SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies. According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any [...]
SEOUL, Sept. 12 (Korea Bizwire) — The maximum possible number of shares investors can purchase in a single order will be reduced starting next week to prevent fat-finger errors, the local bourse operator said Wednesday. Investors will be allowed to buy a maximum of 1 percent of a firm’s total shares per order starting Monday, [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s financial watchdog said Monday it will provide a trial service of machine-readable regulation that would help companies better comply with state rules. As one of the financial technology sectors, machine-readable regulation allows companies to better meet regulatory requirements and avoid hefty fines. Financial Supervisory Service Gov. Yoon [...]
SEOUL, Aug. 23 (Korea Bizwire) — The amount of foreign securities held by major South Korean institutions fell for the first time in more than three years in the second quarter due to a drop in holdings of foreign currency-denominated bonds, central bank data showed Thursday. As of the end of June, the value of [...]
SEOUL, Aug. 23 (Korea Bizwire) — Applicants looking to receive government aid to help offset long-term debts amounting to 10 million won or less per individual will be given an extended deadline, which is now scheduled for the end of February. The Financial Services Commission held a meeting yesterday during which the application window to [...]
SEOUL, Aug. 6 (Korea Bizwire) — Foreigners’ turnover in South Korea’s secondary stock market rose this year, while their proportion in the main bourse moved down, data showed Monday. The overseas investors took up 9 percent of the daily turnover in the tech-laden KOSDAQ market during the first seven months of the year, up 1.6 [...]
SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s national pension could run out of money by 2056 or 2057 if current financial conditions continue, three to four years earlier than previously projected by the government, official sources said Thursday. The government conducts reviews on the financial soundness of the National Pension Service (NPS) every five [...]
SEOUL, Aug. 1 (Korea Bizwire) — The market value of firms affiliated with South Korea’s top 10 conglomerates has fallen off this year as their stocks were affected by bearish market conditions, data showed Wednesday. The combined market value of listed firms belonging to the 10 leading business groups came to 913.2 trillion won (US$814 [...]
SEOUL, Jul. 26 (Korea Bizwire) — The financial regulator on Thursday ordered Samsung Securities Co. to suspend part of its operations for six months as punishment for the brokerage’s “fat-finger” error that sparked a massive public uproar. Samsung Securities will be banned from offering its services to new investors for six months from Friday, the [...]
SEOUL, Jul. 9 (Korea Bizwire) — Eight Samsung Securities officials have been indicted for selling “ghost” stocks that were mistakenly issued by the company in the massive fat-finger error that recently rattled the market, prosecutors said Monday. Three employees, including a 37-year-old surnamed Koo, will stand trial while being detained, with five others from the [...]