South Korea's Financial Services Commission announced on November 3 that the government has approved amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act. The related IPO book-building and cornerstone investor systems will take effect on November 13, 2026. Private equity funds and discretionary investment management firms participating in book-building must have entrusted assets of at least 30 billion Korean Won. Cornerstone investors must also meet requirements such as equity or entrusted assets being no less than 20 times the value of the IPO shares they intend to subscribe for. Of the allocated shares, 50% will be locked up for 6 months, 30% for 8 months, and 20% for 10 months. The new rules also prohibit cornerstone investor agreements with institutional investors that have special business interests, and forbid direct or indirect exchanges of interests in such agreements.