The government will ban short selling until end June 2024 and work on improving the short selling system, said FSC chairman Kim Joo-hyun.
Financial companies within a holding group will be allowed to extend an additional credit to overseas subsidiaries.
Regulators will be able to check whether loss forecasting models are appropriately calculating provisions, and to order banks to set aside additional reserves.
The MoU aims to enhance monitoring so BOK can quickly provide liquidity support to non-bank deposit institutions that run into trouble.
More specific details on the experiment will be announced at the end of November. The experiment is scheduled to be conducted in Q3 and Q4 next year.
The FSS has sent recommendations to prosecutors asking them to charge Kakao, Kakao Entertainment and several top executives.
A special team will launch next week to investigate whether more global investment banks engaged in illegal short-selling, and whether local securities firms helped them.
The EU AI Act is likely to have far-reaching consequences for Asia, data experts tell Regulation Asia.
The FSS is hiring 25 lawyers and accountants from financial firms to bolster its inspections and curb unfair practices.
The investigation into Kakao and its top executives began in February. The company's CIO was arrested due to concerns that he may flee or tamper with evidence.
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