1. Reason for Amendment

- To upgrade the liquidity regulation framework for securities firms, thereby enhancing their liquidity risk management and crisis response capabilities.
- To improve foreign investors' access to the domestic market by adding Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) to the list of tradable instruments via foreign omnibus accounts.

2. Key Contents

A. Expanding Liquidity Regulation Scope & Overhaul (Draft Articles 3-24-4(2), 3-41-2, 3-41-3, 3-70(1)5)
- Expand liquidity regulations—currently limited to comprehensive financial investment business entities and issuers of derivative-linked securities—to all securities firms.
- Overhaul the system by replacing the current liquidity ratio with an adjusted liquidity ratio that accounts for market price decline risks of marketable assets and contingent liabilities such as debt guarantees.

B. Allowing ETF & ETN Trading via Foreign Omnibus Accounts (Draft Article 6-7(7))
- Add ETFs and ETNs (excluding leveraged and inverse ETFs/ETNs) to the eligible financial products tradable through foreign omnibus accounts, which previously only permitted stocks.