Financial Services Commission to Review Resumption of Permit and Approval Suspension Every 6 Months
[Asia Economy Reporter Kim Jin-ho] In the future, if the review for business licensing or major shareholder change approval in the financial sector is suspended, the resumption of the review will be reconsidered every six months.
On the 13th, the Financial Services Commission collectively approved partial amendments to the 'Financial Company Governance Supervision Regulations,' 'Banking Supervision Regulations,' 'Mutual Savings Bank Supervision Regulations,' and 'Financial Holding Company Supervision Regulations,' focusing on this content.
The amendment initiative is a follow-up measure to the 'Improvement Plan for the Suspension System of Financial Sector Licensing Reviews' announced by the FSC on May 6. The purpose is to enhance predictability for the parties involved and to resolve legal uncertainties early by having the financial authorities review every six months whether to resume the suspended review.
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Until now, the financial authorities have suspended review procedures when lawsuits or inspections were underway during the review of new financial sector licenses or major shareholder change approvals. However, acknowledging criticism that excessive regulation causes new business ventures of financial companies to be stalled for long periods, they prepared this system improvement plan.
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