Expansion of English DART as an Open Data Platform

by Andrew Baek

(February 12, 2025)

The Financial Supervisory Service (“FSS”) of Korea has announced significant advancements in its efforts to improve foreign investors’ access to Korea’s capital markets. As of February 10, 2025, the English version of the DART (Data Analysis, Retrieval, and Transfer) system will feature expanded content and functionality, along with the launch of a new open data platform.

For those unfamiliar with DART, it is the Korea’s equivalent of EDGAR in the United States. DART is an electronic public disclosure system that allows companies to submit disclosures online, making the information immediately available to investors and other users. The initiative described above seeks to reduce information asymmetry for foreign investors and addresses prior limitations in English disclosure services by offering broader access to financial and corporate data in a structured, user-friendly format. The new system will offer XBRL-annotated big data covering all listed companies.

One of the major improvements under this initiative is the expansion of English content on DART. Public offering details, as well as key sections of periodic reports and other statutory disclosures, including titles, table formats, labels, and standardized fields, are now available in English. While the content of public disclosures remains to be in Korean unless the submitting company provides an English version, these improvements will help foreign investors better access detailed and accurate data directly, reducing reliance on external translation tools.

Further improvements to the English DART system are planned for the coming years. By the end of 2025, the FSS will establish a dedicated server and database exclusively for the English site. Additionally, an XBRL extraction engine and supplementary servers will be implemented to support enhanced data accessibility and analysis.

One of the most distinctive aspects of DART, compared to similar services in Japan, China, or other nations, is that all features are publicly available free of charge. This competitive advantage is expected to mitigate the “Korea discount,” a term referring to the undervaluation of Korean assets due to perceived barriers to foreign investment.
For foreign investors needing assistance in using the English DART system or seeking clarification on relevant laws and regulations, we offer consultation services. Whether you have technical questions about navigating the platform or need insights into regulatory requirements, our team is ready to provide tailored support to ensure smooth and efficient utilization of these tools.

Additionally, if you have local presence in Korea and wish to submit your public disclosure documents or other materials in English, we can also provide you with the relevant support services.

For further legal consultation on this subject, please feel free to contact us at inpyeong@inpyeonglaw.com or by phone at +82 2038 2339.
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