Korea

South Korea's FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people's names.

Only Basel I rules will apply for the first three years after launch. Basel III will be phased in from the fourth year onwards, including NSFR and the leverage ratio.

Robo-advisory services will have to undergo testing and verification before they can be used to directly manage funds and entrusted assets under new enabling FSC regulations.

The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.

In addition to easing information barriers within financial services firms, the FSC will also allow them to outsource their core businesses to third parties with as fintech startups.

Woori Bank and Industrial Bank of Korea have stopped offering won settlement services that have to date allowed over 2,000 local companies to bypass Iran trade restrictions.

The FSC plans to submit the bill easing crowdfunding and fund management regulations to the national legislature later this month, where it will be subject to further deliberation.

Nine new fintech firms have been approved to enter the FSC's regulatory sandbox, bringing the total number of participating firms to 18.

The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.

The KRX seeks to reduce the minimum account size required to open a derivatives trading account, and to ease compulsory training requirements for retail investors.