New Regulatory Framework for Financial Brokers and Amended Regulations on Money Transfer Services

I. Introduction
On June 5, 2020, the Diet passed a bill to amend (Amendment), among others, the Act on Sales, etc. of Financial Instruments (ASFI) and the Payment Services Act (PSA) for the purposes of: (i) introducing a new regulatory framework for the brokerage of financial products; and (ii) revising the current regulatory framework for payment and settlement. The Amendment was promulgated on June 12, 2020 and will enter into force within one and a half years from the date of promulgation.

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