If the loan is not repaid, the classification will not be reduced for up to 90 days

The 24th regular meeting of the Financial Regulatory Commission, the last session of this year, was held today. Although it has been a long time since the Covid-19 outbreak was imposed, the Committee has held regular meetings electronically to ensure that policy decision are made promptly. That business issues are addressed on time. The meeting was held on time.

The regulation on licensing to conduct regulated activities in the securities market has been amended.

At today’s meeting, a total of 35 issues were discussed and resolved, including several important issues of the day. For example, amendments to the “Regulation on Licensing to Regulate Securities Market” approved by the Commission’s Fourth Resolution in 2019 were discussed in connection with the regulation of cash and nominal accounts. Amendments to the law will introduce an indirect accounting system to bring property registration activities in line with international standards, attract foreign investors to the domestic market, reduce service fees, and increase liquidity in the securities market. Will be formed.

Also, to exempt the shares of major shareholders of “Mandal Daatgal” and “Bodi Daatgal” JSCs from isolation, to issue additional licenses to “Rhinos Investment JSC” LLC with 100% Korean investment to conduct dealer activities in the securities market, In line with the “Loan interest rate reduction strategy” approved by the Government Resolution No. 21 of 2020, it was decided to reduce the interest rate on securities guaranteed by the car loan portfolio issued by “Investor Active TZK” LLC by 16.4-14.4 percent or 2 points. It was also decided to extend the period for introducing additional shares of “Suu” JSC to the public and organizing the primary market trading by 20 working days from December 29, 2020, due to the “Covid-19” epidemic.

If the loan is not repaid, the classification will not be reduced for up to 90 days.

The meeting discussed measures to be taken by non-bank financial institutions during the pandemic of coronavirus infection (KOVID-19). It amended the “Procedure for classification of assets of non-bank financial institutions and establishment and disbursement of asset risk fund” or amendment and renewal of the borrower loan agreement. , the Commission has decided to extend this period until July 1, 2021, provided that the Commission does not reduce the classification for up to 90 days in case of non-payment of the loan until 2020. It also approved the “Regulations defining the requirements for professional associations of traders of precious metals, precious stones or articles made of them.” This will provide an opportunity to establish a professional association of traders of precious metals, precious stones, or articles made of them, provide professional and methodological support to members in planning policy and strategy for the development of the sector, and organize training activities. The Committee shall cooperate with a professional association that meets the conditions and requirements outlined in the regulations and shall regulate the criteria and activities of the association’s membership, the board of directors, and the executive director.

The meeting also discussed the licensing, licensing, and registration procedures for 11 companies, licensing, licensing, and registration of traders in precious metals, precious stones, or articles made of them. It was decided to issue licenses to 7 companies and four legal entities to operate as insurance intermediaries, insurance agents, foreign exchange trading, and short-term financial instruments.

It was also decided to extend the two savings and credit cooperatives’ licenses to conduct savings and lending activities. At the same time, amendments will be made to the “Criteria for prudential ratios of Savings and Credit Cooperatives,” A temporary amendment will be made to the “Procedure for classification of assets of Savings and Credit Cooperatives and establishment and disbursement of asset risk fund”.

A total of 664 issues were resolved in 24 meetings.

The Financial Regulatory Commission (FRC) held 24 regular meetings in 2020 to promptly discuss and resolve 664 issues to expedite and regulate financial companies and entities’ activities in the regulatory sector. A total of 15 policy documents and guidelines have been approved and implemented, including the procedure for asset classification, the procedure for establishing and disbursing asset risk funds, and the procedure for using the cumulative method of voting. In 2020, 1,050 resolutions were issued on the issues discussed and resolved at the meeting.