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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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South Korea's Cabinet on Tuesday approved raising fines that can be slapped against financial firms over violations in public disclosures, state regulators said.
Under the tougher rules, fines will be raised by about two to three times their current levels from Oct. 19 if financial firms violate relevant laws on public disclosures or obstruct probes by financial authorities, the Finance Services Commission said in a statement.
Along with the tougher regulation, the Cabinet approved nine other revisions related to the financial sector.
Under the tougher rules, fines will be raised by about two to three times their current levels from Oct. 19 if financial firms violate relevant laws on public disclosures or obstruct probes by financial authorities, the Finance Services Commission said in a statement.
Along with the tougher regulation, the Cabinet approved nine other revisions related to the financial sector.
Among the changes, financial firms will be required to tape-record conversations from next year when they sell equity-linked securities to people in their 70s and beyond.
The move is aimed at deterring aggressive selling of risky financial products to older people, the FSC said.
Financial firms will face a fine of 50 million won ($43,975) unless they tape-record such conversations, it said. (Yonhap)
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