When the FSC deems the registration statement poor in form or not enough for describing the important matters, it may demand that the issuer submit a corrective registration statement presenting the reason thereon. In addition, if there is any change in the matters described in the registration statement before the opening of subscription, the issuer may file a corrective registration statement.
Also, in case of submitting a corrective registration statement, it shall be deemed that the relevant registration statement is accepted on the acceptance date of the corrective one. In case of submitting a corrective registration statement, the preliminary prospectus or the prospectus shall be corrected equally, and in this case, the corrected contents shall be informed to the Exchange.
Following are the cases where a corrective registration statement shall be submitted.
The registration statement will become effective after passing 15 days since the acceptance date of the registration statement by the FSC, and since then, the issuer shall place prospectus at the head office or branch offices of the issuer, the FSC, the Exchange, and subscription service company, make it available for the general public for inspection, and deliver the prospectus for subscribers, if any.
Once the registration statement becomes effective and placement and delivery of prospectus are completed, the issuer, seller, and their agent can begin the subscription procedures since they are allowed to approve an offer to acquire or purchase the securities offered or sold.