The EUCCK Asset Management and Securities Committee welcomes the imminent passing of the new capital markets consolidated law which is currently being passed in parliament and which we understand is due to take effect from beginning 2009. We hope this new law, taking the bold initiative of adopting a big bang approach, will act as a catalyst and propel the Korean capital markets forward into a new modern and global era. We understand and appreciate the efforts of all parties involved in this major project and look forward to working together with all stakeholders in this bold initiative and making this a great success for the Korean financial markets.

Items	Issues	Recommendations
1. Licensing	As the law will not come into effect until 2009, we ask that the granting of additional upgraded licenses to our members continues in the meantime. It is important for all market players to continue the momentum of their business development plans over the next two years in order to maximise the intended consequences and effects of the new law for the Korean markets as a whole.	Allowing EUCCK Asset Management & Securities Committee member firms under upgraded licenses to bring on-shore their expertise and experience will serve to i) enhance the opening and liberalisation of the capital markets, ii) fully succeed in the aim to deliver a broad range of added-value financial services, product innovation and customer security to Korean clients, and iii) make the critical contribution to the international ambitions of the north east Asia financial hub initiative.