Press Releases - Financial Services Commission

Press Releases

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May 11, 2020

Financial Data Exchange Platform Launched

FSC Vice Chairman Sohn Byungdoo attended a launch event of the financial data exchange platform on May 11. During his congratulatory remarks, Vice Chairman Sohn stressed the importance of turning the current crisis situation into an opportunity and to continue to work on the government’s post-COVID-19 innovation in digital finance. The financial data exchange platform will be test launched to provide a secure one-stop distribution service.KEY FUNCTIONS► HIGH-SECURITY DATA EXCHANGE: a) Provide a highly secure data delivery method which allows the user to analyze and utilize data within the platform, b) Provide the FSI with the tools to safely transfer data during the exchange process, c) Prevent data leakage by having a thorough internal security control system► SAFE PROVISION OF PSEUDONYMIZED ANONYMIZED DATA: Confirm the appropriateness of the pseudonymized and anonymized data, as well as the information protection measures of the data seeker prior to the data transfer► DATA DISTRIBUTION CONVERGENCE: Designate the FSI, Korea Credit Information Services and Korea Financial Telecommunications Clearings Institutes as the financial data specializing institutions authorized to carry out data convergence and other relevant tasksFURTHER PLANS► DATA DISTRIBUTION GUIDELINES: Establish financial data distribution guidelines detailing the types and utilization of data products, distribution process, data standards and pricing details, things to consider prior to signing contracts, post-distribution management, etc.► DATA EXCHANGE VOUCHERS: Provide data vouchers to promote data exchange transactions at the onsetEXPECTATIONThe government expects that the financial data exchange platform will help establish a safe and secure marketplace for the distribution of financial big data. It will also foster new data-driven business opportunities for fintech start-ups and promote data convergence and utilization with non-financial data, which will lead to the development of ne
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May 11, 2020

2020 Online Korea Fintech Week to Start May 28

The FSC will hold the 2020 Online Korea Fintech Week from May 28. With the theme of “Fintech for Open Innovation,” this year’s virtual expo will feature special information sessions, virtual exhibitions and an online job fair.The following is a schedule of the virtual expo.(OPENING SESSION) Welcoming remarks, congratulatory remarks by key dignitaries(SPECIAL SESSIONS) Key information sessions and seminars about open innovation, industry trends in domestic and foreign marketsa) FSC: Digital finance innovation in Koreab) FSS: Showcasing regtech and suptech firmsc) KPMG: Korean fintech industry in 2020 policy trendsd) World Bank: Digital finance for crisis response and economic development – Role of the WBe) VISA-Fintech Center Korea: Sharing a successful collaboration lesson between a global financial company and a fintechf) KFTC: Open banking – achievements and futureg) FSI: Financial data security in the era of 4th industrial revolutionh) KOSCOM: Financial cloud computing and compliance in financial services(ONLINE JOB FAIR) Co-hosted by the Fintech Center Korea and Korea Internet Security Agency and participated by 34 hiring institutions looking for 40 new hires(VIRTUAL EXHIBITIONS) The six virtual exhibition halls will be organized into a fintech ecosystem hall, a financial enterprise hall, a fintech start-up hall, a fintech scale-up hall, a big tech hall and a global enterprise hall, participated by about 150 firms(CYBER VOICE PHISHING PREVENTION HALL) Introduce voice phishing prevention app and the relevant technology and provide education on how to detect voice phishingFor further information, please contact the Fintech Center Korea via email at fintechweek@fintechcenter.or.kr or by phone at +82-70-4150-4490 and +82-70-8873-9006.* Please refer to the attached PDF for details.
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May 06, 2020

FSC's Revision Proposal Designates 7 Key Industries for Key Industry Bailout Fund

The FSC announced revisions to the enforcement decree of the Korea Development Bank Act on May 6, which designate seven specific industries to be eligible for the key industry bailout fund and establish necessary provisions for the fund’s operation. KEY REVISIONS(DESIGNATION OF KEY INDUSTRIES) The Korea Development Bank Act broadly defines key industries as those considered crucial to the real economy, stability of the job market and national security, such as defense industry, industries barred from foreign investment, etc., and prescribes that the designation of specific industries be carried out by enforcement decree. Through this amendement, the airline, maritime shipping, machinery, automobile, shipbuilding, electric power and communications industries will be designated as key industries. The FSC may include additional sectors upon request from the relevant ministers if funding support is deemed necessary.(ISSUANCE OF BONDS) The revisions to the enforcement decree established the necessary rules including the issuance of bonds, subscription, etc.(VOTING RIGHT) The KDB may exercise its voting right only in the following two exceptional circumstances to preserve the fund’s assets—a) decisions involving significant stakes to the value of equities and b) when a company receiving the support undergoes structural adjustment.(FUND MANAGEMENT COUNCIL) The 7-member council will consist of members recommended by the relevant standing committees of the National Assembly, government ministries and the KDB.SCHEDULEThe revisions to the enforcement decree of the Korea Development Bank Act will be finalized at a cabinet meeting after an examination by the Ministry of Government Legislation.* Please refer to the attached PDF for details.
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May 06, 2020

FSC Chairman Stresses Importance of Concerted Effort from Banks and Financial Authorities

FSC Chairman Eun Sung-soo presided over a financial risk assessment meeting on May 6 to check the implementation of the COVID-19 emergency financial support and discuss measures to support SMEs, middle market enterprises, small-scale businesses as well as the key industries.The following is a summary of Chairman Eun’s remarks:(SMES MIDDLE MARKET ENTERPRISES) It is essential to have a concerted effort by the banking sector and the financial authorities for an effective delivery of the financial support to the SMEs and middle market enterprises. In this regard, the financial authorities will work on promoting movable asset-based lending and sale-and-leaseback by companies while working on measures to help relieve financing difficulties for subcontractors in key industries.(SMALL-SCALE BUSINESSES) As the second phase financing support for small-scale businesses will be provided through the banking sector, it is necessary not to leave behind individuals with low credit scores. To ensure that the second phase support is being provided as scheduled, all necessary preparations should take place promptly.(KEY INDUSTRIES) The government will work to promptly implement the stabilization fund for key industries. The banking sector should be encouraged to cooperate with the Korea Development Bank to support the country’s key industries. With regard to the conditionality which obliges businesses to maintain employment, there should be appropriate balance between protecting jobs and not acting as a constraint for companies in applying for the support.FINANCIAL SUPPORT PROVIDEDBetween February 7 and May 1, a total of KRW77.4 trillion (890,000 individual cases) in loans and guarantees as well as loan and guarantee extensions were provided to the SMEs and small-scale businesses that have been hit by the COVID-19 pandemic.► FINANCING BY TYPE: KRW40.3 trillion (707,000 cases) in new loans and guarantees, KRW34.9 trillion (169,000 cases) in maturity extensions and deferred paymen
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May 06, 2020

Margin Requirements for Non-centrally Cleared OTC Derivatives to be Postponed for One Year

The FSC announced on May 4 a one-year postponement of the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions amid the COVID-19 crisis.► FROM SEPTEMBER 1, 2021: For financial institutions with non-centrally cleared derivatives of KRW70 trillion or more► FROM SEPTEMBER 1, 2022: For financial institutions with non-centrally cleared derivatives of KRW10 trillion or more and less than KRW70 trillionThe decision is on a par with international standards and is based on a review of financial institutions’ preparedness and opinions from the industry.In this regard, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced their decision on April 3 to extend by one year the final two implementation phases of margin requirements for non-centrally cleared derivatives to help provide additional operational capacity for firms amid the COVID-19 pandemic. Singapore, Canada, Switzerland, Japan and Europe decided to follow the suit.* Please refer to the attached PDF for details.
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May 04, 2020

FSC Selects Six SME-Specialized Investment Firms

The FSC has designated six securities firms as financial investment companies specialized in investing in small and medium-sized enterprises (SMEs)1: eBest Investment Securities, Eugene Investment Securities, IBK Securities, Kiwoom Securities, Korea Asset Investment Securities and SK Securities.The designation will be valid for two years starting from May 4, 2020. The designated firms will be granted policy incentives, such as preferential treatment in the selection process for state-backed fund managers or favorite terms in the provision of securities-backed loans, etc. They will be required to report their performance in SME financing to the financial authorities every six months. If their performance record in the semi-annual report is deemed insufficient twice in a row, the financial authorities may revoke the designation.The government will continue to work on supportive measures for SME-specialized investment companies to better serve financing needs of SMEs and start-ups.* Please refer to the attached PDF for details.
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May 01, 2020

FSC To Work on Improvements To Financial Education Programs

Vice Chairman Sohn Byungdoo presided over the first financial education council meeting on April 29, in which the council decided on the plans for improving financial education.BACKGROUNDA new legislation on financial consumer protection adopted by the government on March 17, 2020 establishes a legal foundation to provide financial education to consumers. Over the years, financial education has become more widely available in Korea as household debt levels increased and personal asset management became more important amid aging society and prolonged low interest rates.Against this backdrop, the FSC carried out surveys and focus group interviews last year to assess current situations, and the results revealed that despite wide availability of financial education, the quality of educational contents, delivery channels and instructors has been lagging. Thus, the council on financial education plans to work on improving the organization and effectiveness of financial education through an enhanced level of cooperation between the public and private sectors.PLANS FOR IMPROVING FINANCIAL EDUCATION► CONTENTS: a) Design a set of financial literacy indicators to help develop and manage educational contents in a more systematic way, b) Draw up plans for contents development every year to maintain the timeliness of the contents, c) Ensure credibility through a contents certification system► CONTENTS DELIVERY CHANNELS: a) Make sufficient class spaces available for financial education throughout the country, b) Set up an online one-stop contents site which offers answers to the finance-related questions in everyday life, c) Make educational contents available through different platforms based on the different needs of consumers► INSTRUCTORS: a) Work on establishing a more systematic management of professional instructors, b) Make training programs more widely available for school teachers► EDUCATIONAL METHODS: Promote diverse educational programs based on the needs of dif
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Apr 29, 2020

Accounting Day Designated by Law To Commemorate Importance of Transparency in Accounting

The amendment to the Act on External Audit of Stock Companies passed the National Assembly on April 29, which officially designates October 31 the accounting day for commemorating the value and importance of transparency and celebrating the work of accountants.Every year since 2018, an accounting day commemoration event was held on October 31, organized by the private sector associations and academia. With the revised law becoming effective one year after promulgation, the government will lead the organization of the accounting day commemoration event beginning in 2021.* Please refer to the attached PDF for details.
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Apr 29, 2020

FSC Extends Guidelines on Supervision of Financial Conglomerates for Another Year

The FSC approved the revisions to the best practice guidelines on the supervision of financial conglomerates on April 29 and decided to extend its implementation for another year. KEY REVISIONS► CAPITAL ADEQUACY ASSESSMENT: a) Combine the ‘risk concentration’ and ‘risk transfer’ categories into a single unified framework for assessing capital adequacy requirements, b) Allow the application of domestic industry standards when assessing capital adequacy for foreign branches► INTERNAL CONTROL SYSTEM: Require financial conglomerates to establish a group-wide internal control system and standards for which a group-wide consultative body can be established to oversee the process► DISCLOSURE RULES: Have financial conglomerates disclose their group-wide risks every quarter starting with the risk information as of the end of 2019► OTHERS: a) Specify the designation of financial conglomerates subject to supervision to those with domestic financial companies with total assets amounting to KRW5 trillion, b) Specify the process of exemption, c) Extend the implementation of the guidelines for another year (May 1, 2020 to April 30, 2021)FURTHER PLANSThe implementation of the best practice guidelines will be extended for another year from May 1, 2020 to April 30, 2021, The financial conglomerates will disclose their group-wide risks at the end of September 2020The FSC will promote efforts to legislate the supervision of financial conglomerates as recommended by the IMF’s Financial Sector Assessment Program report on Korea.* Please refer to the attached PDF for details.
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Apr 29, 2020

Revised FSCMA To Enhance Autonomy and Accountablity of Financial Investment Businesses

The revisions to the Financial Investment Services and Capital Markets Act passed the National Assembly on April 29, which change some of the major sales regulations into ex post regulations. The government expects that the revised law will boost the autonomy and accountability of financial investment businesses while bolstering their function of supplying venture capital and promoting innovation in the capital markets.KEY REVISIONS► CHINESE WALL REGULATION: Improve the coverage and efficiency of regulation by having ‘Chinese walls’ required for the information that may result in conflicts of interest, such as undisclosed information, customer’s asset management information, etc. - Require financial investment businesses to set up internal control standards to ensure that exchange of information is strictly blocked- Strengthen ex posto sanction by establishing a penalty provision to impose a fine for breach of regulations► CONSIGNMENT OF WORK: Allow more functions of financial investment businesses to be consigned to a third party and permit reconsignment with an agreement from the consigner- The financial investment business will be accountable for any issues arising from reconsignment to guarantee investor protection.► REPORTING RULE: For concurrent management of multiple financial investment businesses or engaging in incidental businesses, the current rule requires ex ante reporting to the FSS at least seven days before the commencement of the business. The revised rule changes this requirement to ex post reporting while also enhancing ex post supervision to ensure invetor protection.FURTHER PLANSThe revised law will go into effect one year after promulgation. The FSC will work to ensure that the relevant rules and regulations are in line with the amendments for a smooth transition to the new system.* Please refer to the attached PDF for details.
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Apr 29, 2020

Foreign Currency Asset Limits Raised for Insurance Companies

The revisions to the Insurance Business Act passed the National Assembly on April 29, which increase the cap on foreign currency assets for insurance businesses. The revisions will go into effect six months after promulgation.KEY REVISIONS► FOREIGN CURRENCY ASSET MANAGEMENT: The current cap on insurance companies’ management of foreign currency assets will be increased from 20~30 percent to 50 percent for both general and special accounts in order to grant more autonomy in asset management.► ADEQUATE UNDERSTANDING BY CONSUMERS: Under the current law, insurance policies are the only document subject to evaluation to see how well consumers understand the documents. The revised law will also include pre-contractual information package to ensure more adequate understanding of insurance policies by consumers.► PENALTY RULES: For the failure of notifying consumers the right to request a lowering of interest rates, the revised law will impose a fine on the insurance company, not on the board members of the company to make the penalty rules more equitable with those of savings banks and credit finance businesses.* Please refer to the attached PDF for details.
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Apr 29, 2020

Revised Law Paves Way To Create Bailout Fund for Key Industries

The revisions to the Korea Development Bank Act passed the National Assembly on April 29, establishing a legal foundation to launch a bailout fund to help key industries struggling from the COVID-19 pandemic.KEY PROVISIONS► SUPPORT TARGETS: Businesses within industries that are considered crucial to the real economy, stability of the job market and national security, such as defense industry, industries barred from foreign investment, industries crucial for emergency resources, key technology industries, essential public service providers, etc. ► FINANING FOR FUND: KRW40 trillion state-guaranteed bond issuance► CONDITIONS: Aid recipients shall be subject to following requirements—a) both the management and employees will work toward maintaining employment, b) aid-receiving businesses shall come up with own funding sources within a 20 percent of the amount of aid, and c) businesses shall work to improve management while refraining from diviend payouts, share buybacks and executive compensation.► MANAGEMENT: a) Aid will be provided through loans, payment guarantees and investments according to the specific needs of industries and businesses, b) The fund shall be managed by the Korea Development Bank for five years until December 31, 2025, and a council shall be established at the KDB to ensure professionality, accountability and transparency of the fund management.FURTHER PLANSThe revisions to the Korea Development Bank Act are extected to take effect in May. The government will work on the changes to the relevant rules and regulations and draw up specific standards for aid provision to ensure prompt delivery of support to the businesses in need.* Please refer to the attached PDF for details.
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Apr 28, 2020

Government Adopts Revised Rules to Facilitate Effective Delivery of Emergency Relief Payments

The government approved a revision to the Enforcement Decree of the Electronic Financial Transactions Act during a cabinet meeting on April 28 to help facilitate a more effective and convenient way of delivering emergency relief payments to households.The revision raises the cap on the maximum value of prepaid electronic cards issued by the central and regional governments to up to KRW3 million until September 30, 2020.The increased cap is applicable only in the case of providing emergency relief payments by the central and regional governments in response to crisis situations, such as the COVID-19 pandemic.Along with the revision to the Enforcement Decree of the Specialized Credit Finance Business Act announced last week, this will help expedite the provision of emergency relief payments to households.* Please refer to the attached PDF for details.
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Apr 27, 2020

Deferment of Principal Payment Available for Vulnerable Debtors

The FSC announced on April 27 that deferment of principal payment will be available for vulnerable debtors who are unable to service debts due to diminished income caused by the COVID-19 pandemic. It will be offered by all financial institutions from April 29 until the end of this year.PROGRAMSBased on the situation of individual debtors, either a pre-workout program or a debt adjustment program is available.(PRE-WORKOUT BY FINANCIAL INSTITUTIONS) Microfinance loan users should apply for deferment of principal payment from the original lending institutions. Debtors without multiple debts are also able to apply at the lending institutions.Individual debtors whose diminished income minus living expenses is lower than monthly debt payment can apply for a deferment of principal payment for six to twelve months with no extra fees.(DEBT ADJUSTMENT BY CREDIT COUNSELING RECOVERY SERVICE) Debtors with multiple debts can apply for deferment of principal payment through a debt adjustment program at the Credit Counseling Recovery Service.Individual debtors with multiple debts whose net property value is less than the amoun ot total debts can apply for a deferment of principal payment for six to twelve months. Long-term debtors with three or more months of overdue payments may also be eligible for a debt relief program which offers 10~70 percent of debt cancellation.* Please refer to the attached PDF for details.
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Apr 27, 2020

FSC Finalizes Measures to Improve Regulatory Framework on Private Equity Funds

The FSC and the FSS announced the finalized measures to improve the regulatory framework on private equity funds on April 24. The final measures are based on the previously introduced plans on February 14, and take into account opinions from experts and stakeholders. While ensuring the autonomy of private equity funds, the measures aim to establish market disciplines and introduce a minimum necessary level of regulations to protect investors and prevent system risks.BACKGROUNDThe private equity fund market has grown significantly backed by the government’s policy promoting its development. However, concerns over investor protection became an issue due to problems of misselling, liquidity management and other unfair and/or unlawful sales practices. Against this backdrop, the government introduced on November 14, 2019 its plans to strengthen investor protection with high-risk investment products to prevent excessive consumer damages to retail investors. Between November 2019 and January 2020, the government conducted a study on the private equity fund market to check potential risks and vulnerabilities, and announced a set of improvement measures on February 14. Based on the previous announcements and after taking into account various expert opinions, the government prepared the below finanlized measures to improve the regulatory framework on private equity funds.KEY MEASURESThe basic principles of the improvements are largely in line with the previously announced changes with further details added thereafter.I. STRENGTHENING RISK MANAGEMENT BASED ON MARKET DISCIPLINESThe government will work to establish a foundation in which different market participants and players can provide a supervisory role and ‘checks and balances’ against one another.II. IMPROVING INVESTOR PROTECTIONThe FSC will address vulnerabilities in the structure of funds with a minimum necessary level of regulatory measures to improve investor protection.III. STRENGTHEN SUPERVISION AND INSPECTIO
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Apr 27, 2020

Extension of Reporting Deadline Available for Companies Affected by COVID-19

The financial authorities announced on April 24 their decision to temporarily lift administrative sanctions for companies that are unable to meet the quarterly and semi-annual reporting deadline due to COVID-19 related issues.For the companies that have already been granted exemptions from sanctions, the deadline has been extended until May 15. The authorities will accept additional applications for exemption from sanctions between April 27 and 29. Based on the review of applications, the Securities and Futures Commission will then decide to adopt an additional 30-day extension of deadline when the commission meets for a regular meeting on May 6.* Please refer to the attached PDF for details.
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Apr 23, 2020

Vice Chairman Emphasizes Crucial Role of Financial Institutions in Supporting Key Industries

FSC Vice Chairman Sohn Byungdoo held a meeting with officials from banks and financial associations on April 23 and held talks on the government’s recently announced measures to temporarily ease financial regulations and to provide additional liquidity to support key industries and help businesses retain jobs.Vice Chairman Sohn explained about the plans to set up a KRW40 trillion stabilization fund to support the country’s key industries, including airline, shipping, shipbuilding, auto and telecommunication industries, and to expand the emergency liquidity support by KRW35 trillion for small merchants and other business entities.With regard to the temporary easing of financial regulations, Vice Chairman Sohn said that the deregulatory measures on capital adequacy, liquidity and asset quality as well as other exemptions have freed up about KRW206 trillion to KRW394 trillion extra funding capacity across all financial sectors.Vice Chairman Sohn also spoke about the risk of investing in high-risk, high-yield financial products amid continuing uncertainy in the financial markets and warned against price fixing and other market manipulation behaviors.The participants agreed on the crucial role of financial institutions in ensuring a smooth implementation of the government’s emergency support funds and vowed to play an active role in providing support to businesses.* Please refer to the attached PDF for details.
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Apr 22, 2020

Government Announces KRW40 Trillion Fund to Support Key Industries

The government introduced measures to establish a KRW40 trillion fund to support key industries and help businesses retain jobs on April 22. In addition, the government will help provide more liquidity to the businesses in need through a KRW35 trillion increase in the emergency financial support package.KEY PROVISIONSI. ESTABLISHING A KRW40 TRILLION+ STABILIZATION FUND FOR KEY INDUSTRIES► SIZE: A KRW40 trillion+ new stabilization fund will be established to support key industries, which will be operated by the Korea Development Bank. The fund will be raised by issuing state guaranteed fund bonds. In addition, private funds and special purpose vehicles will also contribute to the stabilization fund.► TARGET: The fund will support key industries that have significant impact on employment and the real economy, including airline, shipping, shipbuilding, auto, general machinery, electric power and communication industries.► CONDITION: (a) The autonomy in business management will be guaranteed in principle based on the condition of self-rescue efforts. (b) Businesses will be required to work on maintaining employment when receiving the support. (c) Businesses will be subject to limitations in executive compensation, dividend payouts, and share buybacks. (d) The support will be provided in a way that allows sharing of benefits from business normalization in the future.► OPERATION: (a) Support will be provided in diverse ways through loans, payment guarantees and investments according to specific industry and business needs. (b) Investment and credit extension to related funds and special purpose vehicles will be permitted to promote inputs from private sector funding channels and their know-hows. (c) A council will be set up to ensure professionality, accountability and transparency of the fund management.II. EXPANDING EMERGENCY FINANCIAL SUPPORT PACKAGE BY KRW35 TRILLION► FINANCING SUPPORT FOR SMALL MERCHANTS (KRW10 TRILLION): The 1st stage financing support mad
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Apr 22, 2020

Vice Chairman Calls for Enhanced Monitoring of Corporate Bond Markets by FSB

FSC Vice Chairman Sohn Byungdoo participated in the Financial Stability Board’s steering committee meeting via conference call on April 21. At the meeting, the members agreed that the early signs of widespread anxieties in the financial markets have diminished due to policy responses from each country. Meanwhile, they raised concerns about the potential rise in solvency risk due to continuing uncertainty.At the meeting, Vice Chairman Sohn stated that the volatility in the financial markets appears to have stabilized in April. In order to prepare for the possibility of a further economic downturn, the FSB needs to strengthen monitoring of the corporate bond markets and derivatives markets.In addition, banks should implement more flexible lending rules on a par with the governments’ efforts at regulatory flexibility. However, lowering regulatory standards risks regulatory fragmentation across jurisdictions, which raises the possibility of regulatory arbitrage and threatens financial stability. In this regard, Vice Chairman Sohn suggested that the FSB and the international standard setting institutions should provide guidelines on the appropriate levels of regulatory flexibility.* Please refer to the attached PDF for details.
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Apr 21, 2020

Overall Resilience of Korea's Financial System Observed by IMF's FSAP

The International Monetary Fund published the Financial System Stability Assessment for Korea on April 21 in which it observed the overall resilience of Korea’s financial system.The FSSA report finds that the “Korean authorities have continued their efforts at upgrading the prudential, legal and supervisory framework for the financial sector,” and “have been strengthening the system with micro and macroprudential measures against vulnerabilities, strengthening the crisis management framework, and upgrading the prudential and legal framework.”The report also noted a few vulnerabilities, including “growth related uncertainties and elevated household debt,” and suggested twelve specific recommendations in four key policy areas.Classified as one of the twelve countries with systemically important financial sectors, the IMF’s Financial Sector Assessment Program (FSAP) conducts financial stability assessment on Korea every five years. Following previous assessments in 2003 and 2014, the current FSSA report is drawn from the conclusion of a FSAP mission which took place in 2019.* Please refer to the attached PDF for details.
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