Korea

KRX says the FSS warning of fines against nine market makers will hamper the functioning of the market making system for a while.

Three foreign firms and six local firms are accused of disturbing market order through their negative influence on stock prices.

KB Savings Bank increased its household lending by raising internal limits and discounting interest rates, without a strict review process and proper oversight.

The new chiefs of the FSC and FSS held their first official meeting since taking office. They pledged to unite on issues such as household debt and Covid-19.

The maximum fine is being raised from 1/100,000 of market cap to 1/10,000 of market cap, among other changes to the corporate disclosure rules.

Bithumb, Coinone and Korbit have established a joint venture that will be used to develop systems to meet the travel rule requirement by March 2022.

South Korea is the first country to pass legislation forcing companies like Apple and Google to offer payment alternatives in their app stores.

13 SPAC IPOs in Korea this year were oversubscribed 169.4 to 1. Historically, 85 of 133 SPACs completed mergers, a success rate of 63.9%.

An FSS decision to ban Woori Financial Group Chairman Son Tae-seung from the financial industry for three years is effectively nullified.

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.