Korea

Mirae Asset will pay $700,000 to settle charges against Daewoo Securities, which it acquired in April 2016 — after the spoofing conduct at issue occurred.

A group of investors is suspected of taking control of small firms, only to then release news designed to inflate share prices or raise more capital to enrich themselves.

The bills allow the commercial use of unidentified individuals without seeking their consent. A new data exchange will be launched in March.

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

More than 40 fintech SMEs reportedly could not pass the security checks required for final approval to participate in the open banking initiative.

The FSC will expand funding for innovative companies and key industries, strengthen financial consumer protections, tighten mortgage lending rules, and facilitate debt restructuring.

The FSC will allow non-face-to-face account opening by foreigners residing in Korea, and by legal representatives of corporations.

Open banking will serve as a catalyst for various innovations and bring tectonic shifts in the financial industry, FSC chairman Eun Sung-soo said at the launch event.

To protect against a looming housing bubble, Korea has banned mortgage loans on homes valued over 1.5 billion won in government-designated speculative areas.