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Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.

Finance

FSS cuts penalties on banks over Hong Kong H-index ELS to 600 billion won

South Korea\'s Financial Supervisory Service cut proposed penalties on five banks that sold equity-linked securities tied to the Hong Kong H-index to about 600 billion won. The decision was made at an extraordinary sanctions review meeting and will be finalized after a resolution by the Financial Services Commission. The revised amount is more than half below the 1.4 trillion won sanctions plan previously submitted to the FSC.

Finance

Decision on Hong Kong ELS fines for banks nears ahead of FSC meeting

A decision on fines for banks over mis-selling of Hong Kong H-index-linked equity-linked securities (ELS) is nearing, with expectations focused on the Financial Services Commission\'s regular meeting on April 15. The fine amount has already been sharply reduced from about 4 trillion won to about 1.4 trillion won. Further cuts of up to 75 percent are possible under financial consumer protection rules, and views differ inside the commission on additional reductions.