Financial institutions 'Cotton bat' penalty brake ... Fine 2-3 times ↑

[Korea Selected financial newspaper reporters] penalties, fines for illegal financing of the company was criticized as 'fluffy bat' punishment average 2-5 fold rise.

Financial Services Commission said that 30 days is a financial holding Act, the Banking Act, Insurance Business Act, including 11 major amendments to the Financial Code sanctions reform passed through the National Assembly.

According to the amendment, a penalty imposed limit of 50 million won, etc. Currently the banks, insurance, securities firms are raised to a maximum of 1 billion.

Financial penalties imposed limits on employees climb on up to 10 million won to 20 million won. However, care has to planners, insurance agents, insurance brokers, consider the case of the small points that maintain the current level of fines (10 million won).

Specialized credit companies, fine limit of savings banks and credit information company is maintained at 5000 yuan.

Large lender decided to raise the savings banks and similar in size to consider that the fine imposed limit of 20 million won to 50 million won from existing.

Change system for calculating fines also profiteers restitution.

Deseo was calculated by multiplying the basic bugwayul the fines imposed on the current legal limit (violations X amount charged ratio), in the future the court imposed limit is three times the average primary Impression bugwayul is repealed.

Fines imposed limits on trading of major shareholders such as credit limits violations, securities acquired were collectively raised to 100% of the amount violations.

Another financial institution employees may violate the law as a personal financial holding deviant behavior was able to be made an administrative sanction.

11 Key Financial Code amendment is scheduled to be effective from and after the horrors of April, six months Horror law.

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