'Chinese walls' at financial firms will be set up around 'information units' rather than 'business units'. Firms can entrust a broader range of business to third parties and IT firms.
The minimum deposit requirements will be abolished for professional investors and eased for retail investors. The minimum 20-hour compulsory training requirement will be reduced.
FSC chairman Choi Jong-ku has repeatedly called for a cut in the securities transaction tax to ease the burden it places on stock and mutual fund trades.
The FSC will accept applications again during Q3 this year. Kiwoom Bank and Toss Bank can address their shortcomings and resubmit their applications.
Investors who own 5% or more of a listed company must disclose any ownership change within 5 days, a requirement that has prevented some institutional investors from exercising their voting rights.
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.