FSC to Introduce Improvements to Payment and Refund System for Online Service SubscribersDecember 3, 2020

The FSC announced its plan to improve rules on the payment and refund system for online service subscribers to enhance consumer protection and user experience on December 3.* Please refer to the attached PDF for details.

2021 Budgetary Expenditures to Focus on Economic Recovery and Financial InclusivenessDecember 2, 2020

The FSC announced its budgetary expenditures of KRW3.9 trillion for 2021, which will be allocated for (a) pandemic recovery and post-COVID-19 preparation measures, (b) boosting economic recovery and (c) ensuring support for the financially vulnerable groups.* Please refer to the attached PDF for details.

FSC Revokes Business Registration of Lime Asset ManagementDecember 2, 2020

The FSC announced its decision to revoke the business registration of Lime Asset Management on December 2 and to impose a fine of KRW950 million and issue suspension of duties on its staff and executive personnel.* Please refer to the attached PDF for details.

FSC to Work on Revisions to Insurance Business Act for Implementation of IFRS 17 in 2023November 30, 2020

Vice Chairman Doh Kyu-sang held a virtual meeting on November 30 to discuss ways to improve rules on insurance businesses in preparation for the implementation of IFRS 17 in 2023.* Please refer to the attached PDF for details.

FSC to Work on Preventing Economic Shocks and Managing Financial Market RisksNovember 26, 2020

Vice Chairman Doh Kyu-sang held the 30th financial risk assessment meeting via teleconference on November 26 to check the implementation of the COVID-19 emergency financial support programs.* Please refer to the attached PDF for details.

Deferment of Principal Payment for Vulnerable Debtors to be Available for Six More MonthsNovember 26, 2020

The FSC and other relevant institutions decided to make available the deferment of principal payment programs for vulnerable debtors for six more months until the end of June 2021 due to concerns about a protracted pandemic situation.* Please refer to the attached PDF for details.

FSC Holds Meeting on Future Outlook and Competitiveness of Financial IndustryNovember 25, 2020

The FSC held a meeting on the future outlook and competitiveness of the financial industry chaired by Vice Chairman Doh Kyu-sang on November 25. A new twelve-member expert review committee has been set up to lead the future outlook and competitiveness assessment of the financial industry.* Please refer to the attached PDF for details.

FSC Designates 5 More ‘Innovative Financial Services’ for Regulatory SandboxNovember 19, 2020

The FSC added five more financial solutions to the financial regulatory sandbox on November 19, bringing the total number of ‘innovative financial services’ to 120 since launching the financial regulatory sandbox program on April 1, 2019. * Please refer to the attached PDF for details.

Government to Increase Amount of IPO Shares Available for Retail InvestorsNovember 18, 2020

The government announced measures intended to ensure active participation of institutional investors and autonomy of the underwriters in an IPO process, while allowing more participation of retail investors.* Please refer to the attached PDF for details.

FSC to Implement a New Regulatory Regime for Financial BenchmarksNovember 18, 2020

The FSC enacted an enforcement decree and a supervisory regulation to provide details for the management of financial benchmarks as the Financial Benchmark Act (hereinafter "the Act") will go into effect on November 27, 2020.* Please refer to the attached PDF for details.