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Finance

Financial sector audit clashes over hacking, ETFs as digital asset rules near final stage

South Korea’s parliamentary audit of the Financial Services Commission focused on a string of hacking incidents, single-stock leveraged ETFs and the effectiveness of property loan curbs. Lawmakers raised concerns over inconsistent inspection periods and limited log reviews, while calls grew to ease network separation rules to counter AI-driven threats. Regulators also discussed stablecoin legislation, cross-border tracking of digital asset transfers and preparations for tokenised securities rules, alongside broader fintech and banking industry developments.

Industry

MBK cancels 2.4 million Homeplus shares without compensation, wiping out 2.5 trillion won stake

MBK Partners’ 2.4 million Homeplus common shares were cancelled without compensation under a Homeplus rehabilitation plan approved by the Seoul Bankruptcy Court, eliminating shareholder rights including control. The cancellation removes the need for a new buyer to purchase the former controlling shareholder’s existing shares in any future M&A. MBK had said it would accept the cancellation. The plan’s implementation faced hurdles after Homeplus failed to secure 200 billion won in emergency funding, but financing was arranged later.

Finance

Samsung Securities commercial paper licence seen as green light, Meritz still in fog

Samsung Securities is seen as closer to winning approval to issue short-term commercial paper as regulators consider lowering sanctions linked to sales misconduct at key branches. The Financial Services Commission is expected to decide on the sanctions at its July 31 meeting, and the licence agenda could reach a Sept. 9 meeting. Meritz Securities, meanwhile, has not advanced its application, with prosecutors investigating alleged unfair trading and other issues weighing on timing.