President Yoon: "Significant Expansion of ISA Contribution Targets and Tax-Free Limits... Continued Ban on Short Selling"

"Institutionalizing Online Electronic Shareholders' Meetings for Minority Shareholders"

The government plans to significantly expand the contribution and tax-exempt limits of Individual Savings Accounts (ISA), institutionalize online electronic shareholder meetings for small shareholders, and amend the Commercial Act to block directors' pursuit of private interests. It also intends to continue the ban on short selling.

On the 17th, President Yoon Seok-yeol stated at a public discussion held under the theme "Financial Coexistence, Expanding the Ladder of Opportunity" at the Korea Exchange in Yeouido, Seoul, "For the nation and society to prevent the entrenchment of social classes and enhance social dynamism, the financial investment sector must be revitalized."

President Yoon emphasized, "Companies grow by raising the necessary funds for their business through the capital market, and the public can build assets by participating in the securities market. We should benchmark the U.S. economy, which has achieved prosperity by enabling companies to easily raise capital and allowing the public to share the fruits of investment."

He added, "We will promote amendments to the Commercial Act, including institutionalizing online electronic shareholder meetings so that small shareholders can have their voices heard and blocking directors' pursuit of private interests. We will also more than double the contribution and tax-exempt limits of ISAs and expand the eligible participants."

He continued, "The record-high profits in the financial sector partly stem from a lack of competition. To reduce the public's interest burden, we will expand the 'non-face-to-face loan switching platform,' which has been promoted since the beginning of my administration, from unsecured loans and mortgage loans to include jeonse loans."

President Yoon mentioned the '2 trillion won + a' coexistence package prepared by the banking sector and the 300 billion won interest reduction plan to be promoted by the secondary financial sector, adding, "In particular, to support the recovery of those who have diligently repaid their debts and to close the gap, we will delete delinquency history information."