Events listed in South Korea
KoFIU Announces Measures to Strengthen Responsibility and Professional Capacity in ...
ID 24304
The Korea Financial Intelligence Unit (KoFIU) has presented its plans to improve the AML responsibilities in financial institutions among professionals. The proposed measures ensure that AML officers‘ duties are transparent, performed effectively and responsibly. KoFIU proposes that the AML officers‘ employees‘ activities should be overseen. Additionally, the reporting officers‘ duties should be reviewed so that the responsibility is clearer and narrow ...
FSC Proposes Measures to Strengthen Internal Control of Financial Companies
ID 23833
The FSC (Financial Services Commission) has announced a plan to strengthen the internal control system within financial companies. The proposed measures are following: – each executive officer’s duties and responsibilities in a financial firms should be clearly outlined in order to raise awareness of these officers about their area of internal control – the CEO of the company is responsible for delivering the transparency ...
Authorities Plan to Overhaul Rules on CFD Trades while Restricting New Transactions ...
ID 23470
The FSC, in collaboration with the FSS, the KRX, and the KOFIA, has announced a comprehensive set of regulatory measures to fortify the trading of CFDs. The measures were unveiled at a meeting held on 26 May 2023 and include: 1. Boosting Transparency: The authorities will enhance clarity around CFD investment information, with a focus on the real types of CFD investors and their ...
FSC Decides to Activate CCyB Requirement for Banks and Bank Holding Groups from May ...
ID 23425
The FSC has announced its intention to impose a 1% CCyB requirement on banks and their holding companies starting 1 May 2024. This strategic move aims to bolster the loss-absorbing capacity of these financial institutions, better preparing them to tackle potential losses. Following recent decision, domestic banks and bank holding groups will have about one year to prepare and begin to set aside CCyB ...
ENFORCEMENT DECREE OF THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT
ID 23221
A new version of the Enforcement Decree of the Financial Investment Services and Capital Markets Act was published on the Korean Law Information Center, the official legal information website of South Korea. The Decree is the key legislation under the Financial Investment Services and Capital Markets Act and contains matters delegated by the Act such as conduct rules, asset management, investment limits of investment ...