South Korea's Financial Services Commission (FSC) has proposed revisions to the enforcement rules of the Financial Investment Services and Capital Markets Act (FSCMA) and regulations on securities issuance and disclosure. These changes aim to introduce fair value pricing in M&A transactions and strengthen related procedures. The revised FSCMA is set to take effect on December 9, 2026. The proposal will be open for public comment from September 16 to October 6, 2026. Under the new rules, listed companies conducting M&A transactions will be required to calculate transaction value by comprehensively considering factors such as stock price, asset value, and earnings value. Boards of directors will also be required to disclose written opinions, and external appraisal institutions must assess the reasonableness of valuation methods and key assumptions.