Financial investment businesses are required to establish internal control standards to prevent information sharing of material nonpublic information between units.
May 14, 2021The legislative revisions will allow firms greater flexibility to implement Chinese walls and outsource key functions, while allowing for harsher penalties when issues arise.
May 5, 2020The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.
July 10, 2019The FSC is trying to spur competition in the capital market, and encourage the establishment of new brokerages. Only six new brokerages have been set up in Korea since 2010.
June 28, 2019The minimum deposit requirements will be abolished for professional investors and eased for retail investors. The minimum 20-hour compulsory training requirement will be reduced.
May 31, 2019FSC 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.
May 30, 2019The FSC will accept applications again during Q3 this year. Kiwoom Bank and Toss Bank can address their shortcomings and resubmit their applications.
May 27, 2019In 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.
May 13, 2019The FSC wants to ensure consumers are protected as financial services become more accessible through digital platforms through the introduction of open banking.
April 19, 2019The stock trading tax will be cut on the KOSDAQ, KOSPI and KONEX. Capital gains taxes on stock transactions to also be changed.
March 25, 2019