Financial Services Commission Adds Vasp Non-repair Requirement

The Financial Services Commission is adding a new ground for failure to file a VASP report to the Exchange Act. The intention is to provide legal clarity as VASP filings are frequently delayed and rejected, and the industry has become increasingly frustrated. Ohoon Kwon, Partner at Cha & Kwon Law Offices, added, “While legal clarity is necessary for business, it may become difficult for VASPs to enter the market if the non-repair requirements become stricter than they are now.”

URL : Financial Services Commission Adds Vasp Non-repair Requirement