Venture Capital Platform to Begin Pilot Operation Next Month; Securities Firms Warned
The Financial Supervisory Service said it would begin pilot operation of the venture capital platform next month. At the same time, it held a meeting with securities firms to warn them about overseas investment brokerage and excessive marketing. It also held a seminar to support fintech companies’ entry into Europe.6 month 11 day, the Financial Supervisory Service said it would begin pilot operation of the venture capital platform next month. At the same time, it held a meeting with securities firms to warn them about overseas investment brokerage and excessive marketing. It also held a seminar to support fintech companies’ entry into Europe.
The Financial Supervisory Service announced that it would begin pilot operation of the venture capital platform next month.6 month 11 day, the Financial Supervisory Service announced that it would begin pilot operation of the venture capital platform next month. It explained that the platform would connect investors with innovative companies. It said the pilot operation would examine how to connect suppliers and demanders.
The Financial Supervisory Service convened securities firms to explain the relevant matters. At the meeting, it raised concerns about overseas investment brokerage and excessive marketing. It notified the firms that it would inspect their business practices.
The Financial Supervisory Service pointed to market volatility and said it would sanction excessive marketing. It said it would correct unfair business practices through a policy of strengthened supervision. It foreshadowed measures such as audits if necessary.
The Financial Supervisory Service held a seminar on supporting fintech companies’ expansion into Europe. It said the seminar discussed procedures related to entering the European market and support measures. It stated that it would review links with relevant policies.
The authorities said they would conduct inspections of securities firms’ business practices alongside the pilot operation of the platform. They notified that follow-up measures would be prepared based on the results of the pilot operation and the inspections. They explained that the process was aimed at confirming the connection structure between investors and companies.