As discussions progress on granting the FSS greater investigative powers, a local media report raised questions on the regulator's integrity, citing its 2018 requests that fines against its staff be dismissed.
Lawmakers want the securities transaction tax abolished. The government want a more gradual approach. FSC chairman Choi Jong-ku welcomes either discussion.
Highlights will include measures to accelerate financial innovation, approve online-only banks, launch a regulatory sandbox, and strengthen consumer and investor protection.
South Korea's FSC is pushing to expand its oversight of conglomerates to include those that own other types of financial businesses besides banks.
Moody's says the requirements are more conservative than existing limits on counterparty risk and will further reduce banks' maximum losses if a counterparty suddenly fails.
Under the new approach, the FSS will be able to launch investigations without having to first report to the FSC and request warrants to search and seize evidence.
The FSS plans to tighten monitoring of unfair trading practices, namely high-frequency trading, false disclosures and unlawful short-selling. Merrill Lynch, Franklin Templeton under scrutiny.
The FSC plans to make banking APIs more open, accessible and cost-efficient so all nonbank fintech players can access Korea's payment network.
If the UK crashes out of the EU without an orderly exit deal in place, the damage to South Korea’s economy will be slight, according to the Financial Supervisory Service.
South Korea’s booming P2P lending market is in need of new legislation to enhance protections for investors and borrowers, says FSC chairman Choi Jongku.