Revisions to Korea’s Financial Investments Services and Capital markets Act (FSCMA) could lead to the cannibalisation of domestic banks, Korea’s Financial Services Commission (FSC) has warned.
The FSC last week published amendments to the 2007 FSCMA. These revisions included provisions for the development of home-grown investment banks and asset management businesses, as well as the introduction of new stock exchanges and a legal foundation for establishing a central counter party (CCP).They aim to open up the country’s financial sector by creating a level playing field not only for domestic but also global financial...