大韩民国债券市场：东盟+3债券市场指南更新（英）

THEBONDMARKETINTHEREPUBLICOFKOREA ANASEAN+3BONDMARKETGUIDEUPDATE MAY2024 THEBONDMARKETINTHEREPUBLICOFKOREA ANASEAN+3BONDMARKETGUIDEUPDATE MAY2024 ASIANDEVELOPMENTBANK CreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO) ©2024AsianDevelopmentBank 6ADBAvenue,MandaluyongCity,1550MetroManila,PhilippinesTel+63286324444;Fax+63286362444 www.adb.org Somerightsreserved.Publishedin2024. ISBN978-92-9270-684-5(print),978-92-9270-685-2(PDF),978-92-9270-686-9(ebook)ISSN2616-4663(print),2616-4671(PDF) PublicationStockNo.TCS240245-2 DOI:http://dx.doi.org/10.22617/TCS240245-2 TheviewsexpressedinthispublicationarethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesoftheAsianDevelopmentBank(ADB)oritsBoardofGovernorsorthegovernmentstheyrepresent. ADBdoesnotguaranteetheaccuracyofthedataincludedinthispublicationandacceptsnoresponsibilityforanyconsequenceoftheiruse.ThementionofspecificcompaniesorproductsofmanufacturersdoesnotimplythattheyareendorsedorrecommendedbyADBinpreferencetoothersofasimilarnaturethatarenotmentioned. Bymakinganydesignationoforreferencetoaparticularterritoryorgeographicareainthisdocument,ADBdoesnotintendtomakeanyjudgmentsastothelegalorotherstatusofanyterritoryorarea. ThispublicationisavailableundertheCreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)https://creativecommons.org/licenses/by/3.0/igo/.Byusingthecontentofthispublication,youagreetobeboundbythetermsofthislicense.Forattribution,translations,adaptations,andpermissions,pleasereadtheprovisionsandtermsofuseathttps://www.adb.org/terms-use#openaccess. ThisCClicensedoesnotapplytonon-ADBcopyrightmaterialsinthispublication.Ifthematerialisattributedtoanothersource,pleasecontactthecopyrightownerorpublisherofthatsourceforpermissiontoreproduceit.ADBcannotbeheldliableforanyclaimsthatariseasaresultofyouruseofthematerial. Pleasecontactpubsmarketing@adb.orgifyouhavequestionsorcommentswithrespecttocontent,orifyouwishtoobtaincopyrightpermissionforyourintendedusethatdoesnotfallwithintheseterms,orforpermissiontousetheADBlogo. CorrigendatoADBpublicationsmaybefoundathttp://www.adb.org/publications/corrigenda. Notes: Inthispublication,internationalstandardsfornamingconventions—InternationalOrganizationforStandardization(ISO)3166foreconomycodesandISO4217forcurrencycodes—areusedtoreflectthediscussionsoftheASEAN+3BondMarketForumtopromoteandsupportimplementationofinternationalstandardsinfinancialtransactionsintheregion.ASEAN+3comprisestheAssociationofSoutheastAsianNations(ASEAN)plusthePeople’sRepublicofChina,Japan,andtheRepublicofKorea. TheeconomiesofASEAN+3asdefinedinISO3166includeBruneiDarussalam(BN;BRN);Cambodia(KH;KHM);thePeople’sRepublicofChina(CN;CHN);HongKong,China(HK;HKG);Indonesia(ID;IDN);Japan(JP;JPN);theRepublicofKorea(KR;KOR);theLaoPeople’sDemocraticRepublic(LA;LAO);Malaysia(MY;MYS);thePhilippines(PH;PHL);Singapore(SG;SGP);Thailand(TH;THA);andVietNam(VN;VNM). ThecurrenciesofASEAN+3asdefinedinISO4217includetheBruneidollar(BND),Cambodianriel(KHR),Chineserenminbi(CNY),HongKongdollar(HKD),Indonesianrupiah(IDR),Japaneseyen(JPY),Koreanwon(KRW),Laokip(LAK),Malaysianringgit(MYR), Philippinepeso(PHP),Singaporedollar(SGD),Thaibaht(THB),andVietnamesedong(VND). ADBrecognizes“Hongkong”and“HongKong”asHongKong,China;“Korea”and“S.Korea”astheRepublicofKorea;and“Korean”asreferringtotheRepublicofKorea. Contents Note:ThechapterandsectionnumberingreflectthatoftheASEAN+3BondMarketGuideRepublicofKorea2018andincludesonlythechaptersandsectionsbeingupdated. TablesandFiguresiv Acknowledgmentsv Abbreviationsvi I.Overview1 A.Introduction1 II.LegalandRegulatoryFramework5 C.LegislativeStructure5 D.KoreanBondMarketRegulatoryStructure8 E.RegulatoryFrameworkforDebtSecurities9 G.ContinuousDisclosureRequirementsintheKoreanBondMarket10 H.Self-RegulatoryOrganizationsintheKoreanBondMarket12 I.RulesRelatedtoLicensingandTradingConventions13 J.RulesRelatedtoBondListingorRegistration,Trading,andDisclosure13 K.MarketEntryRequirements(Nonresidents)14 M.RegulationsandLimitationsRelevantforNonresidents17 III.CharacteristicsoftheKoreanBondMarket21 A.DefinitionofSecurities21 B.TypesofBondsandNotes23 E.MethodsofIssuingBondsandNotes(PrimaryMarket)26 G.LanguageofDocumentationandDisclosureItems27 H.RegistrationofDebtSecurities28 I.ListingofDebtSecurities29 IV.BondandNoteTransactionsandTradingMarketInfrastructure31 A.TradingofBondsandNotes31 F.BondInformationServices32 J.InterestRateandFixed-IncomeFutures34 K.CriticalBenchmarkRates[New]34 VI.BondMarketCostsandTaxation37 B.ListingFees37 C.OngoingCostsforIssuersofCorporateBondsandNotes37 H.TaxationFrameworkandRequirements38 VII.MarketSizeandStatistics43 X.RecentDevelopmentsandFutureDirection44 A.RecentMajorDevelopments44 B.FutureDirection49 Appendixes 2PracticalReferences51 4GlossaryofTechnicalTerms52 TablesandFigures Tables 2.1ExamplesofSecuritiesMarketLegislationandRegulationsbyLegislativeTier5 2.4ComparisonofOmnibusAccountTypes19 3.5ExamplesofDeterminingtheSuccessfulBiddingYieldbyAuctionType26 6.4DutiesandTaxesonFixed-IncomeSecuritiesintheRepublicof