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FSC Announced Its Plan for Financial Regulatory Reform

    FSC Announced Its Plan for Financial Regulatory Reform

    July 10, 2014
  • The FSC announced its plan for financial regulatory reform to create new opportunities and growth drivers for Korea’s financial industry and economy.

    *Please read the attached file for details.


  

Privatization Plan for Woori Bank

    Privatization Plan for Woori Bank

    June 23, 2014
  • The Public Funds Oversight Committee deliberated and approved on June 23 the privatization plan for Woori Bank.

    * Please read the attached file for details.


  

Implementation Rules for the Korea-US Tax Information Exchange Agreement

    Implementation Rules for the Korea-US Tax Information Exchange Agreement

    June 19, 2014
  • The FSC approved today the Implementation Rules for the Korea-U.S. Tax Information Exchange Agreement, which will be implemented from July 1, 2014. The purpose of the rules is to provide a clear guideline with Korean financial institutions that come under reporting obligation of the Foreign Account Tax Compliance Act(FATCA) in order to relieve their compliance burden.

    *Please read the attached file for details.


  

FSC Roadmap for Further Development of Korea's Derivatives Market

    FSC Roadmap for Further Development of Korea's Derivatives Market

    June 18, 2014
  • The FSC announced its roadmap for further development of Korea's derivatives market.

    *Please read the attached file for details.


  

Enactment of the Regulation on Supervision of Covered Bond Issuance

    Enactment of the Regulation on Supervision of Covered Bond Issuance

    April 18, 2014
  • The FSC approved a draft regulation on Supervision of Covered Bond Issuance, completing a legal framework for covered bond issuance. The Regulation on Supervision of Covered Bond Issuance is enacted to stipulate further details mandated by the Covered Bond Act and its Enforcement Decree.

    *Please read the attached file for details.


  

FSC Plans to Overhaul NCR Rules for Securities Companies

    FSC Plans to Overhaul NCR Rules for Securities Companies

    April 09, 2014
  • The FSC plans to overhaul net capital ratio (NCR) rules for securities companies, as part of its efforts to revitalize the country’s capital markets.

    * Please read the attached file for details.


  

Enforcement Decree of the Covered Bond Act Approved at Cabinet Meeting

    Enforcement Decree of the Covered Bond Act Approved at Cabinet Meeting

    April 08, 2014
  • The Enforcement Decree of the Covered Bond Act was approved by the Cabinet today to come into force starting from April 15, 2014. *Please read the attached file for details.

  

Mandatory Use of Accredited Certificate To Be Lifted for Online Payments with Debit & Credit Cards

    Mandatory Use of Accredited Certificate To Be Lifted for Online Payments with Debit & Credit Cards

    April 03, 2014
  • The FSC and the FSS will revise the ‘Detailed Enforcement Rules of Regulation on Supervision of Electronic Financial Transactions Act’ that require online shoppers to mandatorily use accredited certificate when they make online payments worth more than KRW 300,000.

    * Please read the attached file for details.


  

One-Year Achievements of the Happiness Fund

    One-Year Achievements of the Happiness Fund

    March 28, 2014
  • As of March 2014, the Happiness Fund has supported debt restructuring of 249,000 debtors, out of a total of 294,000 applicants since its launch on March 29, 2013. For the last one year, the Happiness Fund has reached out to 294,000 debtors, 3.8 times more than the initially targeted number of 65,000 a year.

    *Please read the attached file for details.


  

Comprehensive Measures to Protect Personal Data in the Financial Sector

    Comprehensive Measures to Protect Personal Data in the Financial Sector

    March 11, 2014
  • The FSC and relevant ministries jointly announced a package of measures to prevent a recurrence of personal data leaks in the financial sector. The measures announced today were drawn up based on the follwoing basic principles:

    1. Financial firms will be asked a greater responsibility in handling their customers' personal data at each stage that they collect, retain, use and discard such information.

    2. Financial consumers' right to their personal information will be ensured so that they can decide for what, when and how their own personal date are being used.

    3. Financial firms will be held more accountable for personal protection and strictly punished in the event of personal data security breach.

    4. Cyber security measures will be strengthened across the financial sector.

    5. The government will make sure financial consumers' personal data previously provided or illegally-circulated not to be misused by scammers.

    *Please read the attached file for details.