South Korea's financial regulator said Sunday the English language service of its electronic disclosure system (DART) will be expanded starting next week as part of efforts to improve foreigners' access to the country's financial market information.
The Financial Supervisory Service (FSS) said the updated DART will allow users to search for a company's name, titles of reports and an attached file's name in English and provide a built-in translation service for financial reports written in the Korean language.
The search will also be expanded to include companies listed on the KONEX index as well as unlisted corporations.
Currently, companies listed on the main KOSPI and tech heavy KOSDAQ indexes are available for filings searches.
The system update comes in line with financial authorities' announcement earlier this year that they will gradually make it mandatory for South Korean companies to provide English disclosure.
KOSPI-listed companies with assets of 10 trillion won (US$7.8 billion) or more will be required to issue key regulatory filings in English from next year, and the mandate will be expanded to KOSPI-listed firms with assets of 2 trillion won or more from 2026.
The FSS also plans to provide XBRL specific viewer on DART starting with third-quarter filings made by companies.
XBRL viewer, which uses extensible business reporting language, allows users to check various attributes in English from element names to international standard ID, and debit and credit attributes.
Source: Yonhap News Agency