South Korea's financial regulator will impose tougher punishments on financial holding companies that violate disclosure rules, Yonhap News Agency reported Aug. 8, citing a statement from the regulator.

The Financial Services Commission said it will increase fines on companies for false disclosures of accounting books and other business reports, effective Oct. 19.

Meanwhile, another revised rule will allow the commission to take action against retired officers of financial holding companies for their past managerial lapses, the report added.