Korea

The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.

The FSC has announced changes to the operational procedures of its evaluation committee for internet-only bank, amid plans to reopen applications for new licences on 10 October.

KRX found that over an eight-month period, Merrill Lynch's Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.

KB Kookmin and KEB Hana have three months to submit plans for reducing their China corporate bodies' reliance on support from their Korean parents.

The FSC is trying to spur competition in the capital market, and encourage the establishment of new brokerages. Only six new brokerages have been set up in Korea since 2010.

The five bank holding companies and their subsidiary banks will be required to set aside additional common equity capital of 1% for 2020.

The FSC lifted restrictions barring brokerage firms from entering the payments business last December. WeChat Pay will be used in Mirae Asset Daewoo's new payment gateway.

The proposed AI system will be used to analyse the terms and conditions of new private equity fund contracts to increase screening speed and efficiency.