The financial authorities have finally decided to exempt the Music Cow sculpture investment platform from sanctions. Music Cow will be accepting applications for investor account opening for trust beneficiary certificate trading from next month and will be able to issue new ones from the first quarter of next year if all additional conditions are met.
The Securities and Futures Commission under the Financial Services Commission held a regular meeting on the 29th and announced that it had finally decided to exempt Music Cow from sanctions.
The Securities and Exchange Commission said, “As a result of the inspection by the Financial Supervisory Service, Music Cow fulfilled all the business restructuring conditions set by the Securities and Exchange Commission.”
Music Cow has to meet additional conditions when it was designated as an innovative financial service by the Financial Services Commission in September. New publication is expected to resume around the first quarter of next year.
On this day, the financial authorities deemed that art pieces (four companies) and Korean beef sculpture investment platform products (one company) also fall under the Capital Markets Act as investment contract securities.
Meanwhile, it has been argued that the art investment platform is not equivalent to securities because it is a structure where investors buy real ownership by collecting money.
The Securities and Exchange Commission ordered the five companies to reorganize their business structures within six months to strengthen investor protection and report the results to the Financial Supervisory Service. In addition, subsequent operations were required to comply with all regulations under the Capital Markets Act without any special exemptions.
Correspondent Okjin Bae withok@etnews.com
