On July 30, the Financial Services Commission (FSC) of South Korea announced proposed amendments to the enforcement rules of the Financial Investment Services and Capital Markets Act (FSCMA) and to regulations concerning securities offerings and disclosure. The proposal aims to provide specific details on the introduction of preliminary bookbuilding and the cornerstone investor system for the revised FSCMA, which is scheduled to take effect on November 13, 2026. Preliminary bookbuilding allows underwriters to gauge market demand before setting the IPO price range, while the cornerstone investor system permits the pre-allocation of a portion of IPO shares to institutional investors who agree to lock up their holdings for at least six months, thereby boosting market confidence and stabilizing the share price.