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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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  • The State Council Approved Enforcement Decree of the Act on Corporate Governance of Financial Companies

    August 1, 2016
    The State Council approved on July 26 newly proposed Enforcement Decree of the Act on Supervision of Corporate Governance of Financial Institutions that seeks to promote sound and transparent corporate governance of financial institutions by setting high standards for board members and the largest shareholder, governance structure, and accountability.  
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  • Amendment Proposed to Fine-tune Prudential Regulation of Mutual Savings Banks

    January 29, 2016
    The Financial Services Commission announced proposals for amendments to the Regulation on Supervision of Mutual Savings Bank Business fine-tuning capital and investment rules and prudential standards on January 15, 2016. 
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  • New Rules Adopted for Securities-Based Crowdfunding

    January 14, 2016
    The Financial Services Commission announced that amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act that provide new rules for companies offering and selling securities through crowdfunding were adopted on January 5, 2016. 
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  • Amendments Proposed for Domestic-Systemically Important Banks and Countercyclical Capital Buffer as Recommended by the Basel Committee on Banking Supervision

    January 14, 2016
    The Financial Services Commission announced on December 17, 2015, amendments to the Regulation on Supervision of Banking Business and the Supervisory Regulation on Financial Holding Companies. The proposed amendments are intended to facilitate the designation of domestic-systemically important banks (D-SIBs) and the imposition of countercyclical capital buffer as recommended by the Basel Committee. 
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  • Amendments Proposed to Improve the Oversight of Moneylenders

    December 13, 2015
    The Financial Services Commission announced on November 25, 2015, newly proposed amendments to the Enforcement Decree of the Act on Registration of Credit Business, etc., and Protection of Finance Users. The proposed amendments provide for enhanced registration and supervision of moneylenders, caps moneylender’s asset-capital ratio at 10 (1,000%) to prevent leveraged growth, and limits buyers eligible to acquire moneylenders’ loans to financial firms and other regulated entities. 
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  • Amendments Proposed to Improve Competitiveness of Insurance Industry

    December 13, 2015
    The Financial Services Commission announced on November 24, 2015, amendments to the Regulation on Supervision of Insurance Business. The proposed amendments provide for the repeal of the standard interest rates used to set insurance company’s policy reserves and premiums and phase out interest rates that insurance companies may apply to determine the benefit amount for interest rate-linked insurance products. 
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  • Proposed Amendments to Lower Credit Card Merchant Fees

    December 13, 2015
    The Financial Services Commission announced on November 13, 2015, amendments to the Enforcement Decree of the Specialized Credit Finance Business Act and the Regulation on Supervision of Specialized Credit Finance Business. The proposed amendments lower the member fees for small merchants and expand merchants that are to be barred from receiving rebates from value-added network (VAN) providers. 
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