South Korea’s Financial Supervisory Service will introduce a two-tier correction system for IPO and rights-offering registration statements, publicly disclosing through DART when amended filings continue to contain material deficiencies. An initial Level 1 request will specify required corrections, while a Level 2 request will state that the amended filing has not sufficiently reflected them without repeating the detailed list. The FSS says the approach will reduce repeated review work and fundraising delays while allowing well-prepared filings to receive expedited review. At a meeting with underwriting executives from 11 domestic securities firms in Seoul on August 28, Lee Seung-woo, Deputy Governor of the FSS's Disclosure Investigation Division, said issuers and underwriters must improve initial drafting, corrections and disclosure of capital-raising plans. The meeting also reviewed reforms that lifted mandatory holding commitments among institutional IPO investors from 29.0% to 77.7% and among policy funds from 35.8% to 95.0%, although 15-day commitments remain the most common. Pre-demand forecasting and the cornerstone investor system are scheduled to begin under Capital Markets Act amendments taking effect on November 13.