a. Exemption from NCR for Multilateral Trading Facility (MTF) Companies (Article 3-6, 3-24-6, 3-26, 3-27, 3-28, 3-36, Annex 10-5)

• Excludes MTF companies from being categorized as Type 1 financial investment businesses subject to NCR, reclassifying them as Type 4 financial investment businesses, and exempting them from NCR. This change applies capital adequacy ratios of 100%, 85%, and 70% (with failure to meet these thresholds resulting in license revocation), along with corrective actions and management improvement agreements.
  
  

b. Refining Business Reports and Financial Statements of MTF Companies (Article 3-66, 3-67)

• As NCR does not apply to MTF companies, the content requirements for business reports and financial statements will be adjusted.
  
  

c. Mandatory Due Diligence for IPO Lead Managers and Prohibition of Under-the-Table Fees (Article 4-19)

• IPO lead managers will be required to conduct due diligence, and any receipt of uncontracted fees will be prohibited, strengthening their independence and accountability.
  
  

d. Refining the Standards for Products Traded by MTFs, including ETFs and ETNs (Article 4-48-2, Article 7-28)

• Due to the liquidity provision associated with ETFs and ETNs, the standards for products traded by MTFs will be adjusted to allow the trading of ETFs and ETNs. Additionally, liquidity provision tasks at MTFs will be included as part of the duties of designated ETF participants.
  
  

e. Allowing Concurrent Trading of Program Trading at ATS (Article 4-55)

• Allowing concurrent trading of program trading at ATS (Alternative Trading Systems), as it poses no conflict of interest regardless of the market submitting the trading orders. This will include allowing dual roles for trust managers.
  
  

f. Expanding the Limit for Retail Bond Trading (Article 5-1)

• Exceptionally, the limit for retail bond trading with same-day settlement will be increased from 5 billion KRW to 10 billion KRW.
  
  

g. Allowing Client RP (Repurchase Agreements) for International Organization Bonds and KP Products (Article 5-18)

• Allowing client RP for international organization bonds that meet the requirements of Article 124-2, Section 2 (including international credit ratings of A or higher and related information provided by securities firms and the Korea Financial Investment Association) and for KP products that meet both the requirements of Article 124-2, Section 2 and the stipulations in Article 2-2, Section 2, Subsection 3 (those issued and publicly offered abroad).
  
  

h. Clarification of the National Bond Integrated Order Account (Articles 6-7, 6-14-2)

• Clarifying that foreign investors can use a national bond integrated order account to settle national bond transactions without the need to open individual order accounts for each foreign investor. Instead, foreign financial investment companies can open a national bond integrated order account in their own name for bulk orders.