FSS: Eight Firms Apply for Comprehensive Financial Investment Business and Short-Term Note Approval...Completion Targeted Within the Year

The Financial Supervisory Service has reaffirmed its commitment to complete the review process for the designation of comprehensive financial investment business entities and the approval of short-term note issuance without delay, aiming to finish the process within this year if possible.

The Financial Supervisory Service announced on September 30 that, as a result of receiving applications for comprehensive financial investment business entities from the third quarter, a total of eight securities firms had applied for designation as 4 trillion won or 8 trillion won comprehensive financial investment business entities and for approval to issue short-term notes as of the end of September.

Financial Supervisory Service building in Yeouido, Seoul. Photo by Heo Younghan younghan@

Specifically, Korea Investment & Securities, Mirae Asset Securities, and NH Investment & Securities have applied for the 8 trillion won comprehensive financial investment business entity designation, while Kiwoom Securities, Samsung Securities, Shinhan Investment & Securities, Meritz Securities, and Hana Securities have applied for the 4 trillion won designation and short-term note issuance approval.

The Financial Supervisory Service explained that the review of the applicants is proceeding smoothly. This statement is interpreted as an official dismissal of growing concerns within the industry that the results might not be released within the year due to ongoing organizational restructuring uncertainties and rumors of internal conflict within the authorities. Previously, the Financial Services Commission also denied the existence of such conflicts.

The approval process involves submission to the Financial Services Commission, followed by evaluation by an external review committee, an on-site inspection, deliberation by the Securities and Futures Commission, and finally, resolution by the Financial Services Commission.

An official from the Financial Supervisory Service emphasized, "Going forward, we will sequentially carry out the required procedures, such as evaluation by the external review committee and on-site inspections, depending on the applicants' level of preparation, and will make every effort to ensure that the review results are released within this year if possible."

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