On September 25-26, 2000, the FSS will hold the inaugural meeting of the International Advisory Board (IAB) in Seoul. Jointly sponsored by the FSS and the World Bank, the IAB is a panel of thirteen distinguished economic and financial experts who will advise the FSS and Korean government on major financial policy, reform and regulatory issues.

The main objective and purpose of the IAB will be to provide advice to the FSS regarding policy issues on the development of a financial services sector that best serves the needs of the Korean market and consumers in the 21st century. The IAB will also assist the FSS in the implementation of a sounder regulatory framework and stronger financial architecture, and will provide advice concerning financial sector issues that are consistent with a long-term vision and with introducing international best practices at both public and private sector institutions.

A primary focus of the IAB will therefore be to advise the FSS on strengthening regulatory and supervisory functions in the most highly efficient and effective manner. The IAB will also provide recommendations to the FSS, based on previous experience, on a case-by-case basis for issues that require urgent corrective action.

The IAB is composed of thirteen renowned experts from varying backgrounds in finance and economy, including financial regulation, banking, capital markets, insurance, and macroeconomics. At the inaugural meeting, the IAB members will each deliver individual presentations on specific topics related to the current status and future prospects of the Korean financial market and industry. (Refer to Appendix for IAB Member List)

Through the establishment of IAB, the FSS expects to reap the following benefits:

• Visions and strategies for the development of sound financial industry in Korea
• Enhanced compatibility of financial supervisory policies with international standards
• Improved communication with international supervisory agencies and authorities
• Greater understanding of the Korean economy and financial market from the global perspective

* Please refer to the attached file for details.