Korea

Korea Introduces ‘Sarbanes Oxley’ in Response to Accounting Scandals

Move is part of President Moon Jae-in’s Chaebol clean-up campaign, follows proposal to make agencies liable for ‘defective ratings’.

Korea Efforts to Tackle Household Debt Have Little Impact as Boom Continues

Regulator calls on banks to strictly screen mortgage applications as household debt increases by $15.9bn over July and August.

S.Korea to Curb Bank Chief Bonuses

Only 60% of bonuses to be paid up front, remaining 40% to be paid out over three years but can be cut or clawed back if investments lose money.

Korea Toughens Short-selling Rules

Measures are expected to sharply increase incidences of excessive short selling; new categories of offence come with heavier maximum penalty.

S.Korea Eyes Deregulation to Encourage Banking Competition

FSC to come up with deregulation plan by end-of year; wants more challengers to financial sector incumbents after approval of internet-only banks.

Korea Regulator Flags Weaknesses in Foreign Banks’ AML

Korean Banks Under Fire for ‘Excessive’ Fees

FSS figures show banks have made $57.6bn from fees since 2013; President Moon pledged to tackle issue of excessive fees but no action has been taken yet.

Korea Increases Efforts to Cut Back Consumer Debt

Second-tier lenders required to increase loan-loss provisions by 50%; maximum mortgage LTV/debt-income ratios cut to 60%/50%.

Korea Proposes to Make Agencies Liable for ‘Defective Ratings’

Korea Introduces Derivatives, Bond Omnibus Accounts

Move allows foreign investors to conduct multiple transactions through a single account with a global firm.