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South Korea has begun the registration process for offshore financial firms to participate in interbank trades of the Korean won as part of its ongoing efforts to open up the domestic financial market to more foreign investors. Registered foreign institutions, or RFIs, will be able to participate in dollar-won spot exchanges, forex swap exchanges and forward exchanges from January next year, according to the revised ...

Proposed bill: Partial Amendment to the Monopoly Regulation and Fair Trade Act Proposed by Rep. Kim Hee-gon (People Power Party) ● To clarify the standard for defining a “business group,” this amendment specifies the scope of business and extent of liability of the term “the same person.” Additionally, in response to the criticism of the excessive criminal penalties imposed on businesses who ...

Authorities are planning to slim down on the procedure for insurance companies acquiring foreign subsidiaries. The Financial Services Commission, South Korea's financial regulator, announced Friday its planned revision of the Enforcement Decree of The Insurance Business Act, reducing down the procedures for insurance companies seeking to acquire foreign subsidiaries. Currently, Korean insurance companies must ei...

A Seoul-based office worker surnamed Kim, 35, was perplexed at being unable to locate the Japanese restaurant he had reserved last week. The restaurant only had a signboard written in Japanese, which he was unable to read.

Proposed bill: Partial Amendment to the Industrial Sites and Development Act Proposed by Rep. Hong Suk-joon (Democratic Party of Korea) ● Industrial complexes are currently experiencing a decrease in competitiveness and a reduced inflow of young people due to dilapidated infrastructure and a lack of accommodation. To expand the land dedicated to accommodation and invigorate renovation projects, this amendment simpli...