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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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  • Amendments Proposed to the Regulation on Supervision of Electronic Financial Transactions

    September 21, 2018
    The Financial Services Commission proposed amendments to the Regulation on Supervision of Electronic Financial Transactions as a follow-up to the measures announced on July 16, 2018, to promote the use of cloud services in the ifnancial sector. The proposed amendments are intended to expand the scope of data that may be managed in the cloud environment and to provide for standards for secure provision and use of cloud services. 
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  • Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information

    September 21, 2018
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information in order to improve consistency with international anti-money laundering (AML) standards set forth by the Financial Action Task Force. 
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  • An Amendment Proposed to the Enforcement Decree of the Asset-Backed Securitization Act

    September 19, 2018
    The Financial Services Commission proposed an amendment to the Enforcement Decree of the Asset-Backed Securitization Act to set forth rules for determining the amount of monetary penalty that may be imposed for violation of the Asset-Backed Securitization Act. 
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  • Amendments Proposed to the Enforcement Decree of the Act on External Audit of Stock Companies

    September 4, 2018
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on External Audit of Stock Companies to revise the selection criteria for companies to be subject to external audit. 
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  • Amendments Proposed to the Regulations on Supervision of Banking Business

    June 4, 2018
    The Financial Services Commission proposed amendments to the Regulations on Supervision of Banking Business as a follow-up to the January 19 policy proposals aimed at further improving the bank capital regulations regime. The proposed amendments reassign risk weights given to household and corporate loans for the calculation of the loan-to-deposit ratio and fine-tune asset classification rules for new credit extended to companies under restructuring. 
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  • Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information

    May 16, 2018
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information that are intended to improve regulatory consistency with international AML/CFT standards set forth by the Financial Action Task Force. The amendments provide for stricter AML/CFT regulations, enhanced currency transaction reporting (CTR), and clearer rules on customer due diligence.  
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  • Amendments Proposed to the Enforcement Decree of the Act on External Audit of Stock Companies

    May 3, 2018
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on External Audit of Stock Companies that will provide for enhanced independent external audit regime. 
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  • Amendments Proposed to the Act on Corporate Governance of Financial Companies, the Enforcement Decree, and Regulation

    April 4, 2018
    The Financial Services Commission proposed amendments to the Act on Corporate Governance of Financial Companies (ACGFC) and its subordinate enforcement decree and regulation that among others tighten executive disqualification rules, encourage board members with more diverse fields of professional expertise and background, set enhanced standards for the independence of auditor and audit committee members, and provide for greater transparency in executive compensation. Similarly, amendments to the Enforcement Decree of the ACGFC complement amendments to the ACGFC by raising board members’ level of competence and expertise and ensuring the independence of outside directors, while amendments to the Regulation on Supervision of Corporate Governance of Financial Companies raise the transparency of the selection process for the CEO and require enhanced corporate governance disclosures. 
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  • Amendments Proposed to the Financial Investment Services and Capital Markets Act

    March 21, 2018
    The Financial Services Commission proposed amendments to the Financial Investment Services and Capital Markets Act that are intended to relax certain investment restrictions on private equity funds, reduce compliance burden on collective investment scheme operators, and help investors make informed decisions.  
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  • Amendments Proposed to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

    March 21, 2018
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) to help encourage financing for startups and SMEs through crowdfunding and strengthen registration rules for investment advisors for enhanced investor protection. 
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  • Amendments Proposed to the Regulation on Interest Rates Charged by Financial Companies for Delinquent Borrowers

    February 26, 2018
    The Financial Services Commission proposed amendments to the Regulation on Interest Rates Charged by Financial Companies for Delinquent Borrowers for enhanced borrower protection. 
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  • Amendments Proposed to the Banking Act

    January 19, 2018
    The Financial Services Commission proposed amendments to the Banking Act that are intended to relax certain compliance and capital requirements and remove investment limit on certain classes of debt securities. 
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  • Amendments Proposed to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

    January 18, 2018
    The Financial Services Commission announced amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act as a follow-up to the revisions to the Financial Investment Services and Capital Markets Act that took effect on October 31, 2017. The amendments seek to facilitate crowdfunding with higher individual investment limits and shortened resale restriction period. 
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  • Amendments Proposed to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information

    November 27, 2017
    The Financial Services Commission proposed amendments to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information. The amendments raise the compliance standards and requirements for financial firms’ anti-money laundering (AML) internal controls and provide for greater consistency between domestic rules and rules set by the Financial Action Task Force (FATF), the inter-governmental body established in 1989 to fight money laundering and terrorist financing. 
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  • Amendments Proposed to Regulation on Supervision of Banking Business

    October 16, 2017
    The Financial Services Commission proposed amendments to the Regulation on Supervision of Banking Business for the implementation of the net stable funding ratio (NSFR) and the leverage ratio as set by the Basel Committee on Banking Supervision. 
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