Press Release
  • New Legislation on Financial Benchmarks
    New Legislation on Financial Benchmarks

    New Legislation on Financial BenchmarksOctober 31, 2019

    A new bill to regulate financial benchmarks was passed at the National Assembly on October 31, 2019. The new legislation is intended to ensure the validity and credibility of financial benchmarks in response to global regulatory moves in which major countries including EU are introducing regulations on financial benchmarks.

  • Government Establishes Legal Basis to Promote Peer-to-Peer Lending
    Government Establishes Legal Basis to Promote Peer-to-Peer Lending

    Government Establishes Legal Basis to Promote Peer-to-Peer LendingOctober 31, 2019

    The National Assembly passed an act on online investment-linked financing on October 31. The new legislation is expected to remove the legal uncertainties on P2P lending, promote stable development of the P2P lending industry and provide more protection for both lenders and borrowers.

  • Government Prepares to Launch Asia Region Funds Passport
    Government Prepares to Launch Asia Region Funds Passport

    Government Prepares to Launch Asia Region Funds PassportOctober 31, 2019

    The FSC's proposal to revise the Financial Investment Services and Capital Markets Act for the implementation of the Asia Region Funds Passport was passed at the National Assembly on October 31.

  • Open Banking Launched in Banking Sector
    Open Banking Launched in Banking Sector

    Open Banking Launched in Banking SectorOctober 30, 2019

    The open banking system will be pilot-launched in the banking sector on October 30. During the pilot-run period, the government will conduct a comprehensive assessment of the system and make adjustments if necessary before opening the system to fintech firms on December 18.

  • Government to Strengthen Financial Cooperation with ASEAN and India
    Government to Strengthen Financial Cooperation with ASEAN and India

    Government to Strengthen Financial Cooperation with ASEAN and IndiaOctober 29, 2019

    FSC Vice Chairman Sohn Byungdoo met with envoys from the Association of Southeast Asian Nations member countries and India on October 28, and held talks on ways to further develop the financial industry in the region and increase cooperation.
  • FSC Tightens Regulation on Violation of Short-selling Rules
    FSC Tightens Regulation on Violation of Short-selling Rules

    FSC Tightens Regulation on Violation of Short-selling RulesOctober 18, 2019

    The FSC introduced a revised measure to strengthen regulation on the violation of short-selling rules on October 17.

  • FSC Receives Three Applications for Internet-only Bank License
    FSC Receives Three Applications for Internet-only Bank License

    FSC Receives Three Applications for Internet-only Bank LicenseOctober 15, 2019

    The FSC announced that Toss Bank consortium, Soso Smart Bank and Familia Smart Bank have submitted their applications for preliminary license to operate internet-only bank.

  • FSC Proposes Measures To Boost Venture Capital Invetstment
    FSC Proposes Measures To Boost Venture Capital Invetstment

    FSC Proposes Measures To Boost Venture Capital InvetstmentSeptember 27, 2019

    The FSC unveiled measures to boost venture capital investment in innovative business, which include the introduction of a Business Development Company (BDC) and diversification of fundraising channels.
  • Electronic Securities System Launched
    Electronic Securities System Launched

    Electronic Securities System Launched September 16, 2019

    Korea's electronic securities system was launched on September 16, 2019, opening a new era for digitization of securities.
  • FSC Reforms Large Shareholder Reporting Rules
    FSC Reforms Large Shareholder Reporting Rules

    FSC Reforms Large Shareholder Reporting Rules September 6, 2019

    The FSC plans to amend the 5% rule in an effort to support institutional investors' shareholder activities.