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SFC passes Mirae Asset Daewoo merger plan

[THE INVESTOR] The merger between Mirae Asset Daewoo and Mirae Asset Securities passed its second hurdle on Sept. 7, securing regulatory clearance from the Securities & Futures Commission, a special legal entity within South Korea’s top financial regulator.

The deal still needs review and approval by Financial Services Commission which will announce its decision on Sept. 21. 

The new merged firm, to be called Mirae Asset Daewoo, is expected to be launched on Nov. 1 after receiving approval from shareholders.