Publication of the finalized „Cabinet Order to Amend the Order for Enforcement of the Financial Instruments and Exchange Act“ after public consultation

The FSA recently consulted on the draft „Cabinet Order for Partial Revision of the Order for Enforcement of the Financial Instruments and Exchange Act“, and sought public comments during this period. A total of six opinions were received on this matter, and while some comments were not directly relevant, they will be considered for future financial administration.
The FSA expressed gratitude to all those who participated in the process. The comments received and the FSA’s views on them can be found in Attachment 1.
Prior to this revision, PTS operated by financial instruments business operators were prohibited from handling unlisted securities for professional investors. However, based on the recommendation from the Financial System Council Market System Working Group’s „Interim Summary“ published in June 2022, regulations have been reviewed, allowing PTSs to now handle unlisted securities for professional investors.
In response to the review of the facilitation of secondary trading of unlisted securities after public consultation, the FSA has now published the finalized „Cabinet Order to Amend the Order for Enforcement of the Financial Instruments and Exchange Act“. Specific details of the revision can be found in Attachment 2.
As a consequence, the Order for Enforcement of the Financial Instruments and Exchange Law has been revised.
The finalized „Cabinet Order to Partially Revise the Order for Enforcement of the Financial Instruments and Exchange Act“ has been enforced from 1 July 2023.