South Korea's Financial Services Commission will abolish a rule requiring a 5 million South Korean won minimum to invest in funds that invest in private equity funds.

In addition, the regulator will raise the ceiling on a single fund's investment in a private equity fund to 50% of the target fund from 20%, according to a March 11 release.

The moves are part of the FSC's efforts to deregulate the asset management sector.

The regulator will start revising related rules and regulations in March to implement these and other changes.

As of March 8, US$1 was equivalent to 1,132.35 South Korean won.