Proposed Amendment to the Enforcement Decree of the Asset-Backed Securitization Act

The Financial Services Commission proposes an amendment to the Enforcement Decree of the Asset-Backed Securitization Act to establish rules for determining monetary penalty amounts for violations of the Act. The proposed rules require penalties to be determined based on general criteria, which allow for exemption, decrease, or increase depending on the nature of the violation, and specific criteria that set maximum penalty amounts for two categories of unlawful acts. The public comment period for this proposed amendment ends on October 22, 2018.

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Laws and Regulations Announcement
An Amendment Proposed to the Enforcement Decree of the Asset-Backed Securitization Act Agency: Financial Services Commission Law to be amended: Enforcement Decree of the Asset-Backed Securitization Act FSC Notice number: 2018-259 Announcement date: September 10, 2018 Summary: The Financial Services Commission proposed an amendment to the Enforcement Decree of the AssetBacked Securitization Act to set forth rules for determining the amount of monetary penalty that may be imposed for violation of the Asset-Backed Securitization Act. Key provision: The amount of monetary penalty is to be determined on the basis of both general and specific criteria. Under the general criteria, monetary penalty may be exempted, decreased, or increased depending on the nature of the violation. Specific criteria provide for the maximum penalty amount for two different categories of unlawful act. Public comment for the proposed amendment:
The public comment period for the proposed amendment ends on October 22, 2018.

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Source: Financial Supervisory Service Korea — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works