The Financial Services Commission held the Korea-Thailand Financial Cooperation Forum and attended the 48th annual meeting of the International Organization of Securities Commission (IOSCO) held in Bangkok, Thailand on June 12-15.
Korea-Thailand Financial Cooperation Forum
The FSC held the Korea-Thailand Financial Cooperation Forum with the Bank of Thailand and the Council on International Financial Cooperation on June 13. The forum was attended by about a hundred regulatory authorities and relevant officials from both countries, and the participants held discussions on (a) the current status of financial markets and banking industry in both countries and (b) ways to increase bilateral cooperation on financial innovation and development. At the forum, Securities and Futures Commission (SFC) Standing Commissioner Kim Jeong-kag of the FSC delivered congratulatory remarks and talked about the importance of bilateral cooperation between the two countries. In his speech, Standing Commissioner Kim said that Korea’s experience with online-only banks, open banking and financial MyData services can offer valuable examples regarding digital transformation of the financial sector and that Korean financial institutions are very much willing to participate and contribute to Thailand’s virtual banking initiative.
IOSCO Annual Meeting
The FSC and the FSS attended the 48th IOSCO annual meeting held on June 12-15. At this year’s meeting, the member countries held discussions on various capital market issues such as sustainable finance, managing fund liquidity risks, private equity financing, leveraged loans and collateralized loan obligations (CLOs). Regarding the issue of the IOSCO Board officially endorsing the sustainability disclosure standards prepared by the International Sustainability Standards Board (ISSB), the Korean delegation agreed with the suggestion for endorsement in principle but added that due to different regulatory and industry preparation in each member country, there needs to be flexibility in terms of the method and pace of considering the ISSB standards. In this regard, Korea plans to phase in ESG disclosure requirement for listed companies starting from 2025, and in preparation for this, the FSC plans to announce a roadmap on ESG disclosures in the third quarter of this year.
* Please refer to the attached file for details.