Prime Minister Shinzo Abe instructed ministers to propose amendments to existing laws to simplify consolidation of regional banks, many of which are struggling to maintain profitability.
Once the improvement measures are enacted, innovation will be accelerated as the fundraising environment for small enterprises will improve, said FSC chairman Choi Jong-ku.
The credit line is aimed at preventing a liquidity crunch after a scandal involving falsified proof of income and assets to approve loans resulted in mass withdrawals by depositors.
Inter Credit Agreement give more influence to a consortium's lead lender and allows for resolution plans to be approved with 66% agreement among majority lenders; signatories include over 80 lenders.
Discussions are underway concerning a revision of South Korea’s Banking Act to nurture growth within the fintech industry, including a proposal to allow non-financial firms to hold up to 50% stakes in banks, including internet-only banks.
HSBC Broking Securities failed to conduct proper due diligence on bonds recommended to clients and to implement effective systems ensure suitability with client needs.
The bill covers winding up administration for corporate collective investment vehicles, and director liabilities for contraventions of the law, among others.
The court overturned a ¥130mn fine due to lack of testimony from the person who allegedly provided the key deal information in the case.
Joseph Hsu Kay Hing failed to exercise appropriate care in his responsibilities as sponsor principal and responsible officer during the supervision of a 2009 listing application.