South Korea's Financial Services Commission plans to revise rules to allow big securities firms to expand their businesses beyond brokerage services, Yonhap News Agency reported Dec. 29.
Under the proposed capital market rules, South Korean securities firms with 4 trillion won or more in equity capital will be allowed to engage in short-term corporate lending, such as the issuance of commercial papers. Securities firms with equity capital of 8 trillion won or more will be able to launch investment management accounts.
The proposed rules are expected to take effect in the second half of 2017.
As of Dec. 29, US$1 was equivalent to 1,208.35 South Korean won.