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Announcement of Rule Changes

The Announcement of Rule Changes provides a summary of newly proposed or finalized amendments to financial statutes and regulations that are enforced by the Financial Services Commission and the Financial Supervisory Service. It provides a quick summary of the changes announced, the key amended provisions, and the effective date. Rule changes for financial statutes and regulations are announced to the public by the Financial Services Commission for public comment as part of the rule-making process.

Disclaimer

The Financial Supervisory Service provides abridged English translation of the Financial Services Commission announcement of rule changes to the public for informational use only. Like other English translations the FSS provides as a public service, the English translation of Announcement of Rule Changes carries no legal effect, and the FSS neither warrants the accuracy of the English translation nor assumes any liability for mistranslation contained therein.

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  • Amendment Proposed to Regulation on Supervision of the Korea Housing Finance Corporation

    September 20, 2017
    The Financial Services Commission announced an amendment to the Regulation on Supervision of the Korea Housing Finance Corporation that recognizes as capital the adjustment amount to be added to the loan loss provision. 
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  • Amendments Proposed to Regulations on Supervision of Corporate Governance of Financial Companies

    September 20, 2017
    The Financial Services Commission proposed amendments to the Regulations on Supervision of Corporate Governance of Financial Companies that seek to further strengthen financial firms’ internal controls for anti-money laundering and combating the financing of terrorism (AML/CFT) by making it compulsory to incorporate key AML provisions into their internal controls standards. 
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  • Amendments Proposed to Regulations on Supervision of Insurance Business

    August 11, 2017
    The Financial Services Commission proposed amendments to the Regulations on Supervision of Insurance Business in preparation for the implementation of IFRS17 in 2021. The proposed amendments seek to improve Liability Adequacy Test (LAT) and phase in higher policy reserves standards beginning at the end of 2017. 
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  • Amendments Proposed to Regulations on Supervision of Banking, Insurance, Mutual Financial, Mutual Savings Bank, and Specialized Credit Finance Businesses

    August 11, 2017
    The Financial Services Commission announced amendments to regulations on supervision of banking, insurance, mutual financial, mutual savings bank, and specialized credit finance businesses as a follow-up to the government’s August 2 plan to curb speculation in the housing market and help genuine potential home buyers. 
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  • Amendment Proposed to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users

    August 11, 2017
    The Financial Services Commission announced on August 7, 2017, an amendment to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users. The proposed amendment reduces consumer borrowing cost by lowering the legal limit on interest rates that moneylenders and specialized credit finance companies can charge to 24% a year. 
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  • Amendments Proposed to the Enforcement Rule of the Act on External Audit of Stock Companies

    August 3, 2017
    The Financial Services Commission announced amendments to the Enforcement Rule of the Act on External Audit of Stock Companies. The amendments set forth the composition and member eligibility rules for the Accounting Audit Standard Board (AASB) and the Accounting Process Standard Committee (ASC) as a follow-up to the amended Enforcement Decree of the same act that provides for the creation of the AASB under the Korean Institute of Certified Public Accountants (KICPA) and the ASC under the Korea Accounting Institute. * The English names “Accounting Audit Standard Board” and “Accounting Process Standard Committee” are tentative. 
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  • Re-Announcement of Amendments Proposed to the Credit Information Use and Protection Act

    July 28, 2017
    The Financial Services Commission re-announced amendments to the Credit Information Use and Protection Act (CIUPA) in order to eliminate inconsistencies stemming from overlapping or conflicting legal and regulatory provisions relating to personal credit information in the Credit Information Use and Protection Act, the Personal Information Protection Act (PIPA), and the Act on Promotion of Information and Communications Network Utilization and Information Protection (APICNUIP). Under the proposed amendments, rules and regulations pertaining to personal credit information for financial institutions, credit information service providers, and credit information collection agencies are to be unified into the CIUPA. 
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  • Higher Monetary Award Proposed for the Reporting of Accounting Irregularities

    July 28, 2017
    The Financial Services Commission proposed amendments to the Regulations on Procedure and Reward for Reporting Accounting Irregularities that will set a higher monetary award for the reporting of accounting irregularities. This is a follow-up revision of the increased award for whistleblowers in the Enforcement Decree of the Act on External Audit of Stock Companies. 
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  • Amendments Proposed to Regulations on External Audit and Accounting

    June 22, 2017
    The Financial Services Commission announced on May 19, 2017, amendments to the Regulations on External Audit and Accounting. The proposed amendments are intended to improve the public’s confidence in the external audit system by excluding unqualified accounting firms from auditor designation.  
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  • Amendments Proposed for the Financial Investment Services and Capital Markets Act

    June 22, 2017
    The Financial Services Commission (FSC) proposed amendments to the Financial Investment Services and Capital Markets Act to help reduce the compliance burden of securities issuers without compromising investors’ needs for information. The proposed amendments also give enhanced protection to investors by holding securities issuers making a false or misleading statement in their small public offerings and credit rating companies engaged in defective rating liable for damages. 
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  • Enhanced prudential standards proposed for specialized credit finance companies

    April 25, 2017
    The Financial Services Commission proposed amendments to the Regulations on Credit Finance Business that will set enhanced loan loss provisioning standards for high-risk loans and asset classification criteria for installment finance and lease assets. The proposed amendments also provide for biometric authentification of credit card consumers. 
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  • Rule Changes Proposed for the Use of Special Nominee Account by Foreign Bond Investors

    April 25, 2017
    The Financial Services Commission has proposed amendments to the Regulation on Financial Investment Business that would provide for the use of special nominee account (SNA) by foreign bond investors to place aggregated orders for the purchase and sale of listed bonds. The SNA is already available to foreign stock investors. 
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  • New Legislation Proposed for Money Market

    March 16, 2017
    The Financial Services Commission (FSC) proposed legislation that will establish new rules and regulations governing borrowing and lending activities in the money market. The new legislation will provide for, among others, reporting of buying and selling of money market instruments, disclosure of interest rates, and the determination of benchmark interest rates. 
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  • Amendments Proposed for the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users

    February 17, 2017
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users. The amendments seek to give enhanced protection of peer-to-peer (P2P) investors and borrowers by establishing oversight of moneylenders that are set up and controlled by P2P operators to facilitate P2P lending. 
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  • Proposed Amendments to Enforcement Decree of the Financial Investment Services and Capital Markets Act

    January 5, 2017
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Financial Investment Services and Financial Markets Act in support of previously announced government measures to promote the growth of large investment banks and reform the public offering regime. 
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