a. Expansion of Exceptions for High-Risk Financial Investment Products (Article 2, Item 7)

• Excludes high-risk financial investment products not only from the listed market but also when investors directly trade in multilateral trading facilities.
  
  

b. Allowing ETF and ETN Trading in Multilateral Trading Facilities (Articles 7-3, 247)

• Adds ETFs and ETNs to the list of tradable assets in multilateral trading facilities, and allows ETF designated participants to supply liquidity in these facilities.
  
  

c. New Approval Unit for ETF and ETN in Multilateral Trading Facilities (Appendix 1, Article 19-3)

• Establishes a new approval unit for multilateral trading facilities dealing with ETFs and ETNs and adjusts the range for additional registration of business units accordingly.
  
  

d. Relaxation of Financial Soundness Maintenance Obligations for Multilateral Trading Facilities (Article 34)

• Exempts multilateral trading facilities acting as investment brokers from the obligation to maintain operating net capital equal to total risk amount.
  
  

e. Adjustment of Operational Standards for Multilateral Trading Facilities (Article 78)

• Clarifies that procedures and methods related to the dispute resolution of the designated exchange's market surveillance committee must be reflected in the operational standards of multilateral trading facilities.
  
  

f. Relaxation of Restrictions on Securities Purchased by Collective Investment Managers, Discretionary Investment Managers, and Trust Managers (Articles 87, 99, 109)

• Allows collective investment managers, discretionary investment managers, trust managers, or related parties to purchase securities not only on the securities market but also through multilateral trading facilities.
  
  

g. Expansion of Exceptions for Sales Reporting (Article 124-2)

• Exempts the submission of securities sales reports for bonds specified by the Financial Services Commission.
  
  

h. Relaxation of Subscription Deposit Management Contract Obligation (Article 137)

• Eliminates the requirement for a subscription deposit management contract when securities are offered through a securities firm, including cases involving sales on K-OTC.
  
  

i. Rationalization of Reverse Listing Review Criteria (Article 176-5)

• Improves the requirements for a private company to meet the listing requirements when merging with a listed company, based on asset, capital, or sales exceeding the listed company or having higher stock value than the listed company.
  
  

j. Relaxation of Standards for Securities Lending by Electronic Securities Intermediaries (Article 182)

• Exempts electronic securities intermediaries from securities lending business standards if they perform only simple intermediation using computer systems.
  
  

k. Expansion of Allowable Short Selling for Government Bonds (Article 185)

• Allows foreign financial institutions to sell government bonds or monetary stabilization bonds over-the-counter without holding the bonds as an exception.
  
  

l. Adjustment of Market Efficiency Committee Review Targets (Article 368)

• Includes multilateral trading facility fees in the review targets of the Market Efficiency Committee, as they influence trading cost reduction in the securities market.
  
  

m. New Approval Unit for Electronic Securities Intermediaries (Appendix 1, Article 19-3)

• Establishes an approval unit for investment brokers performing simple intermediation using electronic information processing systems, and adjusts the scope of additional business unit registrations accordingly.
  
  

n. New Approval Unit for Investment Brokerage of Profit Securities (Appendix 1, Article 19-3)

• Establishes an approval unit for investment brokers dealing with profit securities, excluding collective investment securities, to institutionalize fractional investment platforms and adjusts the self-capital requirements and business unit registration range for comprehensive securities investment brokerage.