Amendments To The Financial Institutions Merger Act

To make merger of financial institutions more attractive by simplifying the merger procedure and providing more tax incentives, the Financial Institutions Merger Act (FIMA) was first amended on 9 December 2015. The main points are as follows:

1. Article 2: stipulate application principle of relevant laws

To specify the application principle of the FIMA, the Business Mergers and Acquisitions Act and the Company Act, the amendments stipulate that merger of non-corporation financial institutions shall be effected in accordance with the FIMA. In addition, the provisions regarding merger of companies limited by shares under the Business Mergers and Acquisitions Act shall apply mutatis mutandis.