The FSC held a meeting with the FSS, 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. 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.