The second annual high-level bilateral meeting between the Financial Services Authority (FSA) of the UK, and the Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS) of Korea was held in Seoul, Korea on May 21-22. Mr. Keun-Young Lee, Chairman/Governor of the FSC/FSS, and Mr. Michael Foot, Managing Director of the FSA, led the delegation of each authority. The discussions covered recent developments in the integration of financial supervisory systems in both countries, as well as specific supervisory issues relating to Korean financial institutions operating in the UK, and the UK financial institutions operating in Korea. The meeting also included discussions between the two authorities on a new risk assessment model, preparations for the introduction of the New Basel Accord in 2004, and the regulatory implications of the recent trends towards financial consolidation and electronic finance. The meeting was very successful with both sides agreeing to maintain a close dialogue on regulatory developments in the UK and Korea. The next high-level dialogue will be held in London in 2002.

* Please refer to the attached file for details.