Photo News - Financial Services Commission

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Financial regulatory reform committee holds kick-off meetingJul 19, 2022

The FSC launched a financial regulatory reform committee, composed of 17 private sector participants with expertise in economics, finance, digital, law, and media sectors, to push forward financial regulatory reform initiatives through a private-public cooperation. At its kick-off meeting held on July 19, the committee appointed Bahk Byung-won, former honorary chairman of the Korea Enterprises Federation (KEF), as committee chairman and discussed directions for financial regulatory reforms. During his opening remarks, FSC Chairman Kim Joo-hyun emphasized the need for financial regulatory reforms in response to the reshaping of the financial sector and technological changes caused by digital transformation and a blurring of the barriers across sectors (called a Big blur phenomenon). In order for the financial sector to play a key role in economic growth as an independent industry, Chairman Kim called for bold reforms of financial regulations. * Please see press release for details.
FSC Chairman holds first meeting with BOK GovernorJul 18, 2022

FSC Chairman Kim Joo-hyun held a meeting with BOK Governor Rhee Chang Yong for the first time on July 18. At the meeting, Chairman Kim and Governor Rhee exchanged views on the importance of preemptive response to the current economic and financial market situations such as accelerating inflation and expanding market volatility. The two leaders also agreed to (a) strengthen cooperation between the two authorities, (b) continue joint efforts to monitor financial risks and (c) work to alleviate financial burdens on vulnerable groups and respond to household debt problems.
FSC Chairman announces new administration's financial sector measures to ensure stability in people's livelihoodsJul 14, 2022

FSC Chairman Kim Joo-hyun announced the new administrations financial sector measures for ensuring stability in peoples living conditions on July 14. The measures were discussed at the 2nd emergency meeting for stabilizing peoples living conditions held by President Yoon Suk Yeol earlier on the same day. Key measures include(a) easing financial burdens on the self-employed and small merchants, (b) alleviating financing burdens related to housing, (c) strengthening debt adjustment for young adults to support their restart attempts and (d) improving financial support for low-income earners and low-credit holders and stamping out fraudulent activities targeting vulnerable groups. * Please see press release for details.
FSC Chairman holds meeting with FSS Governor for the first time and pledges close cooperationJul 11, 2022

FSC Chairman Kim Joo-hyun held his first meeting with FSS Governor Lee Bokhyun on July 11 and shared views on the recent complexities surrounding theeconomic and financial market risksituations. At the meeting, Chairman Kim and Governor Lee agreed to strengthen risk management and jointly seek measures to help ease burdens on vulnerable groups. Both leaders also shared the same view on the need to closely work together in order to seamlessly implement the new administration's financial policy agenda.
9th FSC Chairman Kim Joo-hyun takes officeJul 11, 2022

Mr. Kim Joo-hyun took office as the 9th chairman of the Financial Services Commission on July 11, 2022. In his inaugural speech, Chairman Kim talked about both challenges and opportunities of the current economic and financial market situations such as growing market volatility as well as technological innovation and a shift in industrial structure. Against this backdrop, in order to meet the public's expectations for the role of the FSC, Chairman Kim outlined his policy approaches concerning financial market stability, measures for financial inclusion, seeking innovation in the financial industry and providing steady support for the real economy sector. After his inaugural ceremony, Chairman Kim held a brief QA session with the FSC press corps.
Vice Chairman holds joint financial market monitoring meetingJul 01, 2022

Vice Chairman Kim So-young presided over a joint market monitoring meeting with relevant securities institutions on July 1 to examine financial market conditions after the market closing amid a recent increase instock market volatility.At the meeting, the authorities decided to implement the following measures to mitigate market volatility--(a) 3-month exemption of the requirement to maintain a certain level of collateral ratios on credit loans for securities firms and (b) 3-month easing on the cap of the amount of daily buy orders for acquisition of treasury stocks by listed companies. * Please see press release for details.
Vice Chairman holds talks with private sector experts on new administration's financial policy agendaJun 29, 2022

FSC Vice Chairman Kim So-young held a meeting with relevant thinktanks, industry groups and market experts on June 29 anddiscussedthe new administration's financial policy agenda. Vice Chairman Kim and the participants exchanged opinions on the following three major policy areas--(a) financial system stability, (b) stable living conditions to help alleviate financial difficulties of vulnerable groups and (c) deregulation and regulatory innovation in financial sectors to boost the competitiveness of the financial industry.
Vice Chairman holds talks with U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian NelsonJun 28, 2022

FSC Vice Chairman Kim So-young met with U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson on June 28 and held talks on both countries' financial policies on a range of issues including digital assets, anti-corruption and corporate transparency, fintech and cyber security and exchanged views on bilateral cooperation. KoFIU Commissioner Kim Jeong-kag also attended the meeting and discussed mutual cooperation for anti-corruption and corporate transparency and AML/CFT.
Vice Chairman holds 2nd financial risk taskforce meetingJun 23, 2022

Vice Chairman Kim So-young held the 2nd financial risk taskforce meeting on June 23 jointly with the other relevant institutions.The meeting discussed the following three issues(a) expanded operation of the emergency response review system,(b) preparing ten major financial risk response tasks and focusing review on these issues and (c) working on preemptive support measures to prevent default risk of financial companies. In his opening remarks, Vice Chairman Kim emphasizedthe need to morecloselyand comprehensively check market risks with a strong sense of urgency amid expanding market volatility and deepening concerns about aslowdown in the economy. * Please see press release for details.
Vice Chairman holds 1st financial education council meeting of 2022Jun 21, 2022

FSC Vice Chairman Kim So-young presided over this year's 1st financial education council meeting with relevant ministries and public and private institutions on June 21. In his opening remarks, Vice Chairman Kim stressed the importance of financial education amid increasing volatility in the economy and financial markets, spread of digital financial services and growing vulnerability from financial fraud. In the first half of 2022, the authorities have worked on diversifying the financial education delivery methods, strengthening financial education programs forschool curriculum and making improvements to theoperatingrules of thefinancial educationcouncil meeting.
Vice Chairman presides over MOU signing event between Korea Post and BanksJun 16, 2022

Vice Chairman Kim So-young presided over an MOU signing event between Korea Post, four major banks and the Korea Financial Telecommunications Clearings Institute (KFTC) on June 16 for expanding consignment partnership between the banks and the post office. Vice Chairman Kim also announced the governments plan for improving offline access to banking services in order to guarantee consumers choice in accessing financial services and improve convenience for vulnerable groups such as the elderly. During his opening remarks, Vice Chairman Kim said thatit is necessary for the government and the industryto make joint effort to help improve offline access to financial services becauseoffline financial services will continue to play an important role for maintaining the quality of banking services, ensuring inclusive finance for vulnerable groups such as the elderlyand meeting diverse demands of consumers. * Please see press release for details.
Vice Chairman holds a financial market risk monitoring meetingJun 14, 2022

FSC Vice Chairman Kim So-young presided over a joint meeting with the Financial Supervisory Service and Korea Center for International Finance on June 14 to monitor rising volatility and risk factors in financial markets at home and abroad. At the meeting, Vice Chairman Kim urged officials to maintain close monitoring of financial market situations and to ensure that market stabilization measures can be readily implemented when it becomes necessary. Vice Chairman Kim also emphasized the importance of frequently checking the soundness of financial companies in order to help prevent risk transfers amid growing market volatility.