As early as the first half of 2009, small scale financial institutions such as mutual savings banks, local National Agricultural Cooperative Federations (NACF) -- also known as Nonghyup -- and Korean Federation of Community Credit Cooperatives will be able to sell funds as long as they satisfy certain criteria.
Broadened fund sales network is expected to heat up competition -- reducing burden on consumers by offering lower sales commissions.
The Ministry Finance and Economy disclosed on February 13 that it judged optimal to stimulate competition among fund sellers to vitalize Korea’s asset management business and decided to expand the base of financial institutions allowed to sell fund products.
once the current way of selling funds, which is registration policy, is switched to approval policy, the Capital Market Integration Act will be revised and effectuated next February and allow small scale financial firms such as mutual savings banks, local NACF, National Credit Union Federation of Korea and KFCC to sell funds. Approved financial institutions will be able to begin selling funds after training employees for a certain period.
The government is also planning to loosen regulation of entry to permit new companies to enter the asset management industry as soon as possible.
[Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
Broadened fund sales network is expected to heat up competition -- reducing burden on consumers by offering lower sales commissions.
The Ministry Finance and Economy disclosed on February 13 that it judged optimal to stimulate competition among fund sellers to vitalize Korea’s asset management business and decided to expand the base of financial institutions allowed to sell fund products.
once the current way of selling funds, which is registration policy, is switched to approval policy, the Capital Market Integration Act will be revised and effectuated next February and allow small scale financial firms such as mutual savings banks, local NACF, National Credit Union Federation of Korea and KFCC to sell funds. Approved financial institutions will be able to begin selling funds after training employees for a certain period.
The government is also planning to loosen regulation of entry to permit new companies to enter the asset management industry as soon as possible.
[Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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