On Sep. 5, SK FIA proposed revisions re retail pool fee payment rules.
SK FIA proposed revisions to the Best practices for financial investment companies' securities lending, short selling processing, to clarify the criteria for distributing fees.
Follows SK FSS Aug. 2024 issued plan to revise rules re retail pool fees, see #223525.
Proposed Revisions
Securities houses shall establish standards for paying fees to customers by type of transaction which uses retail pools, e.g., new contracts, replacement transactions.
Shall disclose the retail pool fee payment standards on their website, reflect the standards in the terms and conditions, notify SK FIA of standard enactment/revisions.
Consultation Period
Comments shall be submitted by Sep. 25, for planned effectiveness from Nov. 1, 2024.
Oct. 2024 Revisions Finalized
On Oct. 10, 2024, SK FIA published revised best practices effective from Nov. 1, 2024.
Document dated Oct. 10, 2024, received from SK FIA Oct. 11, summarized on Oct. 15.
