Korea

New rules requiring disclosures to customers of credit assessment procedures and loan rate calculations have been introduced by South Korean regulators.

In addition to easing the requirements for registering as a professional investor, the FSC will introduce a new class of brokerage firm that will specialise in channelling funds to SMEs.

South Korea’s central bank said it plans to entrust local asset managers with up to $300mn of its investments in developed markets.

South Korea’s Fair Trade Commission has fined JP Morgan, HSBC, Deutsche Bank and StanChart a combined $613,000 for rigging forex derivative prices.

More than 200 regulations under review to reduce barriers to fintech investment; Regulatory sandbox set for April launch.

Only 7 of 21 crypto exchanges in South Korea passed the government's security audit; the rest are "vulnerable to hacking attacks at all times."

The banks selected by South Korea's central bank include 6 domestic institutions and 5 foreign institutions with local branches.

South Korea's Upbit is alleged to have used bots to manipulate trading volumes and prices to attract investors to the exchange. Two officers and an employee have been indicted.

Two new internet banks will be granted preliminary regulatory approval by May, allowing them to provide loans to consumers, households and SMEs, but not to corporates.

Korean media reports indicate the CFTC may take action against KRX as early as this month in response to its failures to comply with regulations for CCPs.