Vice Chairman Sohn Byungdoo held a meeting on July 2 to discuss plans to carry out comprehensive inspections targeting fraud-prone sectors where consumer losses from illegal activities have been concentrated. The specific targets include private equity funds, peer-to-peer lending, illegal activities by unregistered financial service providers and illegal predatory lending practices & vishing.

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Vice Chairman Sohn Byungdoo presided over the 10th financial risk assessment meeting on June 30 to assess the financial market conditions and monitor the progress in implementing the COVID-19 financial support. At the meeting, Vice Chairman Sohn stated that banks should continue to make lending available to support the real economy while enhancing capital buffers and loss absorbing capacity to be well prepared for a protracted pandemic situation.

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Vice Chairman Sohn Byungdoo attended the financial MyData forum and information session on June 29, and delivered congratulatory remarks. During his speech, Vice Chairman Sohn stated that in order to ensure seamless operation of MyData businesses, user-centered services, business compatibility and expandability, fair competition based on wide availability of data and personal data protection should be considered.
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Vice Chairman Sohn Byungdoo attended the launching of the Korea Asset Management Corporation's personal debt purchase program on June 25 and spoke about the importance of inclusive finance. KAMCO and lending institutions signed a memorandum of agreement under which lending institutions may sell non-collateralized delinquent personal debt to KAMCO, which in turn will take over individual debt and help debtors through debt adjustment plans.

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FSC Chairman Eun Sung-soo visited Shinhan Bank's head office on June 24 and spoke about the government's plans to prevent vishing scams. During his visit, Chairman Eun said that the government will work on developing a comprehensive vishing prevention system, bolstering crackdowns and increasing public awareness through close cooperation between the financial, communications and investigative authorities.

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FSC Chairman Eun Sung-soo delivered congratulatory remarks at the global start-up conference NextRise 2020 on June 23 in Seoul. At the event, Chairman Eun introduced the government's efforts to promote innovation in financial services and spoke about the importance of building mutual trust between businesses and investors.
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Vice Chairman Sohn Byungdoo presided over the 9th financial risk assessment meeting on June 23 to assess the financial market conditions and monitor the progress in implementing the COVID-19 financial support. During the meeting, Vice Chairman Sohn stressed the importance of pursuing a balanced approach to support the real economy along with effective measures to help businesses with low credit records.

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Vice Chairman Sohn Byungdoo held a meeting on improving rules on accounting and auditing on June 22. While speaking on the importance of maintaining close communication with market players and continuing to pursue reform initiatives, Vice Chairman Sohn unveiled key improvements to the rules in the areas of appointment of SFC designated auditor, standard audit time, audit committee and internal accounting management system.
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Vice Chairman Sohn Byungdoo held a briefing on the results of the 7th Meeting of the Central Economic Response Headquarters on June 19. At the meeting, the government decided to introduce a KRW2 trillion-plus financial support program for the auto parts industry and to launch Working Capital Support Program to help struggling subcontractors in the key industries.

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Vice Chairman Sohn Byungdoo held a meeting to review market conditions and risk factors in the financial industry on June 18 with experts from the public and private sectors. At the meeting, Vice Chairman Sohn spoke about the recent signs of recovery in the financial markets, the necessity of investor protection with derivatives products and the importance of maintaining financial soundness for securities firms and venture capital firms.

* Please see press release for details.