Organization
Organization

Main Responssibilities

FSC

The FSC comprises nine commissioners including the Chairman, the Vice Chairman, the Vice Minister of Strategy and Finance, the Deputy Governor of the Bank of Korea, the President of the Korea Deposit Insurance Corporation, the Governor of the Financial Supervisory Service, two members recommended by the Chairman of the FSC, and one recommended by the Chairman of the Korea Chamber of Commerce and Industry. The Chairman, appointed by the President of the Republic of Korea, presides over the FSC meetings and exercises control over general affairs.The resolutions of the FSC meetings are adopted upon the concurrence of a majority of those present. The followings are primary functions of the FSC.

  • Deliberation and Resolution of Important Financial Issues

Issues concerning the advancement of financial industry, the stability of financial markets, the promotion of a sound credit system and fair trading practices

  • Guidance and Supervision of the Financial Supervisory Service

Matters pertaining to the guidance and supervision of the FSS such as amendment of the Articles of incorporation and approval of budget and financial statements

SFC

The SFC, a special deliberation body within the FSC, was established under the Act on Establishment of Financial Services Commission and the Securities and Exchange Act. Five commissioners constitute the SFC, which is chaired by the Vice Chairman of the FSC.The rest are one standing commissioner and three non-standing commissioners, appointed upon recommendation of the FSC Chairman. The candidates must possess extensive knowledge and experience in finance, securities, futures, or accounting. The SFC adopts resolution with the concurrence of at least three commissioners and serves the following primary functions.

  • Investigation of unfair trading
  • Accounting standards and audit review
  • Matters delegated from the FSC for management, monitoring and supervision of the securities and futures markets
  • Matters delegated to the SFC in accordance with other relevant laws and regulations