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Finance

Tougher rules on duplicate listings; shareholder approval required for subsidiaries spun off

South Korea\'s financial authorities will in principle ban asymmetric duplicate listings that do not take into account the rights of ordinary shareholders in parent companies. To list a subsidiary, the parent board must prepare a shareholder impact assessment and shareholder protection measures, and in some cases obtain shareholder approval. The Financial Services Commission and Korea Exchange began public consultation on rule revisions and new guidelines, including special screening and a requirement for shareholder approval for subsidiaries created through spin-offs.

Finance

Mirae Asset Securities unveils global investment platform MAPS in Hong Kong

Mirae Asset Securities unveiled its global investment platform MAPS (Mirae Asset Portfolio Service) in Hong Kong, designed to allow trading of traditional financial assets and digital assets on a single mobile platform. Its Hong Kong unit said on June 29 it had formally launched the platform under the group\'s \"Mirae Asset 3.0\" vision. The company plans to expand trading and investment services to major markets including the United States, South Korea, China and Singapore.

Finance

Securities regulator files complaint against former NH Investment & Securities executive over insider information

South Korea\'s Securities and Futures Commission filed a criminal complaint against 8 people, including a former senior NH Investment & Securities executive, for allegedly using non-public information related to tender offers to make illicit gains. It also imposed maximum administrative penalties on 8 secondary and tertiary recipients accused of market-order disruption. Investigators said the suspects bought shares in 15 listed firms and later sold after disclosure. NH said it took internal control and disciplinary steps.