South Korea
On 16 October 2024, the Financial Services Commission confirmed that the Personal Credit Management and Debtor Protection Act would be effective from 17 October, following its passage by the National Assembly last year and the approval of the Enforcement Decree on 15 October. The Act aims to address issues in the personal delinquent debt management system, focusing on providing debt workout services, easing interest burdens, regulating debt sales, and curbing excessive debt collection practices. Financial companies will now offer personal debt workout services, reduce interest burdens, adhere to stricter debt sale regulations, and follow specific restrictions on debt collection practices to protect debtors' rights and ensure a normal quality of life. For more information, please click here.
On 24 October 2024, Korea Exchange (KRX) announced that it will enhance its derivatives market by opening all equity derivatives products earlier at 8:45am, including Sector Index Futures, KOSDAQ Global Index Futures, and Single Stock Futures and Options starting from 4 November 2024. This initiative follows a revision of the Enforcement Rules of the Derivatives Market Business Regulations and consultation with market participants in October 2024. The move aims to improve price discovery efficiency during the early hours of the stock market opening based on the positive outcomes observed from early trading of key stock indices since July 2023. For more information, please click here.
Enforcement
No enforcement updates for October.
This document is provided for information purposes only and does not constitute legal, tax, investment, regulatory, accounting or other professional advice. For more information on the legal and regulatory status of IQ-EQ companies please visit www.iqeq.com/legal-and-compliance.