The third annual high-level bilateral dialogue between the Financial Services Authority (FSA) of the U.K., and the Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS) of Korea was held in Seoul, Korea, on April 24. Mr. Howard Davies, the Chairman of the FSA, led the U.K. delegation to Korea. Mr. Keun-Young Lee, the Chairman/Governor of the FSC/FSS led the FSC/FSS. The bilateral dialogue covered recent regulatory approaches and this year’s supervisory agenda of both countries as well as specific supervisory issues relating to Korean financial institutions operating in the U.K., and the U.K. financial institutions operating in Korea. The meeting also included discussions on the New Basel Accord planned to be introduced in 2006, consumer protection, supervisory issues related to e-money, and investigation of unfair securities trading. The meeting was very successful with both supervisory authorities agreeing to maintain a close dialogue on regulatory developments in both countries. The next high-level dialogue is set to be held in London in 2003.

* Please refer to the attached file for details.