Pre-IPO and mezzanine (CB, BW, etc.) linked investments, and trading in the secondary market after listing, among others. https://bnb-asset.com/en/support/faq/6ef8eac4/ https://bnb-asset.com/en/support/faq/6ef8eac4/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. Management results may vary depending on the market environment and changes in asset prices, and the investment principal is not guaranteed. https://bnb-asset.com/en/support/faq/3d840f5c/ https://bnb-asset.com/en/support/faq/3d840f5c/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Investment advisory means providing advice on the value of financial investment products or on investment decisions (Article 6 of the FSCMA). https://bnb-asset.com/en/support/faq/1beba2f2/ https://bnb-asset.com/en/support/faq/1beba2f2/ Wed, 14 Oct 2026 00:00:00 GMT FAQ According to the website, eligibility covers retail investors and professional institutional investors. https://bnb-asset.com/en/support/faq/4321839f/ https://bnb-asset.com/en/support/faq/4321839f/ Wed, 14 Oct 2026 00:00:00 GMT FAQ In discretionary management, the client delegates investment decisions and BNB executes subscriptions, allocations and trades. https://bnb-asset.com/en/support/faq/60fc7f2e/ https://bnb-asset.com/en/support/faq/60fc7f2e/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB applies a five-stage process: Step 1 Preliminary Corporate Valuation Research (Deep Dive), Step 2 Comprehensive Valuation Analysis (Multi-Layer Analysis), Step 3 Investment Review & Strategy… https://bnb-asset.com/en/support/faq/6bb7b33e/ https://bnb-asset.com/en/support/faq/6bb7b33e/ Wed, 14 Oct 2026 00:00:00 GMT FAQ In Step 1, BNB reviews potential investment targets from the Pre-IPO stage to Post-IPO companies, meeting target company management (1:1 Q&A), attending official IR sessions, and using company visits… https://bnb-asset.com/en/support/faq/cb24968a/ https://bnb-asset.com/en/support/faq/cb24968a/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. In Step 5 of its process, BNB applies strict stop-loss principles to limit volatility risk and continuously monitors holdings. https://bnb-asset.com/en/support/faq/f0d65633/ https://bnb-asset.com/en/support/faq/f0d65633/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Fee levels are not published on the website. The Korean disclosure board posts the discretionary and advisory contract forms and the company's standards for fee charging. https://bnb-asset.com/en/support/faq/c25a7281/ https://bnb-asset.com/en/support/faq/c25a7281/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Please call +82-2-476-4840, fax +82-2-476-4841, or email info@bnbasset.com. For fund-related details, the Terms of Use direct investors to each fund's distributor, such as a securities company. https://bnb-asset.com/en/support/faq/6116e098/ https://bnb-asset.com/en/support/faq/6116e098/ Wed, 14 Oct 2026 00:00:00 GMT FAQ As of 2026-10-13, the fund line-up page lists 17 general private funds, including the IPO Venture M series (No.2 to No.10), IPO Venture R1 and R2, IPO Venture, SV-1, SV-2, SV-3, Select IPO, and IPO… https://bnb-asset.com/en/support/faq/e3c6946f/ https://bnb-asset.com/en/support/faq/e3c6946f/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The Flagship Fund page presents SV-1, SV-2, BNB IPO Venture and IPO Venture M Fund No.6 as flagship funds spanning Pre-IPO to Post-IPO. https://bnb-asset.com/en/support/faq/fa3bed67/ https://bnb-asset.com/en/support/faq/fa3bed67/ Wed, 14 Oct 2026 00:00:00 GMT FAQ We are sorry, but we cannot recommend specific funds or evaluate their performance. You can view the posted data on the fund line-up page, which can be sorted by newest, cumulative return or… https://bnb-asset.com/en/support/faq/7a1153d8/ https://bnb-asset.com/en/support/faq/7a1153d8/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The fund line-up page shows each fund's NAV per unit, net asset value, cumulative return and annualized return with a reference date. https://bnb-asset.com/en/support/faq/b465e165/ https://bnb-asset.com/en/support/faq/b465e165/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. The fund and return information constitutes standardized information under Article 2(2)4 of the Guidelines on Investment Advertising for Dealing and Brokerage of Collective Investment Securities… https://bnb-asset.com/en/support/faq/dd877b5b/ https://bnb-asset.com/en/support/faq/dd877b5b/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. Collective investment securities may incur a loss of principal due to changes in asset prices and market conditions, and any loss is borne by the investor. https://bnb-asset.com/en/support/faq/be6a91dd/ https://bnb-asset.com/en/support/faq/be6a91dd/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Fund-by-fund management fees, sales fees and other charges are not published on the website. https://bnb-asset.com/en/support/faq/200bbd4a/ https://bnb-asset.com/en/support/faq/200bbd4a/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Fund-specific minimum subscriptions are not published on the website. However, because BNB's funds are general private funds, a retail investor who is not a professional investor must invest at least… https://bnb-asset.com/en/support/faq/eb1de468/ https://bnb-asset.com/en/support/faq/eb1de468/ Wed, 14 Oct 2026 00:00:00 GMT FAQ As of 2026-10-13, the funds marked open-end are Select IPO, SV-1, SV-2, SV-3, IPO SPAC and IPO Venture; the funds marked closed-end are the IPO Venture M series (No.2 to No.10) and IPO Venture R1 and… https://bnb-asset.com/en/support/faq/92620f5b/ https://bnb-asset.com/en/support/faq/92620f5b/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Some funds on the line-up page carry a "KOSDAQ Venture" label. A KOSDAQ venture fund generally refers to a fund that invests a set portion of its assets in venture companies, which may receive… https://bnb-asset.com/en/support/faq/a232fea3/ https://bnb-asset.com/en/support/faq/a232fea3/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Portfolio holdings are not published on the website. Investors can check reports and holdings information through the distributor where they invested, or contact BNB. https://bnb-asset.com/en/support/faq/ecf11c13/ https://bnb-asset.com/en/support/faq/ecf11c13/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Plans for new funds are not published on the website. News may be posted on the announcements and BNB News boards. https://bnb-asset.com/en/support/faq/253dc8f0/ https://bnb-asset.com/en/support/faq/253dc8f0/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Only qualified investors may invest: professional investors, or retail investors investing at least the minimum amount. https://bnb-asset.com/en/support/faq/e0307994/ https://bnb-asset.com/en/support/faq/e0307994/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's Terms of Use describe professional investors as individuals or corporations with expertise and risk-bearing capacity for financial investment products who have met the legal requirements and… https://bnb-asset.com/en/support/faq/5d75c1d0/ https://bnb-asset.com/en/support/faq/5d75c1d0/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's funds are sold through distributors such as securities companies, and subscriptions are not available on the website. https://bnb-asset.com/en/support/faq/93f78edd/ https://bnb-asset.com/en/support/faq/93f78edd/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Whether foreign investors can invest is not published on the website. For details, please call the main line at +82-2-476-4840 or see the Contact page… https://bnb-asset.com/en/support/faq/4114cec0/ https://bnb-asset.com/en/support/faq/4114cec0/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Open-end funds allow redemption requests through the distributor, and the redemption price is based on the NAV calculated after the request date. https://bnb-asset.com/en/support/faq/f06ddb04/ https://bnb-asset.com/en/support/faq/f06ddb04/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. Under Article 237 of the FSCMA, redemptions may be deferred where assets cannot be disposed of, and a meeting of collective investors must resolve redemption matters within six weeks of the… https://bnb-asset.com/en/support/faq/cc9c9851/ https://bnb-asset.com/en/support/faq/cc9c9851/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Under the Income Tax Act, income from collective investment vehicles is generally taxed as dividend income, with a 14% withholding rate (15.4% including local income tax). https://bnb-asset.com/en/support/faq/13f4da8b/ https://bnb-asset.com/en/support/faq/13f4da8b/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Whether product documents are available in English is not published on the website. Please ask the distributor what documents and explanations are available. https://bnb-asset.com/en/support/faq/55e65178/ https://bnb-asset.com/en/support/faq/55e65178/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Under Article 9(19) of the FSCMA, a private collective investment vehicle issues securities only by private placement and has no more than 100 investors in total. https://bnb-asset.com/en/support/faq/87290cfd/ https://bnb-asset.com/en/support/faq/87290cfd/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Since the October 2021 reform, funds sold to retail investors require delivery of a key product description, delivery of asset management reports, external audits, and monitoring of fund management… https://bnb-asset.com/en/support/faq/fb0ff08c/ https://bnb-asset.com/en/support/faq/fb0ff08c/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Under Article 46 of the Financial Consumer Protection Act and its Enforcement Decree, withdrawal rights for investment products apply only to certain products, such as high-risk financial investment… https://bnb-asset.com/en/support/faq/2adedcce/ https://bnb-asset.com/en/support/faq/2adedcce/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Under Article 47 of the Financial Consumer Protection Act, if a seller violated key sales rules (such as suitability, appropriateness or the duty to explain), the consumer may request termination in… https://bnb-asset.com/en/support/faq/4eb02410/ https://bnb-asset.com/en/support/faq/4eb02410/ Wed, 14 Oct 2026 00:00:00 GMT FAQ You can file a complaint or dispute mediation request with the Financial Supervisory Service online, by mail, in person (weekdays 09:00-18:00) or by fax. The FSS call center number is 1332. https://bnb-asset.com/en/support/faq/4d68c2ae/ https://bnb-asset.com/en/support/faq/4d68c2ae/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Please contact the main line (+82-2-476-4840) or info@bnbasset.com. For personal information matters, contact the Personal Information Protection Officer, Lee Heung-il (02-786-5329… https://bnb-asset.com/en/support/faq/2d32b483/ https://bnb-asset.com/en/support/faq/2d32b483/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The English Disclosures board currently shows no posts, so please use the Korean disclosure board (공시정보). https://bnb-asset.com/en/support/faq/46c2cafc/ https://bnb-asset.com/en/support/faq/46c2cafc/ Wed, 14 Oct 2026 00:00:00 GMT FAQ According to the Korean disclosure board, the most recent business report is the FY2026 Q1 business report of BNB Asset Management, posted on August 13, 2026 under Article 33 of the FSCMA. https://bnb-asset.com/en/support/faq/cb6317be/ https://bnb-asset.com/en/support/faq/cb6317be/ Wed, 14 Oct 2026 00:00:00 GMT FAQ DART is the Financial Supervisory Service's electronic disclosure system, where you can search filings by company or report name and by type, including periodic reports, material event reports and… https://bnb-asset.com/en/support/faq/df9cf223/ https://bnb-asset.com/en/support/faq/df9cf223/ Wed, 14 Oct 2026 00:00:00 GMT FAQ IPO status, including offering companies and schedules and newly listed companies, is available in the IPO menu of the Korea Exchange's KIND system. https://bnb-asset.com/en/support/faq/873e083b/ https://bnb-asset.com/en/support/faq/873e083b/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The job postings board currently shows no registered postings. However, BNB operates a standing talent pool across all roles (asset management, research, operations support, corporate management… https://bnb-asset.com/en/support/faq/8cbbb8f7/ https://bnb-asset.com/en/support/faq/8cbbb8f7/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The process is document screening, working-level interview, executive interview, pre-employment health check, and final offer. For recruitment inquiries, please email hr@bnbasset.com. https://bnb-asset.com/en/support/faq/1514e85c/ https://bnb-asset.com/en/support/faq/1514e85c/ Wed, 14 Oct 2026 00:00:00 GMT FAQ BNB's talent profile highlights Integrity & Responsibility, Passion & Innovation, Consistency & Sincerity, and Communication & Trust. https://bnb-asset.com/en/support/faq/f9a7e5e7/ https://bnb-asset.com/en/support/faq/f9a7e5e7/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Benefits listed on the website include self-development support, in-house and external training, certification support, access to condos and resorts, long-service refresh leave, comprehensive health… https://bnb-asset.com/en/support/faq/ca1f7cda/ https://bnb-asset.com/en/support/faq/ca1f7cda/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Submitted documents are used only for recruitment review and are not returned. They are securely deleted after the retention period under internal regulations. https://bnb-asset.com/en/support/faq/120a9216/ https://bnb-asset.com/en/support/faq/120a9216/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. The website provides content without membership registration, on the condition that users agree to the Disclaimer & Important Notice and the Terms of Use shown in the pop-up and at the bottom of… https://bnb-asset.com/en/support/faq/be564d06/ https://bnb-asset.com/en/support/faq/be564d06/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. Click "EN" at the top of the page to go to the English site (https://www.bnbasset.com/en/), and "KR" to return to the Korean site. https://bnb-asset.com/en/support/faq/9d16ab57/ https://bnb-asset.com/en/support/faq/9d16ab57/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Yes. Cookies are used to provide customized services, for access statistics and analysis tools, pop-up operation, and event participation. https://bnb-asset.com/en/support/faq/3dd39fe3/ https://bnb-asset.com/en/support/faq/3dd39fe3/ Wed, 14 Oct 2026 00:00:00 GMT FAQ The Privacy Policy is linked at the bottom of every page. The current policy was revised on June 30, 2026. https://bnb-asset.com/en/support/faq/95553f31/ https://bnb-asset.com/en/support/faq/95553f31/ Wed, 14 Oct 2026 00:00:00 GMT FAQ Copyright in all website content belongs to the company. You may not reproduce, distribute, transmit or commercially use the content without the company's prior written approval. https://bnb-asset.com/en/support/faq/967c4989/ https://bnb-asset.com/en/support/faq/967c4989/ Wed, 14 Oct 2026 00:00:00 GMT FAQ No. The chatbot provides general information based on BNB's website and public sources and does not provide investment advice or solicitation. https://bnb-asset.com/en/disclosure/214/ https://bnb-asset.com/en/disclosure/214/ Thu, 13 Aug 2026 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2026 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/213/ https://bnb-asset.com/en/disclosure/213/ Thu, 30 Jul 2026 00:00:00 GMT Disclosures Pursuant to Article 12 of the Act on External Audit of Stock Companies and Article 18 of its Enforcement Decree, the Company hereby gives public notice of the appointment of its external auditor as attached. https://bnb-asset.com/en/news/212/ https://bnb-asset.com/en/news/212/ Tue, 07 Jul 2026 00:00:00 GMT Notices & News Pursuant to Article 45 of the Financial Investment Services and Capital Markets Act and Article 50 of its Enforcement Decree, the Company hereby posts on its website the “Key Elements of Policies on Conflict-of-Interest Management and Information Barriers” as follows. https://bnb-asset.com/en/disclosure/211/ https://bnb-asset.com/en/disclosure/211/ Fri, 03 Jul 2026 00:00:00 GMT Disclosures Pursuant to Article 7 of the Act on Corporate Governance of Financial Companies and Article 3 of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the details of the appointment and resignation of its executive officers as attached. https://bnb-asset.com/en/disclosure/210/ https://bnb-asset.com/en/disclosure/210/ Wed, 01 Jul 2026 00:00:00 GMT Disclosures Pursuant to Article 449(3) of the Commercial Act, the Company hereby gives public notice of its statement of financial position for the 23rd fiscal year. https://bnb-asset.com/en/news/209/ https://bnb-asset.com/en/news/209/ Tue, 30 Jun 2026 00:00:00 GMT Notices & News Announcing the Opening of Our Renewed Website Greetings. We would like to express our sincere gratitude to all our clients for their continued trust and support. https://bnb-asset.com/en/disclosure/208/ https://bnb-asset.com/en/disclosure/208/ Tue, 30 Jun 2026 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/news/205/ https://bnb-asset.com/en/news/205/ Mon, 22 Jun 2026 00:00:00 GMT Notices & News BNB Asset Management Co., Ltd. hereby gives public notice that, in accordance with the Korea Stewardship Code (Principles on the Fiduciary Responsibilities of Institutional Investors) guidelines provided by the Stewardship Code Development Committee of the Korea Institute of Corporate Governance… https://bnb-asset.com/en/disclosure/204/ https://bnb-asset.com/en/disclosure/204/ Fri, 15 May 2026 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2025 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/203/ https://bnb-asset.com/en/disclosure/203/ Thu, 05 Mar 2026 00:00:00 GMT Disclosures Pursuant to Article 30(2) of the Act on Corporate Governance of Financial Companies and Article 14(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the appointment of its Compliance Officer and Chief Risk Officer as attached. https://bnb-asset.com/en/disclosure/202/ https://bnb-asset.com/en/disclosure/202/ Fri, 13 Feb 2026 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2025 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/201/ https://bnb-asset.com/en/disclosure/201/ Thu, 20 Nov 2025 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2025 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/200/ https://bnb-asset.com/en/disclosure/200/ Thu, 21 Aug 2025 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2025 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/199/ https://bnb-asset.com/en/disclosure/199/ Tue, 08 Jul 2025 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Investment Advisory Agreement is hereby disclosed. https://bnb-asset.com/en/disclosure/198/ https://bnb-asset.com/en/disclosure/198/ Thu, 03 Jul 2025 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its key management matters as attached. https://bnb-asset.com/en/disclosure/197/ https://bnb-asset.com/en/disclosure/197/ Wed, 02 Jul 2025 00:00:00 GMT Disclosures Pursuant to Article 449(3) of the Commercial Act, the Company hereby gives public notice of its statement of financial position for the 22nd fiscal year. https://bnb-asset.com/en/disclosure/196/ https://bnb-asset.com/en/disclosure/196/ Tue, 01 Jul 2025 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/195/ https://bnb-asset.com/en/disclosure/195/ Tue, 27 May 2025 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2024 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/194/ https://bnb-asset.com/en/disclosure/194/ Thu, 27 Feb 2025 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2024 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/193/ https://bnb-asset.com/en/disclosure/193/ Thu, 14 Nov 2024 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2024 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/192/ https://bnb-asset.com/en/disclosure/192/ Wed, 14 Aug 2024 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2024 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/191/ https://bnb-asset.com/en/disclosure/191/ Fri, 28 Jun 2024 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/190/ https://bnb-asset.com/en/disclosure/190/ Fri, 07 Jun 2024 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its corrected FY2023 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/189/ https://bnb-asset.com/en/disclosure/189/ Tue, 21 May 2024 00:00:00 GMT Disclosures Pursuant to Article 12 of the Act on External Audit of Stock Companies and Article 18 of its Enforcement Decree, the Company hereby gives public notice of the appointment of its external auditor as attached. https://bnb-asset.com/en/disclosure/188/ https://bnb-asset.com/en/disclosure/188/ Thu, 16 May 2024 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2023 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/187/ https://bnb-asset.com/en/disclosure/187/ Fri, 26 Apr 2024 00:00:00 GMT Disclosures Pursuant to Article 50 of the Financial Investment Services and Capital Markets Act, the Company hereby amends its Investment Solicitation Guidelines as attached. https://bnb-asset.com/en/disclosure/186/ https://bnb-asset.com/en/disclosure/186/ Mon, 11 Mar 2024 00:00:00 GMT Disclosures Pursuant to Article 7 of the Act on Corporate Governance of Financial Companies and Article 3 of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the details of the appointment and resignation of its executive officers as attached. https://bnb-asset.com/en/disclosure/185/ https://bnb-asset.com/en/disclosure/185/ Tue, 05 Mar 2024 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/184/ https://bnb-asset.com/en/disclosure/184/ Wed, 14 Feb 2024 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2023 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/183/ https://bnb-asset.com/en/disclosure/183/ Tue, 14 Nov 2023 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2023 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/182/ https://bnb-asset.com/en/disclosure/182/ Mon, 14 Aug 2023 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2023 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/181/ https://bnb-asset.com/en/disclosure/181/ Thu, 20 Jul 2023 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Investment Advisory Agreement. https://bnb-asset.com/en/disclosure/180/ https://bnb-asset.com/en/disclosure/180/ Mon, 03 Jul 2023 00:00:00 GMT Disclosures Pursuant to Article 7 of the Act on Corporate Governance of Financial Companies and Article 3 of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the details of the resignation and appointment of its executive officers as attached. https://bnb-asset.com/en/disclosure/179/ https://bnb-asset.com/en/disclosure/179/ Mon, 03 Jul 2023 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/178/ https://bnb-asset.com/en/disclosure/178/ Tue, 27 Jun 2023 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Discretionary Investment Management Agreement. https://bnb-asset.com/en/disclosure/177/ https://bnb-asset.com/en/disclosure/177/ Thu, 25 May 2023 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its corrected FY2022 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/176/ https://bnb-asset.com/en/disclosure/176/ Mon, 15 May 2023 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2022 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/175/ https://bnb-asset.com/en/disclosure/175/ Tue, 14 Feb 2023 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2022 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/174/ https://bnb-asset.com/en/disclosure/174/ Mon, 14 Nov 2022 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2022 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/173/ https://bnb-asset.com/en/disclosure/173/ Tue, 16 Aug 2022 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2022 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/172/ https://bnb-asset.com/en/disclosure/172/ Thu, 07 Jul 2022 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/171/ https://bnb-asset.com/en/disclosure/171/ Mon, 27 Jun 2022 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2021 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/170/ https://bnb-asset.com/en/disclosure/170/ Mon, 16 May 2022 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2021 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/169/ https://bnb-asset.com/en/disclosure/169/ Mon, 02 May 2022 00:00:00 GMT Disclosures Pursuant to Article 7(2) of the Act on Corporate Governance of Financial Companies and Article 3(2) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the details of the appointment of its executive officers as attached. https://bnb-asset.com/en/disclosure/168/ https://bnb-asset.com/en/disclosure/168/ Fri, 22 Apr 2022 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/167/ https://bnb-asset.com/en/disclosure/167/ Mon, 11 Apr 2022 00:00:00 GMT Disclosures Pursuant to Article 50 of the Financial Investment Services and Capital Markets Act, the Company hereby amends its Investment Solicitation Guidelines as attached. https://bnb-asset.com/en/disclosure/166/ https://bnb-asset.com/en/disclosure/166/ Mon, 14 Feb 2022 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2021 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/165/ https://bnb-asset.com/en/disclosure/165/ Tue, 21 Dec 2021 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Discretionary Investment Management Agreement. https://bnb-asset.com/en/disclosure/164/ https://bnb-asset.com/en/disclosure/164/ Tue, 21 Dec 2021 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Investment Advisory Agreement. https://bnb-asset.com/en/disclosure/163/ https://bnb-asset.com/en/disclosure/163/ Mon, 15 Nov 2021 00:00:00 GMT Disclosures The Company hereby discloses its minimum operating capital as attached. https://bnb-asset.com/en/disclosure/162/ https://bnb-asset.com/en/disclosure/162/ Mon, 15 Nov 2021 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2021 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/161/ https://bnb-asset.com/en/disclosure/161/ Fri, 24 Sep 2021 00:00:00 GMT Disclosures We hereby announce that, following the entry into force of the Financial Consumer Protection Act (September 25, 2021), the “Internal Control Standards for Financial Consumer Protection (Article 16(2) of the Act)” and the “Financial Consumer Protection Standards (Article 32(3) of the Act)” take… https://bnb-asset.com/en/disclosure/160/ https://bnb-asset.com/en/disclosure/160/ Fri, 24 Sep 2021 00:00:00 GMT Disclosures We hereby announce that, following the entry into force of the Financial Consumer Protection Act (September 25, 2021), the “Internal Control Standards for Financial Consumer Protection (Article 16(2) of the Act)” and the “Financial Consumer Protection Standards (Article 32(3) of the Act)” take… https://bnb-asset.com/en/disclosure/159/ https://bnb-asset.com/en/disclosure/159/ Wed, 01 Sep 2021 00:00:00 GMT Disclosures Pursuant to subparagraph 3 of Article 45(4) of the Financial Investment Services and Capital Markets Act and subparagraph 3 of Article 50(3) of its Enforcement Decree, the Company hereby discloses, as attached, the key elements of its internal control standards relating to the management of… https://bnb-asset.com/en/disclosure/158/ https://bnb-asset.com/en/disclosure/158/ Fri, 13 Aug 2021 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2021 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/157/ https://bnb-asset.com/en/disclosure/157/ Mon, 02 Aug 2021 00:00:00 GMT Disclosures Pursuant to Article 12 of the Act on External Audit of Stock Companies and Article 18 of its Enforcement Decree, the Company hereby gives public notice of the appointment of its external auditor as attached. https://bnb-asset.com/en/disclosure/156/ https://bnb-asset.com/en/disclosure/156/ Mon, 07 Jun 2021 00:00:00 GMT Disclosures Pursuant to Article 30(2) of the Act on Corporate Governance of Financial Companies and Article 1(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the appointment of its Compliance Officer and Chief Risk Officer as attached. https://bnb-asset.com/en/disclosure/155/ https://bnb-asset.com/en/disclosure/155/ Mon, 17 May 2021 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2020 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/154/ https://bnb-asset.com/en/disclosure/154/ Fri, 14 May 2021 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Annual General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/153/ https://bnb-asset.com/en/disclosure/153/ Mon, 10 May 2021 00:00:00 GMT Disclosures Pursuant to Article 7(3) of the Act on Corporate Governance of Financial Companies and Article 3(2) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the details of the resignation of its executive officers as attached. https://bnb-asset.com/en/disclosure/152/ https://bnb-asset.com/en/disclosure/152/ Fri, 19 Mar 2021 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as follows. https://bnb-asset.com/en/disclosure/151/ https://bnb-asset.com/en/disclosure/151/ Mon, 25 Jan 2021 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2020 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/150/ https://bnb-asset.com/en/disclosure/150/ Fri, 08 Jan 2021 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Discretionary Investment Management Agreement. https://bnb-asset.com/en/disclosure/149/ https://bnb-asset.com/en/disclosure/149/ Fri, 08 Jan 2021 00:00:00 GMT Disclosures Pursuant to Article 56(2) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Investment Advisory Agreement. https://bnb-asset.com/en/disclosure/148/ https://bnb-asset.com/en/disclosure/148/ Mon, 16 Nov 2020 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2020 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/147/ https://bnb-asset.com/en/disclosure/147/ Thu, 03 Sep 2020 00:00:00 GMT Disclosures Pursuant to Article 30(2) of the Act on Corporate Governance of Financial Companies and Article 1(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the appointment of its Compliance Officer and Chief Risk Officer as attached. https://bnb-asset.com/en/disclosure/146/ https://bnb-asset.com/en/disclosure/146/ Thu, 06 Aug 2020 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2020 Q1 Business Report as attached. https://bnb-asset.com/en/news/145/ https://bnb-asset.com/en/news/145/ Wed, 24 Jun 2020 00:00:00 GMT Notices & News The Company has amended its Pre-Allocation Regulation as attached and hereby discloses it. https://bnb-asset.com/en/news/144/ https://bnb-asset.com/en/news/144/ Wed, 24 Jun 2020 00:00:00 GMT Notices & News The Company has established its Pre-Allocation Regulation as attached and hereby discloses it for your reference. https://bnb-asset.com/en/disclosure/143/ https://bnb-asset.com/en/disclosure/143/ Mon, 08 Jun 2020 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2019 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/142/ https://bnb-asset.com/en/disclosure/142/ Wed, 27 May 2020 00:00:00 GMT Disclosures Pursuant to Article 41 of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its General Meeting of Shareholders as follows. https://bnb-asset.com/en/disclosure/141/ https://bnb-asset.com/en/disclosure/141/ Fri, 15 May 2020 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2019 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/140/ https://bnb-asset.com/en/disclosure/140/ Fri, 15 May 2020 00:00:00 GMT Disclosures Pursuant to Article 7(3) of the Act on Corporate Governance of Financial Companies and Article 3(2) of the Regulations on Supervision of Corporate Governance of Financial Companies, the details of the resignation and appointment of executive officers of BNB Asset Management are hereby disclosed as… https://bnb-asset.com/en/disclosure/139/ https://bnb-asset.com/en/disclosure/139/ Wed, 13 May 2020 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Annual General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/138/ https://bnb-asset.com/en/disclosure/138/ Fri, 17 Apr 2020 00:00:00 GMT Disclosures Pursuant to Article 58 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its amended Standards for Fee Charging and Procedures as attached. https://bnb-asset.com/en/disclosure/137/ https://bnb-asset.com/en/disclosure/137/ Fri, 14 Feb 2020 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2019 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/136/ https://bnb-asset.com/en/disclosure/136/ Thu, 14 Nov 2019 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2019 Q2 Business Report as attached. https://bnb-asset.com/en/news/135/ https://bnb-asset.com/en/news/135/ Fri, 08 Nov 2019 00:00:00 GMT Notices & News Pursuant to Article 25(1) of the Personal Information Protection Act, the Company hereby discloses, as attached, its guidelines for the operation and management of the CCTV it has installed, for your reference. https://bnb-asset.com/en/news/134/ https://bnb-asset.com/en/news/134/ Fri, 08 Nov 2019 00:00:00 GMT Notices & News Pursuant to Article 30 of the Personal Information Protection Act, the Company hereby discloses its Privacy Policy as attached. https://bnb-asset.com/en/news/133/ https://bnb-asset.com/en/news/133/ Fri, 08 Nov 2019 00:00:00 GMT Notices & News Pursuant to Article 31 of the Credit Information Use and Protection Act, the Company hereby discloses, as follows, the system for utilizing the credit information it manages. 1. https://bnb-asset.com/en/news/132/ https://bnb-asset.com/en/news/132/ Fri, 08 Nov 2019 00:00:00 GMT Notices & News Pursuant to the Financial Investment Services and Capital Markets Act, the Company hereby discloses its Investment Solicitation Guidelines for your reference. https://bnb-asset.com/en/news/131/ https://bnb-asset.com/en/news/131/ Fri, 08 Nov 2019 00:00:00 GMT Notices & News Pursuant to Article 58 of the Financial Investment Services and Capital Markets Act, the Standards for Fee Charging and Procedures are hereby disclosed for your reference. https://bnb-asset.com/en/disclosure/130/ https://bnb-asset.com/en/disclosure/130/ Tue, 06 Aug 2019 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2019 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/129/ https://bnb-asset.com/en/disclosure/129/ Wed, 31 Jul 2019 00:00:00 GMT Disclosures Pursuant to Article 30(2) of the Act on Corporate Governance of Financial Companies and Article 1(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the appointment of its Compliance Officer and Chief Risk Officer as attached. https://bnb-asset.com/en/disclosure/128/ https://bnb-asset.com/en/disclosure/128/ Thu, 23 May 2019 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2018 Q4 Business Report as attached. https://bnb-asset.com/en/disclosure/127/ https://bnb-asset.com/en/disclosure/127/ Thu, 25 Apr 2019 00:00:00 GMT Disclosures Pursuant to Article 7(3) of the Act on Corporate Governance of Financial Companies and Article 3(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the appointment of its executive officers as attached. https://bnb-asset.com/en/disclosure/126/ https://bnb-asset.com/en/disclosure/126/ Thu, 25 Apr 2019 00:00:00 GMT Disclosures Pursuant to Article 7(3) of the Act on Corporate Governance of Financial Companies and Article 3(1) of the Regulations on Supervision of Corporate Governance of Financial Companies, the Company hereby discloses the resignation of its executive officers as attached. https://bnb-asset.com/en/disclosure/125/ https://bnb-asset.com/en/disclosure/125/ Mon, 22 Apr 2019 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Extraordinary General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/122/ https://bnb-asset.com/en/disclosure/122/ Thu, 31 Jan 2019 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Extraordinary General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/124/ https://bnb-asset.com/en/disclosure/124/ Mon, 31 Dec 2018 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2018 Q3 Business Report as attached. https://bnb-asset.com/en/disclosure/123/ https://bnb-asset.com/en/disclosure/123/ Fri, 02 Nov 2018 00:00:00 GMT Disclosures BNB Investment Advisory Co., Ltd. hereby discloses, as attached, that it has outsourced its fund administration services in order to enhance the accuracy and transparency of operations such as net asset value calculation and return computation. https://bnb-asset.com/en/disclosure/121/ https://bnb-asset.com/en/disclosure/121/ Thu, 01 Nov 2018 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Extraordinary General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/119/ https://bnb-asset.com/en/disclosure/119/ Tue, 16 Oct 2018 00:00:00 GMT Disclosures Pursuant to Article 33(3) of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its key management matters as attached. https://bnb-asset.com/en/disclosure/120/ https://bnb-asset.com/en/disclosure/120/ Mon, 15 Oct 2018 00:00:00 GMT Disclosures Pursuant to Article 41(1) of the Act on Corporate Governance of Financial Companies and Article 32 of its Enforcement Decree, the Company hereby discloses the results of its Extraordinary General Meeting of Shareholders as attached. https://bnb-asset.com/en/disclosure/118/ https://bnb-asset.com/en/disclosure/118/ Sun, 30 Sep 2018 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2018 Q2 Business Report as attached. https://bnb-asset.com/en/disclosure/117/ https://bnb-asset.com/en/disclosure/117/ Sat, 30 Jun 2018 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2018 Q1 Business Report as attached. https://bnb-asset.com/en/disclosure/116/ https://bnb-asset.com/en/disclosure/116/ Sat, 31 Mar 2018 00:00:00 GMT Disclosures Pursuant to Article 33 of the Financial Investment Services and Capital Markets Act, the Company hereby discloses its FY2017 Q4 Business Report as attached.