Press Releases - Financial Services Commission

Press Releases

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Mar 21, 2013

FSC Response to Cyberattack on Bank Servers

CURRENT SITUATIONAt around 2 pm on March 20, some banks including Nonghyup Bank, Shinhan Bank, and Cheju Bank suffered computer network failures. As of 11 am on March 21, banks except some branches of Nonghyup have restored their operations.Investigation is now underway to figure out the cause of the incident, but it is presumed that malicious codes were distributed through the servers that caused computer shutdowns at those banks.FSC/FSS RESPONSEThe Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) jointly formed an emergency response team to respond the crisis in real time and raised its alert to possible cyberattacks from “attention” to “caution.”The FSS dispatched inspection teams to the affected banks including Shinhan and Nonghyup to look into the cause of the incident and monitor progress in restoring operations.In cooperation with the Information Share Analysis Center (ISAC) by Korea Financial Telecommunications and Clearing institute (KFTC) and Koscom to uncover details of the incident.The Korea Internet Security Agency (KISA) distributed vaccine programs against malicious codes and temporarily shut down servers for vaccine updates in case of additional attacks.The FSC and FSS direct banks to come up with measures to compensate for any losses or damages incurred to customers by the cyberattack, if any.So far, there is no case reported that the incident caused leakage of customers’ personal information.*Please read the attached file for details.
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Mar 08, 2013

FSC Emergency Meeting after the Adoption of U.N. Security Resolution against North Korea

As the U.N. Security Council unanimously adopted new sanctions against North Korea’s nuclear test on February 12, the FSC Vice Chairman Choo Kyung-ho convened an emergency meeting this morning to discuss possible impact that the adoption of U.N. resolution would bring to financial markets.As of now, global financial markets seem to be little affected by the adoption of the U.N. resolution. The U.S. Dow Jones Industrial Average index hit a record-high for three consecutive days. The KRW/USD NDF rate slightly fell from yesterday, and Korea’s credit default swap (CDS) spread rose 1basis point from yesterday to 64basis point.Given that the North Korea-related risks in previous cases had temporary and limited impact on domestic and overseas financial markets, market experts forecast that the possible impact of U.N. sanctions against North Korea would be short-lived.However, the Korean government stays alert to a possibility of North Korea’s further provocation as the resolution imposes tougher sanctions against Pyongyang that previous resolutions. If North Korea took further provocative actions, Korea’s geopolitical risks and market volatility would be heightened.The FSC will closely work with the Ministry of Strategy and Finance (MOSF), the Bank of Korea (BOK), and the Financial Supervisory Service (FSS) to monitor financial market conditions and take market-stabilizing actions in a timely manner if needed.*Please read the attached file for details.
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Feb 26, 2013

Plan for Introduction of Synthetic ETFs

The FSC approved a revision to the KOSPI Market Listing Regulation submitted by the Korea Exchange (KRX) at its regular meeting on February 22, 2013 to lay a foundation for introducing synthetic Exchange Traded Funds (ETFs) to the KOSPI Market and strengthen criteria for listing and delisting ETFs.With the revision, the FSC expects further diversification of ETF market and stronger investor protection.KEY CONTENTS1. Foundation for introduction of synthetic ETFs1The revision sets a regulatory framework to manage the counterparty risk, with structural features of swap agreements included in synthetic ETFs taken into considerationCounterparties for synthetic ETFs are mandated to meet certain eligibility requirements to enter, operate, exit, and disclosure their investment.2 The ETFs will be delisted if the counterparty risk significantly threatens continued trading of the products.ETF management companies are required to establish systems to evaluate and manage the counterparty risk and collateral assets, and disclosure counterparty risk.2. Strengthened criteria for listing and delisting ETFsThe minimum amount of trust principal for listing ETFs is increased from KRW 5 billion to KRW 7 billion.Listing eligibility test is strengthened for qualitative elements such as whether an ETF product can be continuously traded, or whenter the applicant for listing has proper internal control system.Small ETFs will be reviewed semiannually and delisted if they fail to meet certain criteria.3 In the first half of 2013, small ETFs likely to incur losses to investors4 will be encouraged to be delisted on a voluntary basis.3. Upcoming scheduleSynthetic ETFs are expected to be listed to KRX in the first half of this year after amendments to detailed rules on KRX listing regulation and Listing Guideline.*Please read the attached file for details.
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Feb 12, 2013

FSC/FSS Emergency Meeting on the Effects of North Korea's Nuclear Test

The FSC Vice Chairman Choo Kyungho convened an FSC/FSS emergency meeting at 2:30 pm after North Korea had conducted underground nuclear test Tuesday on February 12, 2013 to discuss the effects of the nuclear test on Korea’s financial market and measures to be taken to keep market stability.Right after North Korea’s nuclear test was reported, the KOSPI temporarily fell by 10 points but instantly bounced back.1 Foreign exchange market also remains stable with a net capital inflow from abroad.As the nuclear test has been widely expected, Korea’s financial market maintains its stability even after the event was confirmed. North Korea’s previous nuclear tests had a limited impact on Korea’s financial market, which had been temporarily affected but quickly recovered to normal conditions prior to the events.Effects of North Korea’s previous nuclear tests on Korea’s financial market t* t+1 t+7 t+15 t+30 1st Nuclear Test (October 9, 2006) KOSPI -2.41% -1.75% +0.17% +0.30% +3.71% USD/KRW +1.54% +1.10% +0.66% -0.47% -1.45% 2nd Nuclear Test (May 25, 2009) KOSPI -0.20% -2.26% +0.79% +0.62% +1.79% USD/KRW +0.09% +1.21% -1.14% +1.17% +1.69% *the day when the event occurredThe FSC/FSS will continue to monitor domestic and overseas financial market situations and execute contingency measures to keep market stable if needed.*Please read the attached file for details.
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Jan 29, 2013

Covered Bonds Act Approved at Cabinet Meeting

The bill on the Covered Bond Act was approved at the Cabinet meeting on January 29, 2013, which will be submitted for parliamentary approval in February 2013.The Covered Bond Act will be enforced in 6 month after its public announcement.For details about the Covered Bond Act, please refer to our press release Legislation Notice of Covered Bond Act published on October 23, 2012.* Please read the attached file for details.
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Dec 12, 2012

FSC/FSS Emergency Meeting on the Effects of North Korea's Rocket Launch

The FSC Vice Chairman Choo Kyungho convened an FSC/FSS emergency meeting at 1:30 pm after North Korea had launched its long- range rocket at 9:51 am Wednesday on December 12, 2012 to discuss the effects of the launch on Korea’s financial market and measures to be taken to keep market stability.As the launch on December 12 has been widely expected, Korea’s financial market remains stable even after the announcement of the rocket launch.1 Market experts view the rocket launch will have a limited impact on Korea’s financial market as North Korea’s previous attempts to test its long-range missile did.2The FSC/FSS will continue to monitor domestic and overseas financial market situations and execute contingency measures to stabilize markets if needed.*Please read the attached file for details.
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Dec 06, 2012

First Annual Status Report on the Hedge Fund Industry

RECENT TRENDThe total asset size of Korea’s hedge fund market has grown to KRW 1 trillion with 12 active management companies with 19 registered funds in a year since it started from KRW 149 billion with 9 fund management companies with 12 funds. (unit: KRW 1 billion) Dec 2011 Mar 2012 Jun 2012 Sept 2012 Nov 2012 total assets 2,370 5,509 6,546 7,858 10,175 (percentage*) (0.2%) (0.5%) (0.6%) (0.7%) (0.8%) no. of funds 12 17 19 20 19 (no. of mgmt (9) (11) (11) (12) (12) companies) * Percentage of asset size of hedge funds out of the total private equity industryHedge funds’ management strategy and investors have been diversified for the last year. Most of hedge funds still rely on long- short strategies; however, the industry plans to sell funds using a variety of strategies such as arbitrage trading and event-driven strategies.Investors’ pool is widening from prime brokers and affiliated companies with brokerage firms in the early stage to institutional investors and affluent retail investors.EVALUATIONThe hedge fund industry made a soft landing in Korea’s capital markets, dismissing initial concerns that the introduction of hedge funds might increase market risks. Hedge fund managers are building their reputation in the market with differentiated performance. As track records of funds with good performance build up, the size of assets under management for such funds is expected to increase.With improved market perceptions about hedge funds, investors’ pool is expected to be expanded to corporations and pension funds.POLICY DIRECTION AHEADIn order to attract capable managers, requirements for approving hedge fund management were relaxed as announced in July 2012. With the eased requirements, the approval process will be completed for asset managers that submit application in December by the end of this year.It is expected a total of 23 firms including 12 asset management companies, 5 brokerage firms and 6 advisory firms will submit application for hedge fun
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Nov 22, 2012

The Korean Government's Position on Lone Star's Filing for Arbitration

Lone Star Funds (“Lone Star”) on November 21, 2012 filed an arbitration claim with the Korean government at the International Center for Settlement of Investment Disputes (ICSID), claiming that the Korean government violated its obligation under the investment treaty between South Korea and Belgium and Luxembourg.The Korean government does not consent to Lone Star’s claims. Since Lone Star sent a written notice of a dispute in May 2012, the government created a task force to prepare for the arbitration. The Korean government will proactively set forth counter-arguments against Lone Star’s claims and make our best effort in proceeding with the arbitration.* Please read the attached file for details.
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Oct 12, 2012

FSB Plenary Meeting Held In Tokyo

The FSC Vice Chairman, Choo Kyung Ho visited Tokyo during October 10 to 11 to attend the Financial Stability Board’s Plenary Meeting.Top regulators from 24 FSB member countries as well as from BCBS and other standard-setting bodies attended the meeting to uphold and execute the agreements made on financial regulatory reform initiatives at the G20 Mexico Summit last June.Some of the issues agreed upon were: vulnerabilities in the financial system; G-SIFIs and D-SIFIs; shadow banking; and OTC derivatives regulation.*Please read the attached file for details.
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Jun 21, 2012

Task Force Formed to Legislate the Covered Bond Act

BACKGROUNDThe FSC formed a task force to legislate the Covered Bond Act which held the first meeting on June 21, 2012.A year ago, the FSC/FSS established guidelines* on the issuance of covered bonds by banks, as one of follow-up measures to properly manage the rapid growth of household debt. However, the process of securitizations incurred excessive costs, and there remained uncertainty for covered bond investors to claim dual recourse of their investment. Therefore, there has been growing need for statutory rules for issuing covered bonds.* Refer to the FSC press release titled “Guidelines on Covered Bond Issuance” published on June 29, 2011With the legislation of the Covered Bond Act, the FSC expects the issuance of covered bonds would help banks reduce their funding costs; covered bonds would serve as a stable and long-term funding source for banks particularly in the event of crises; and it would contribute to enhancing the soundness of household debt by encouraging banks to extend more long-term and fixed-rate loansUPCOMING SCHEDULE- Draft bill of the Covered Bond Act by July 2012- Approval by the FSC and 40-day legislative notice from August to September 2012- Review by the Ministry of Government Legislation; Approval at the vice-ministerial and cabinet meetings: from September to October 2012- Submission to the National Assembly for parliamentary approval: November 2012*Please read the attached file for details.
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Jun 14, 2012

FSC Chairman Visits Thailand and Hong Kong for Further Financial Regulatory Cooperation

The FSC Chairman Kim Seok-dong visited Thailand and Hong Kong from June 9 to June 13 to meet and sign MOUs with financial regulators for further cooperation. Chairman Kim also held meetings with executives of Korean businesses and financial companies to listen to their difficulties and help them localize their business operations.1. Further cooperation with financial authorities of Thailand and Hong KongThe FSC signed MOUs with Thailand’s Office of Insurance Commission (OIC) and Securities and Exchange Commission (SEC) for exchanging financial regulatory and supervisory information and sharing financial expertise.In Hong Kong, Chairman Kim visited the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (HKSFC) to discuss the impact of the eurozone fiscal crisis and policy responses.2. Meetings with executives of Korean businesses and financial companiesChairman Kim held meetings with executives of Korean businesses and financial companies in Bangkok (June 11) and Hong Kong (June 14) to listen to their difficulties in overseas operations and discuss how to successfully localize their business operations.*Please read the attached file for details.
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May 31, 2012

FSB Plenary Meeting in Hong Kong

The FSC Vice Chairman Choo Kyungho attended the Financial Stability Board (FSB) plenary meeting held in Hong Kong from May 29 to May 30. At the meeting, financial regulators from 24 FSB member countries and international standard-setting bodies reviewed progress in financial regulatory reform and coordinated their opinions ahead of the Los Cabos G20 Summit to be held from June 16 to June 19.KEY DISCUSSIONS1. Vulnerabilities in the financial systemIn the euro area, the adverse feedback loop between sovereign debt strains, weak economic growth and fragile banking systems has intensified. There has been a pull-back in cross-border financial activity. Against this backdrop, risks of adverse spillovers to global financial markets and economies have increased.The FSB supports the work of European and national authorities to lower short-term risks and foster lasting confidence and stability, including completing the repair and restructuring of some banks as required. In addition, authorities agreed to work together to minimize the downside risks from the ongoing process of bank deleveraging.2. Addressing systemically important financial institutions (SIFIs)The FSB endorsed the International Association of Insurance Supervisors (IAIS) consultation paper that sets out a proposed methodology for assessing the global systemic importance of insurance companies.The FSB evaluated progress in implementing its Key Attributes of Effective Resolution Regimes for Financial Institutions. FSB members reaffirmed the need for further work to establish international guidance on common terms for information sharing and on the handling of client assets in resolution.3. Over-the-counter (OTC) derivativesThe FSB noted that substantial progress has been made in setting international standards, in advancing legislation and regulations by a number of jurisdictions. However, the FSB recognized that the current momentum should be maintained as much work remains to be done to complete the reforms by
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May 07, 2012

Four Mutual Savings Banks Ordered to Suspend Operations

In a provisional meeting held on May 6, 2012, the Financial Services Commission (FSC) ordered four mutual savings banks – Solomon, Korea, Mirae and Hanju – to halt operations for six months to improve their finances after determining them as “financial institutions in distress”.The order came as a result of the inspection by the Financial Supervisory Service (FSS) and a joint committee’s review on six mutual savings banks, which were ordered on September 18, 2011 to normalize their business operations within a grace period. The suspended four mutual savings banks were among the six.Background and ProgressThe government cleaned up nine troubled mutual savings banks – Samhwa, Busan, Daejeon, Busan II, Jungang Busan, Jeonju, Bohae, Domin, Kyongeun – in the first half of 2011 to resolve the mutual savings bank issue.For the seven weeks from July 5 to August 19, 2011, a management assessment taskforce consisting of the FSS and the Korea Deposit Insurance Corporation (KDIC) inspected 85 mutual savings banks’ management situations* in a preemptive move to remove uncertainty about mutual savings banks.* Out of 98 savings banks in operation as of end-June 2011, 13 savings banks were exempted from the inspection as they already went through inspections in the first half of 2011.On September 18, 2011, the FSC suspended business operations of seven mutual savings banks – Daeyeong, Ace, Prime, Parangsae, Jeil, Jeil II and Tomato – for six months, out of 13 mutual savings banks which had been determined as in distress subsequent to the inspection by the FSS and the review of their management improvement plans.The remaining six savings banks were given a grace period before being ordered to shut down their operations, consequent to the management assessment committee’s approval and a possibility of independent normalization.The FSS conducted inspections of the six savings banks to assess their progress on management improvement plans and additional distress f
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Apr 30, 2012

Resumption of Privatization Plan for Woori Finance Holdings

The Public Funds Oversight Committee has held the 52nd Meeting on April 27 and approved the KDIC’s plan to resume the sale process of Woori Finance Holdings.I. BASIC PRINCIPLEUpholding the three main principles of privatization,* the sale process will be proceeded through the open bidding scheme with preliminary and final biddings.***Three basic principles of privatization:①maximizing the recovery of public funds; ②speeding up the privatization process; and ③contributing to the development of the domestic financial sector**For efficiency of the sale process, the process of submitting LOIs will be exempted.II. SALE OF MANAGEMENT RIGHTSThe sale of Woori Finance Holdings is aimed at selling management rights. The privatization can proceed through either merger or acquisition.*With a revision to the Commercial Act, bidders who propose a merger are allowed to make payment in cash as well as new shares of the merged company.To reaffirm government’s intention to sell Woori’s controlling stake, the minimum bid acceptable is maintained at 30% of the total share.III. SELLING THE GROUP AS A PACKAGEWoori Finance Holdings will be put up for sale in its entirety with its subsidiaries not to be sold separately. This is to simplify the sale procedure and minimize uncertainties of the process.IV. PHASE-OUT OR CANCELLATION OF THE MOU HELD BY KDICThe KDIC’s MOU governing Woori Finance Holdings will be either phased out or cancelled depending on the reduction of KDIC’s stake in Woori in order to ensure Woori’s managerial autonomy as much as possible.If the KDIC still remains a majority shareholder even after a merger, the KDIC’s voting rights can be restricted or delegated by the Public Funds Oversight Committee’s approval.The sale notice for Woori will be announced on April 30, and preliminary bids will be accepted by July 27.* Please refer to the attached file below.
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Apr 13, 2012

FSC Announcement on North Korea's Rocket Launch

Regarding North Korea’s launch of a long-range rocket, the FSC has convened an Emergency Meeting this morning discussing the possible effects to Korea’s financial markets and countermeasures for any excessive volatility.We have concluded that the effects to the financial markets will likely be very minimal because of the following reasons:- The risk factor for the event has already been reflected on the market because the announcement of the rocket launch in March.- Previous events of North Korea’s rocket launch have been followed by a quick recovery in the market.*a five-day movement right after previous rocket launching events (KOSPI/FX currency):- August 1998: +3.1% /-0.52%- March 2003: -1.5% / +0.70%- May 2005: +1.8% / -0.32%We intend on closely monitoring the market and act quickly to minimize any uncertainties.Emergency Financial Monitoring Team has already been launched and will be operating 24/7.* Please refer to the attached file below.
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Mar 29, 2012

FSC Signs MOU with Vietnamese Finance Ministry for Cooperation in Insurance Supervision

The FSC Chairman Kim Seok-dong and the Vietnamese Finance Minister Vuong Dinh Hue signed an MOU on March 29, 2012 to expand bilateral cooperation and information sharing in supervision of the insurance sector.The MOU covers a variety of cooperative tasks such as cooperation between the two supervisory authorities, information sharing, establishment of cooperation channels between high-ranking officials of the two countries, and training programs.With the signing of the MOU today, Korea and Vietnam have completed signing MOUs covering supervisory authorities in the banking (August 2006), securities (January 2002), and insurance (March 2012) sectors, which will lead to further cooperation in finance between the two countries.The FSC has so far signed a total of 28 MOUs with 31 financial authorities in 18 countries and one international organization. It will continue to expand cooperative partnership in finance with the G20 major economies and emerging countries.*[US] Federal Reserve Board (FRB), Securities Exchange Commission (SEC), National Association of Insurance Commissioners (NAIC)[UK] Financial Services Authority (FSA)[China] China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC), China Insurance Regulatory Commission (CIRC)[Turkey] Banking Regulation and Supervision Agency (BRSA), Capital Markets Board (CMB) etc.*Please read the attached file for details.
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Mar 12, 2012

Reporting System of High-Volume Short Sales

BACKGROUNDSince the global financial crisis, major economies have adopted a reporting regime for high-volume short sales in line with global discussions* to enhance transparency of short selling.*Principles for Short Selling Regulation proposed by the International Organization of Securities Commission (IOSCO) on June 2009.n Provide ready access to information on short selling to improve insight into market dynamics;n Deter market abuse;n Mitigate the potential disorderly market effects of aggressive short selling;n Provide early warning signs of a build-up of large short positions and alerts to prompt investigation into suspicious activities that may be potentially abusive or disruptive to the orderly functioning or stability of the markets; andn Provide evidentiary proof that aids in post-event investigation and disciplinary action.By introducing a reporting regime for large short positions, Korea will also join the global effort to expand a pool of information for market supervision and maintain the orderly functioning or stability of the markets.We will continue to reflect global discussions and advanced markets’ regulatory reforms in domestic regulations on short selling in order to make them more compatible with global principles.KEY CONTENTIt will become mandatory for investors to report short positions that exceed a certain threshold to both market authorities and KRX.The Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA)*will be revised to lay a legal foundation for mandatory reporting of large short positions*Article 180 of the FSCMA prohibits short sales in principle and exceptionally allows covered short selling in a manner prescribed by the Enforcement Decree.*Please read the attached file for details.
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Jan 30, 2012

Approval for HFG's Acquisition of KEB

The FSC approved Hana Financial Group (HFG)’s acquisition of Korea Exchange Bank (KEB) at its regular meeting on January 27, 2012.Under the Financial Holding Companies Act, a potential acquirer is required to meet the following three conditions: (1) The business plan of a company included as a subsidiary shall be appropriate and sound; (2) The financial standing and business management of such financial holding company and its subsidiary shall be sound; and (3) The funding plan for acquisition shall be appropriate.In granting approval, the FSC shall consult in advance with the Fair Trade Commission (FTC) as to whether the merger or acquisition substantially limits competition in the relevant market.In regard with this matter, the FTC notified the FSC on December 29, 2011 that such acquisition would not substantially limit competition in the relevant market.The FSS also notified the FSC on January 27, 2012 that HFG satisfies the requirements under the Financial Holding Companies Act to acquire KEB as its subsidiary.(1) KEB’s business plan is appropriate to keep its operations and maintain the managerial soundness of HFG and KEB.(2) As of end-September 2011, the BIS capital adequacy ratios of HFG (13.05%) and KEB(13.98%) meet the standard set by the FSC.(3) HFG’s acquisition of KEB was partly funded by its own debt; however, there is no concern that it would significantly hurt its managerial soundness.With approval for HFG’s acquisition of KEB, KEB’s 13 subsidiaries will be included as lower-tier subsidiaries of HFG. As a result, the number of HFG’s subsidiaries will increase from 8 to 9; and lower-subsidiaries from 9 to 22.As a result of the acquisition, seven of all domestic banks will belong under financial holding companies.Hana Financial Group1. General Information- Establishment: 2005.12.01- CEOs: Kim Seung-Yu, Kim Jong-Yeol- Head Office: 101-1 Euljiro 1-ga, Jung-gu, Seoul, Korea- Number of Employees: 12,8702. Financial Analysis (units in KRW, %)- To
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Dec 06, 2011

Joint FATF/APG Typologies Workshop 2011 Held in Busan

The Korean government will be co-hosting an international conference on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) in Busan for six days from December 5th to 10th. The Financial Intelligence Unit (KoFIU) of FSC will be representing the Korean government.The Joint FATF/APG Typologies Workshop 2011, jointly hosted by the Financial Action Task Force and the Asia Pacific Group on Money Laundering, groups of Financial Intelligence Units around the world setting the guidelines and implementing supervisory rules on AML/CFT issues. They are made up of 36 OECD nations and 40 Asia-Pacific nations respectively including Korea, Japan, Canada and the U.S.Roughly 250 representatives from 45 countries and 15 international institutions including the UN, IMF, and World Bank will be participating at the conference.Discussions will be around the following four major topic areas: A. Trade Based Money Laundering; B. Illicit Tobacco Trade; C. Guidance on Financial Investigation; and D. Laundering the Proceeds of Corruption.This would be the first time the City of Busan, which has been designated as one of Korea’s official financial hubs, is holding an international conference on AML/CFT of this magnitude and scale, which will raise the city’s international reputation.The FSC Chairman Kim Seok-Dong will be giving the keynote address emphasizing the need to find innovative countermeasures in response to the rising of newest tactics on money laundering as well as the necessity to narrow the compliance gap between FATF and APG member nations.The Congressman and Chairman Huh Tae-Yeol of Korea’s National Policy Committee will give the welcoming address emphasizing the need to strengthen AML/CFT efforts to combat against the risks and treats to international financial system that oppresses universal values such as democracy and human rights, calling for great international cooperation.*Please read the attached file for details.
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Nov 29, 2011

FSC Chairman Visits Financial Regulators in Turkey and UK for Greater Partnership

The Financial Services Commission Chairman, Kim Seok-dong has made a five-day-journey from November 24th to 29th to Turkey and the United Kingdom to visit and strengthen relationships with corresponding financial regulating agencies. The following are some of the results of the meetings with the heads of the regulating agencies:TURKEYChairman Kim met with Chairman Vedat Akgiray of the Capital Markets Board (CMB), Chairman Tevfik Bilgin of the Banking Regulation and Supervision Agency (BRSA) and Chairman Husayin Erkan of the Istanbul Stock Exchange (ISE) to sign MOUs effectively raising the inter-cooperational relationship and informational exchange, including information regarding “fit and proper test” of the financial institutions between two countries, bilateral commitment to hold regular meetings at the top management level, joint studies and seminars on mutual interests, as well as exchanging of innovative financial technologies and information on capital markets.The FSC and the CMB also agreed to establish branch offices in both countries led by joint task force made up of civil and government official members. Their role will be to enhance cooperational ties and assist overseas advancement of financial institutions from both sides.UNITED KINGDOMChairman Kim met with Chairman Adair Lord Turner of the Financial Services Authority (FSA) to strengthen ties by signing a renewed MOU enhancing mutual understanding and partnership through various ways such as regular high-level dialogues, exchanging of examination and supervision techniques and human resources.They exchanged views on the cause and current development of European fiscal crisis and how it might affect the Asian countries including Korea, as well as future plans to counter those problems.The MOUs signed during the meetings with the heads of each organization took effect immediately as they were signed.* Please refer to the attached PDF below.
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