On 7 December 2021, SK FSC said SK GVT approved revisions to enforcement decree of the financial investment services and capital markets act (FSCMA), its subordinate rules.
- Follows SK FSC October 2020 1st task force meeting on unfair activities.
- Also follows SK FSS January 2021 improvement plan for corporate disclosure.
- Revisions prescribe specific details mandated by revised FSCMA and provide legal basis for enforcement re, e.g. registration requirements for short-term financial business.
- Disclosure system improvements relate to increased fines for larger shareholding reporting rule breaches, reduced quarterly reporting burden, perpetual bond issuance.
- Timely supply system for exchange-trades notes (ETNs); other regulatory improvements involve suspension of license review, currency investors.
- Revitalization of corporate finance, SPAC mergers, re-approval of financial investment business operators, accounting period of financial investment business operators.
- Revisions to the relevant regulations will be effective from 9 December 2021.