The Financial Services Commission held a meeting with the Financial Supervisory Service, relevant industry groups and financial institutions on June 19 and had discussions on ways to promote overseas expansion of domestic financial businesses and seek regulatory overhaul. Since launching a taskforce on the globalization of financial industry in March this year, authorities held a series of seminars and meetings with different sectors and today’s meeting is the final session concluding what have been discussed thus far.

At the beginning of the meeting, FSC Vice Chairman Kim So-young delivered opening remarks and outlined the FSC’s plan to improve regulations in the following four areas—(a) acquisition of a foreign subsidiary to bolster global competitiveness, (b) raising funds for an overseas subsidiary by the parent company, (c) flexible application of “domestic use only” regulations on overseas branches, and (d) removing excessive redundancy in disclosure and reporting duties and switching the current ex ante reporting requirement to ex post reporting

The FSC plans to draw up and announce in July specific regulatory reform measures in support for domestic financial companies’ business expansion overseas. To help resolve the difficulty of financial companies in getting in touch with local financial regulatory agencies abroad and to address the shortage of information available on foreign markets, authorities also introduced measures to strengthen cooperation networks with relevant authorities for overseas expansion of domestic financial businesses.

* Please refer to the attached file for details.