▲ Launch of the "2nd Public Participation Growth Fund"
Financial Services Commission Vice Chairman Kwon Dae-young subscribed to the 2nd Public Participation Growth Fund today (the 30th), its launch day, and urged officials to prevent mis-selling.
Vice Chairman Kwon visited the Government Seoul Complex branch of NH Nonghyup Bank on this day and subscribed to the fund after going through procedures such as analyzing investor profiles and checking important fund details.
"This will serve as a meaningful investment opportunity for the public to share in the growth fruits of future strategic industries, while acting as a stepping stone for mutual prosperity by smoothly supplying the capital necessary for advanced strategic industries to grow," Vice Chairman Kwon said.
He requested that financial institutions prevent mis-selling by thoroughly explaining to investors that the product is a 5-year closed-end (non-redeemable) investment product whose principal is not guaranteed.
The 2nd Public Participation Growth Fund amounts to 600 billion won and will be sold on a first-come, first-served basis at banks and securities firms for 10 business days until the 15th of next month.
The allocation proportion for ordinary citizens has been expanded to 50%, and subscribers to the 1st fund are restricted from joining.
Subscription convenience has been improved by allowing income verification documents to be submitted via public My Data services.
The Public Participation Growth Fund offers income deductions of up to 40% on investment amounts and a separate taxation benefit of 9.9% on dividend income.
If losses occur, subordinated government funds and other entities will absorb 18.8% to 23.3% of the losses first.
(Photo: Yonhap News)
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