[South Korea Plans to Amend Enforcement Decree of the Act on Reporting and Use of Specific Financial Transaction Information to Relax VASP Major Shareholder Review Rules]
According to NATE, South Korea's Regulatory Rationalization Committee has proposed amending the Enforcement Decree of the Act on Reporting and Use of Specific Financial Transaction Information to exclude minor violations from the qualification restrictions for VASP major shareholders. Since June 2024, South Korea has not approved new VASP registration applications, and changes to major shareholder review standards will impact exchange acquisitions, new market entrants, and industry consolidation. The current law does not explicitly grant authorization for the Enforcement Decree to set exception clauses, raising disputes over insufficient legal basis for adjustments through administrative orders.
