Events listed in [FSC (KR)] Financial Services Commission
Provision of Corporate Disclosures in English from 2024 to Enhance Information ...
ID 26353
The FSC recently unveiled plans to enhance foreign investor access to Korean capital markets. Starting 1 January 2024, major KOSPI-listed companies are mandated to provide English disclosures on material information within three business days of filing Korean disclosures with the KRX. This marks the initial phase of a comprehensive initiative announced in January to improve foreign investor access. The English disclosure requirement will unfold ...
FSC Provides Guideline on Underlying Assets for Fractional Investment Service ...
ID 26273
The FSC has released a guideline (only available in Korean) addressing the underlying asset requirement for trust beneficiary certificates in the context of fractional investment services offered by designated innovative financial service providers within the financial regulatory sandbox program. The guideline, discussed with the innovative financial service selection committee on 28 November 2023 and finalized at the FSC’s regular meeting on 13 December 2023, ...
Investing in Domestic Capital Markets Made Easier for Foreign Investors
ID 26231
The Financial Services Commission has disclosed a series of measures aimed at improving foreign investors‘ access to domestic capital markets, effective from 14 December 2023. The reforms involve the elimination of the foreign investor registration requirement, enabling investors to open accounts using an LEI or passport number without prior registration. Existing foreign investor registration numbers will still be valid, minimizing disruption. Additionally, **amendment ...
Financial Company Executives to be Subject to Enhanced Internal Control Management ...
ID 26141
The FSC announced that „a revision bill of the Act on Corporate Governance of Financial Companies was passed by the National Assembly on 8 December 2023. The revision requires financial companies to assign a responsibilities map for each executive officer in his or her line of work and revamps the ways in which executive members’ internal control management duties are examined“. The **revision aims ...
KoFIU Advises VASPs to Inform Customers about Business Closure One Month before ...
ID 25887
On 21 November, KoFIU released comprehensive guidelines directed at VASPs contemplating business termination. The advisory underscores the imperative for VASPs to proactively inform their clientele about impending closures at least one month before the anticipated termination date. In delineating the cessation process, VASPs are first urged to institute an internal mechanism geared towards mitigating potential losses for virtual asset users. This involves issuing advance ...
FSC Decides to Ban Stock Short Selling Until June 2024 and Seek Measures to Improve ...
ID 25659
The FSC) announced a ban on all stock short selling in domestic markets from 6 November 2023, until the end of June 2024. This decision was made due to the high interest rate environment, stagnant growth in the global economy, and geopolitical risks, which have led to increased uncertainties for the Korean economy. The FSC also expressed **concerns about the fair pricing function of ...
FSC Proposes Rules Change on the Maximum Level of Credit Extension Allowed for ...
ID 25572
The FSC has proposed a revision to the supervisory regulation on financial holding companies. This proposal is in line with the previously announced plan to ease rules on overseas subsidiary ownership of financial companies. Currently, financial companies within a holding group are allowed to extend credit to their own subsidiaries up to a maximum of 10 percent of equity capital per individual subsidiary. The ...
Revised Guidelines on Corporate Governance Disclosure
ID 25407
The FSC published the Revised Guidelines on Corporate Governance Disclosure, which require listed companies to disclose their compliance with core principles of corporate governance and explain the reasons for non-compliance. The guidelines were introduced in 2017 and became mandatory for KOSPI-listed companies with total assets of KRW1 trillion or more in 2022. The **scope of mandatory filing will be expanded to KOSPI-listed companies with ...
Enhanced Transparency and Investor Protection Measures on CFD Transactions to Take ...
ID 24794
The FSC has notified of new rules for CFD, as announced in Mai 2023 (please see eventid=21594). 1. More transparent information to investors For CFD, the Korean Exchange trade data system (data.krx.co.kr) will display information on the investor type: individual, institution or foreign investor. Additionally, information on CFD balances will be available as a reference for investment on freesis.kofia.or.kr – a website operated by ...
Government Approves Partial Revision Bill of the Enforcement Decree of the Banking ...
ID 24630
The FSC has annouced that the partial revision bill of the Enforcement Decree of the Banking Act was approved by the government. This means that it is outlined when a bank needs authorization from the FSC in case it decides to „close down or transfers or acquires a ‚major part‘ of its business operation“. Major part means businesses that make up at least 10% ...