Press Releases - Financial Services Commission

Press Releases

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Feb 14, 2020

Measures to Improve Regulatory Framework on Hedge Funds

The Financial Services Commission and the Financial Supervisory Service unveiled on February 14, 2020 an evaluation of hedge fund market and the measures to improve its regulatory framework. The measures are intended to ensure the autonomy of private fund management while addressing regulatory inadequacy and vulnerabilities found in the assessment by introducing a minimum necessary level of regulations.BACKGROUNDHedge funds play an important role in providing venture capital in startup investment ecosystem from business setup to scale-up to exit. However, the recent misselling, inadequate liquidity management and unlawful and/or unfair activities in the market have shown the necessity to improve the regulatory framework.Against this backdrop, the government unveiled on November 14 last year the Measures to Strengthen Investor Protection with High-risk Investment Products, which a) prevented sales of public offering funds in the form of private funds, b) placed stronger investor protection for ‘highly complex investment products,’ c) raised entry requirements for retail investors from KRW100 million to KRW300 million, and d) tightened regulation standards for financial companies selling OEM funds.From November 2019 to January 2020, the government conducted a review on the hedge fund market to assess potential risks and vulnerabilities. The assessment was made on 52 asset management companies and 1,786 private funds worth KRW 22.7 trillion. Most hedge funds did not show risky operation methods or investment structures unlike the large scale suspension of redemption cases surfaced recently.Based on this market review, the government has prepared the following measures in order to strengthen investor protection and ensure credibility in the market.KEY MEASURESI. ENHANCE RISK MANAGEMENT BASED ON MARKET DISCIPLINESThe government will work to establish a foundation in which different market participants and players can provide a supervisory role and “checks and balan
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Feb 13, 2020

FSC to Hold Information Session on Revised Credit Information Act

The Financial Services Commission will hold an information session on February 20, 2020 on the amendment of the Credit Information Use and Protection Act, which is scheduled to take effect starting August 5, 2020. The information session will provide useful information about the revised law, while offering the government a chance to listen to and gather opinions from diverse stakeholders. The FSC will revise relevant rules and regulations prior to the effective date while working to reflect public opinions.KEY FEATURES OF THE AMENDMENT► ESTABLISHING NEW LEGAL BASIS FOR USING AND ANALYZING BIG DATA- Pseudonymised personal information may be used without consent for statistical, industry research and public documentation purposes.- Converging data is permitted only by the institutions designated by the government.- Safety measures are established for the use and convergence of pseudonymised data, including a prohibition on re-identification of pseudonymised data and a requirement for separate management of additional information. ► STRENGTHENING THE ROLE OF PERSONAL INFORMATION PROTECTION COMMISSION- The revision bill on the Personal Information Protection Act upgrades the status of the Personal Information Protection Commission (PIPC) from an administrative commission to that of a central administrative agency with authority to conduct investigations, regulate commercial enterprises and implement relevant laws.► IMPROVING REGULATORY FRAMEWORK ON CREDIT BUREAU INDUSTRY- The credit bureau industry will be categorized into a) personal CB, b) individual business CB and c) corporate CB, while the entry barrier for credit bureau businesses will be lowered.- The current regulation which restricts credit bureau businesses from performing for-profit operations will be lifted, and credit bureau businesses will be allowed to conduct data analysis and processing as well as consulting.- Conduct regulations will be established to improve the soundness of the credit bureau in
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Feb 13, 2020

Government Will Ensure Prompt and Seamless Delivery of Financing Support to Businesses

FSC Vice Chairman Sohn Byungdoo convened a meeting on February 13, 2020 to review the progress of the recently unveiled financing support measures aimed at helping SMEs and small merchants amid the new coronavirus (COVID-19) outbreak.PROGRESSSince last Friday when the government unveiled the new financing support plan, policy banks issued a total of KRW20.1 billion (96 individual cases) in new loans and guarantees as well as loan and guarantee extensions to the SMEs, small merchants and self-employed business owners whose businesses have been hit by the spread of COVID-19.► (Loans) KRW1.8 billion in new loans and KRW2.5 billion in maturity extensions► (Guarantees) KRW3.6 billion in new guarantees and KRW11.8 billion in extensions► (Export financing) KRW400 million in credit extensionsLocal banks provided about KRW10.6 billion in new loans and maturity extensions to 23 businesses that have been affected by the spread of COVID-19.For small businesses, credit card companies also provided about KRW2.5 billion in discounted interest rates and late fees, and about KRW170 million in interest-free and deferred payment plans.FURTHER PLANSThe government will continue to review how the COVID-19 financing support measures are being provided to the businesses in need while ensuring a prompt and seamless delivery to the affected companies.While closely monitoring developments surrounding the COVID-19 and its impact on businesses, the government will draw up additional financing support if deemed necessary.* Please refer to the attached PDF for details.
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Feb 12, 2020

Government to Support Educational Programs to Cultivate Digital Finance Specialists

The Financial Services Commission and the Seoul Metropolitan Government will provide KRW19 billion over a 4-year period (2020-2023) to launch educational programs aimed at cultivating more specialists in digital finance.Digital finance provides financial services using key innovations in information technology, such as big data and artificial intelligence. It has created new jobs and brought significant changes to how financial services are delivered.Due to rapidly accelerating digital transformation in the financial sector, the demand for more professionals working in digital finance has been rising.The degree and non-degree programs will offer advanced theory and practice courses on diverse areas, such as ‘IT deep learning,’ ‘big data crawling and text analysis,’ ‘cloud computing,’ ‘blockchain in finance,’ etc.The programs are targeted at the current financial industry workers, prospective fintech entrepreneurs, fintech professionals, and those who are preparing for financial sector jobs.The government will select an educational institution or a consortium in March to be designated as the digital finance education provider. Universities, research and/or other finance-related institutions are eligible to apply.* Please refer to the attached PDF for details.
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Feb 07, 2020

Government to Support Financing of SMEs and Small Merchants Hit by Coronavirus

The government announced on February 7, 2020 plans to make new financing reliefs available for SMEs and small merchants that have suffered losses due to the spread of the new coronavirus. The reliefs include new loans as well as maturity extensions of existing loans and guarantees by policy banks for SMEs and small merchants hit by the spread of the new coronavirus.FOR SMALL MEDIUM-SIZED ENTERPRISESI. NEW LOANSIn order to help SMEs with their business financing challenges, the government will provide about KRW1.9 trillion in new funds through policy banks.II. LOAN EXTENSIONSMEs and small merchants with existing loans or guarantees from policy banks that are facing a maturity date within six months may apply for a one-year extension of maturity date as well as a postponement of principal repayment for one year.III. EXPORT-IMPORT FINANCING SUPPORTThe new financing support is also available to SMEs having problems with purchase order payment or delivery of goods due to a lockdown in China’s Hubei province.IV. FRONTLOADING FUNDS FOR SMESKRW 230 trillion in new loans and guarantees allocated for SMEs this year will be frontloaded to help relieve challenges caused by the new coronavirus outbreak.FOR SMALL MERCHANTS SELF-EMPLOYEDSmall merchants and self-employed business owners who experience an abrupt decline in sales due to the spread of the new coronavirus may be eligible for new loans at low and/or fixed interest rates, or special guarantees.STRENGTHENING MARKET OVERSIGHTThe government will strengthen its efforts to monitor and prevent market abusive activities in the capital markets.* Please refer to the attached PDF for details.
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Feb 05, 2020

FSC Approves Kakao Pay to Become Largest Shareholder in Baro Investment & Securities

The Financial Services Commission approved on February 5, 2020 Kakao Pay’s shareholding qualifications to become the largest shareholder of Baro Investment Securities.Kakao Pay acquired a 60 percent stake in Baro Investment Securities and applied for shareholder qualifications on April 8 last year.* Please refer to the attached PDF for details.
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Feb 03, 2020

Government Provides Financing Support for SME Facility Investment

The government will provide SMEs with KRW4.5 trillion in loans to boost their investment in facilities. Starting from February 10, the Korea Development Bank, the Industrial Bank of Korea and the Export-Import Bank of Korea will offer loans at a minimum lending rate of 1.5 percent for up to 15 years for new facility investments made within this year. The loan programs will be operated on a temporary basis for a year.SMEs applying for loans must submit detailed investment plans and evidence showing that they qualify as new investments.The government will ensure a rigorous management throughout the lending process, from loan application to facility investment management and recovery.It is expected that the promotion of new investments will contribute to helping the economy regain growth momentum.* Please refer to the attached PDF for details.
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Jan 30, 2020

FSC to Introduce Coinsurance for Primary Insurers

FSC Vice Chairman Sohn Byungdoo presided over a meeting on improving the soundness of assets held by primary insurance companies on January 30, 2020.The measures to introduce coinsurance was discussed at the meeting to help insurance companies adjust or reduce debts in preparation for the implementation of the new accounting and solvency rules, the International Financial Reporting Standards (IFRS) 17 and K-Insurance Capital Standard (K-ICS).The introduction of coinsurance is expected to help improve financial soundness of primary insurers as they are able to cede risks associated with insurance products to reinsurance companies.COINSURANCECoinsurance is a type of full-risk reinsurance through which primary insurers can transfer risks to reinsurers at premiums. Coinsurance is different from traditional reinsurance because it allows primary insurers to cede an entire block of risks including the investment portion and expense loading of the premium, instead of only the risk portion of the premium. Traditional reinsurance normally has a yearly renewable term whereas coinsurance offers longer term deals.EXPECTATIONI. Primary insurers with high interest rate products can cede risks associated with interest rate volatility or cancellation to reinsurers, thereby boosting their financial soundness.II. Issuing new capital stocks or subordinated debentures is an expansion of the available capital, whereas coinsurance is downsizing the required capital, which will offer a new solution for managing risk exposures for insurance companies.III. Coinsurance has been widely used in the European and the US insurance markets. The know-hows and asset management experiences of the overseas reinsurers will be useful.SPECIFIC PLANSTo introduce coinsurance, the government will make the following changes to the current regulations and rules on the supervision of insurance businesses – a) permit coinsurance, b) make accounting methods clearer, c) improve the risk-based capital ratio, and
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Jan 28, 2020

Government Prepares Enforcement Decree on Peer-to-Peer Lending Businesses

The government drew up the Enforcement Decree of the Act on Online-linked Financing as the new legislation on peer-to-peer (P2P) lending is scheduled to take effect on August 27, 2020. The enforcement decree will be introduced at a cabinet meeting after promulgation and screening of regulations.KEY PROVISIONSI. ENTRY REQUIREMENTSP2P lending businesses must be registered with the Financial Services Commission and demonstrate that they satisfy the below capital requirements.After registration, P2P lending firms must maintain a capital level of at least 70 percent of the capital requirements at registration. In the case that a firm’s P2P loan balance changes from one of the three established categories to another, the firm must re-register demonstrating the capital requirement for the new category.II. RULES ON SALES PRACTICES► P2P lending businesses shall charge fees only at rates announced on their online platforms.► Principal investing is permitted only when more than 80 percent of investments for P2P loan balance have been raised. The act of notifying principal investment to other investors or borrowers, and that of redeeming principal and interest payments before others shall be prohibited.► P2P lending business operators shall be prohibited from preserving principal for investors or making pledges to preserve principal.► P2P lending businesses shall be required to manage default rates.III. RULES ON BUSINESS OPERATIONP2P lending business operators may also engage in credit bureau business, financial investment business, electronic financial transactions business, insurance solicitation business and loan brokerage business upon receiving authorization by other financial laws and regulations.P2P lending businesses shall be prohibited from outsourcing their contract making functions with regard to P2P investment and loans.IV. INVESTOR PROTECTIONThe following rules are drawn up to encourage rational investment decisions and protect investment capital.► For
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Jan 28, 2020

Government Bolsters Market Monitoring amid Coronavirus Outbreak

FSC Vice Chairman Sohn Byungdoo convened a meeting on January 28, 2020 to assess the impact of the spread of coronavirus on the domestic and global financial markets. Amid rising concerns over economic and financial markets at home and abroad, the Korean government has put in place a response system, working on preventive measures and monitoring its impact on our economy.The following is a summary of Vice Chairman Sohn’s remarks:The financial markets in Korea remained stable until mid-January following the conclusion of the first phase deal between the US and China over their trade conflicts and due to eased tension in the Middle East. However, with the spread of the new coronavirus, volatility increased last week.Today, KOSPI fell 3.1 percent while the won-dollar exchange rate rose 0.7 percent (up 8.0 won).Based on our past experiences with the SARS (severe acute respiratory syndrome) outbreak in 2003, the avian influenza in 2009, and the Middle East respiratory syndrome (MERS) in 2015, the impact of the new coronavirus outbreak on domestic financial markets will depend on how extensive it spreads in Korea.The Korean financial markets may experience rising volatilities for a while due to increased appetite for risk-free assets.However, Korea’s external soundness remains solid as its foreign exchange reserves (USD408.8 billion by the end of 2019) and net foreign assets in debt instruments (USD479.8 billion by end of Q3 2019) increased to record high levels.In order to stabilize financial markets, the government should bolster the 24-hour market monitoring system and be prepared for any volatility. The government should also work to provide financial assistance to the industries that may be heavily affected by the epidemic, such as the tourism industry.* Please refer to the attached PDF for details.
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Jan 21, 2020

Amended 5% Rule Takes Effect from February 1, 2020

The amended 5% rule1 will take effect from February 1, 2020 as a regulatory reform proposal to revise the Enforcement Decree of the Financial Investment Services and Capital Markets Act was approved at a Cabinet meeting on January 21, 2020.The amendments are intended to better support the exercise of shareholder rights by institutional investors. The revised rules clarify the scope of shareholder activities to “exercise influence over the management” and apply differential reporting requirements according to shareholding purpose.* Please refer to the attached PDF for details.
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Jan 21, 2020

Government to Develop Safe and Secure Data Exchange Ecosystem in Financial Sector

The kick-off meeting to develop a vibrant data exchange ecosystem in the financial industry was held on January 21, 2020. The government established a public-private joint council in preparation for the pilot launch of a financial data exchange platform in March this year.BACKGROUNDThe financial industry is one of the sectors where the use of big data is most active due to high linkages to other industries and the accuracy of data. On June 3, 2019, the FSC announced plans to establish financial big data infrastructure to facilitate the use of big data in the financial sector. The passage of the revision bill of the Credit Information Use and Protection Act by the National Assembly on January 9, 2020 paved the way for developing a financial data exchange ecosystem. In order to help expand the level of supply and demand in data marketplace and to promote the safety and security in data distribution, it is also necessary to establish and operate a public-private joint council composed of diverse stakeholders.FINANCIAL DATA EXCHANGE PLATFORMA data exchange platform will be set up housed in the Financial Security Institute. It will provide innovative data exchange solutions while ensuring the security and safety of data transactions. The data platform will offer a one-stop service from data search to making a contract to payment to analysis. The data specialized agency will provide the following services: a) handle data convergence; b) evaluate the appropriateness of pseudonymised information; and c) ensure safety and security in data exchange.PUBLIC-PRIVATE JOINT COUNCILA public-private joint council led by the FSC and composed of financial institutions and fintech firms was established. The council will operate three working groups as follows: a) working group on supply demand, which will assess the supply and demand of financial data in different sectors and companies; b) working group on guidelines, which will establish standards on procedures, contract formats and p
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Jan 20, 2020

FSC to Work on Reforming Benchmark Interest Rates

FSC Vice Chairman Sohn Byungdoo presided over a task force meeting on reforming benchmark interest rates on January 20, 2020.In the wake of the rate-rigging scandal of the London Interbank Offered Rate (LIBOR) in June 2012, the international society has been working on reforms aimed at improving the accountability and transparency of benchmark interest rates.The FSC and the Bank of Korea (BOK) along with other public and private sector participants launched a joint task force in June 2019 to develop a new benchmark interest rate and risk free rate.During the meeting, Vice Chairman Sohn stated that the government and the financial industry should prepare for the expiration of LIBOR in 2022. Vice Chairman Sohn also said that the FSC will develop a new benchmark interest rate considering its effects on the financial markets and that it will also conduct an equivalence test with EU standards.* Please refer to the attached PDF for details.
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Jan 20, 2020

Government Prepares to Launch Asia Region Funds Passport in May

The government has revised the enforcement decree of the Financial Investment Services and Capital Markets Act and other relevant rules for the implementation of the Asia Region Funds Passport. The ARFP will be launched on May 27, 2020 after a 40-day of promulgation and screening of regulations.BACKGROUNDThe ARFP is a multilateral investment promotion initiative between the five member economies1 aimed at promoting cross-selling of publicly offered local funds in each other’s economies through standardized and streamlined registration process.The five member economies agreed to launch the ARFP at the APEC finance ministers’ meeting in September 2013. The members signed a memorandum of cooperation (MOC) in April 2016, and have worked on domestic legislative changes for the implementation.In November 2019, the Korean government completed the revision of the Financial Investment Services and Capital Markets Act, and has since worked on revising the relevant rules and regulations to reflect the details of the MOC.KEY PROVISIONS► REGISTRATION FOR LOCAL FUNDSPublicly offered local funds in Korea that meet the following requirements can apply to be registered as passport funds to be offered in overseas markets.► REGISTRATION FOR FOREIGN PASSPORT FUNDSForeign passport funds, by submitting registration statement, will be available for sale in Korea through a streamlined process.If an infringement of the MOC is found to have occurred by another member country, or the Korean funds face unfair sales restrictions overseas, the government may withdraw the privilege.Foreign passport funds sold in Korea will be subject to the same rules, regulations and investor protection measures as the local publicly offered funds.► REGULATION FOR INVESTOR PROTECTIONAll passport funds are subject to compliance audit regardless of the size of the fund. The fund managers are also required to report to both the home and the host countries about of the relevant information regarding funds,
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Jan 16, 2020

FSC Tightens Housing Loan Rules

The FSC unveiled measures to tighten housing loan rules, which will take effect on January 20, 2020.For high-priced homeowners whose property value is over KRW900 million, loan guarantees for jeonse1 will no longer be offered by Seoul Guarantee Insurance Company (SGI). The restriction on jeonse loan guarantees by public guarantee institutions, such as Korea Housing Finance Corporation (KHFC) and Korea Housing Urban Guarantee Corporation (HUG), has already been in place since November 11, 2019, pursuant to the measures unveiled on October 1, 2019.For individuals who receive jeonse loan guarantees from KHFC, HUG or SGI and purchase a high-priced home or become a multiple homeowner thereafter, the said jeonse loan will be collected.* Please refer to the attached PDF for details.
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Jan 15, 2020

FSC to Hold 2020 Korea Fintech Week

The Financial Services Commission will hold the 2020 Korea Fintech Week from May 28 to 30, 2020 at Dongdaemoon Design Plaza (DDP), Seoul to promote fintech and innovation in the financial industry. BACKGROUND The FSC hosted Koreas first global fintech expo in 2019, providing opportunities for networking and information sharing on the latest trends in fintech. The three-day event was attended by more than 10,000 people. Connecting fintech firms with both domestic and foreign investors, the 2019 Korea Fintech Week attracted about KRW30 billion worth of investment in fintech businesses. 2020 KOREA FINTECH WEEK This years Korea Fintech Week is aimed at supporting fintech scale-ups. It will be held under the theme of Fintech for Open Innovation. Centered on the governments policy to support fintech firms to scale up,1 the three-day expo will feature programs, such as seminars, special sessions, educational programs, idea contest exhibition, etc. REGISTRATION SCHEDULE Preliminary application for participation in the 2020 Korea Fintech Week will be available starting from the second week of April through www.fintechweek.or.kr/2020. For further information, please contact the Fintech Center Korea via email fintechweek@fintechcenter.or.kr or by phone +82-70-8873-9005, 9006. * Please refer to the attached PDF for details.
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Jan 14, 2020

Vice Chairman Attends FSB Steering Committee Meeting in Basel

FSC ViceChairman Sohn Byungdoo attended the Financial Stability Board (FSB) steeringcommittee meeting held on January 13, 2020 in Basel, Switzerland.The steeringcommittee meeting was attended by the heads of central banks and financialregulatory bodies from 20 countries and 11 international organizations, such asthe International Monetary Fund and the European Central Bank. The members helddiscussions on the risk assessment of non-bank financial institutions and waysto respond to risks associated with stablecoins.With regard to non-bankfinancial intermediaries, Vice Chairman Sohn stated that it is both timely andimportant to reassess the regulatory and supervisory framework of non-bankfinancial intermediaries given their size and global linkages. The recent trendof low interest rates may further aggravate risks in non-bank financialintermediaries due to a prevalent tendency toward high-risk, high-yield assets,Vice Chairman Sohn said.In this regard,the Korean government has been managing potential systemic risks in non-bankfinancial sectors by analyzing ‘activities’ and ‘entities’ separately, ViceChairman Sohn added.On regulatingstablecoins, the FSC agreed on the principle that a holistic approach to riskassessment should take place and that appropriate regulatory measures should beestablished prior to incorporating stablecoins in the global financial system.Considering the effects of stablecoins on monetary policy and anti-moneylaundering regime, the FSC reaffirmed the need to bolster cooperation withinternational organizations, such as the IMF and the Financial Action TaskForce.To preventregulatory arbitrage using stablecoins, Vice Chairman Sohn emphasized theimportance of increasing efforts for coordination between the developed anddeveloping countries.* Please refer to the attached PDF for details.
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Jan 09, 2020

Revised Credit Information Act Promotes Big Data and Information Security in Financial Sectors

The National Assembly passed the revision bill on the Credit Information Use and Protection Act on January 9, 2020. The revision bill provides a legal basis for the use of big data and the commercialization of new innovative services such as MyData businesses. It also includes measures to bolster information security, aimed at achieving a balance between the utilization of big data and information protection.The effective date for the revision is six months from the promulgation. If the announcement is made in January, the revision bill will go into effect after July, 2020. The FSC plans to revise relevant regulations prior to the effective date. In the process, the FSC will closely communicate with experts and stakeholders to listen to their opinions.FOLLOW-UP MEASURESIn order to continue to promote data economy, the FSC will work on a seamless implementation of the follow-up measures.► Work on successful launch of MyData businesses by operating working groups to establish standards for the scope of data usage, security authentication and authorization measures► Establish specific measures for information security by improving the current information usage and management evaluation system for financial institutions and upgrading the information use consent form► Set up big data infrastructures to support the creation of data ecosystem in financial sectors- Make available a wide array of quality data through CreDB, a financial big data open system operated by the Korea Credit Information Services since June 2019- Designate and operate data special institutions in Q3 2020 to support safe and efficient data conversion activities between companies- Establish a data exchange in Q1 2020 to promote data distribution through which non-identifiable data company information can be exchanged► Introduce a score-based credit rating system within this year to address problems arising from the current standardized credit evaluation system► Develop measures in Q1 2020 to
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Jan 09, 2020

Joint Response Unit on Financial Markets Holds First Meeting

FSC Vice Chairman Sohn Byungdoo presided over the first meeting of the joint response unit on financial markets on January 9, 2020 to assess the impact of the recent Middle East instability on domestic financial markets. The officials from the relevant ministries and public institutions as well as private sector experts attended the meeting.The following is a summary of Vice Chairman Sohn’s keynote address:BACKGROUNDThe escalating conflict between the US and Iran has led to increased financial market volatilities both at home and abroad. Following President Donald Trump’s announcement not to seek further military action against Iran, the US stock market closed higher yesterday with Dow Jones adding 0.56% and SP500 gaining 0.49%. However, there are lingering uncertainties and the government has been preparing contingency plans considering all possible scenarios.On January 8, the government set up a joint response system in order to more systematically respond to situations. Today’s meeting on financial markets is one of the five thematically organized units.1DOMESTIC FINANCIAL MARKETSThe domestic financial markets have fluctuated recently2 against the backdrop of the US-China first phase trade agreement and the recent instability in the Middle East. Despite increased market volatilities following the uncertainty in the Middle East, it is necessary to remain calm and prudent.Korea’s external soundness remains solid as the net foreign assets in debt instruments (USD 479.8 billion) and the foreign exchange reserves (USD 408.8 billion) posted record highs in 2019. Given a low level of Iranian funds in domestic stock markets, the possibility of capital flight or damages to the financial soundness1 Five joint response units: financial markets, international oil prices, real economy, overseas construction and overseas logistics2 KOSPI: Jan. 6 (2,155.1, -0.98%) → Jan. 7 (2,175.5, +0.95%) → Jan. 8 (2,151.3, -1.11%)USD/KRW FX rate: January 6. (1,172.1, +5.0 won)
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Jan 08, 2020

Government Closely Monitoring Financial Market Volatility in wake of Middle East Instability

The government set up a financial market monitoring system composed of the Financial Services Commission, the Financial Supervisory Service and the Korea Center for International Finance on January 6, and has been closely monitoring market volatility in the wake of the recent instability in the Middle East.The financial authorities will closely monitor market conditions and work to ensure market stability through contingency plans even in the case of rising market volatility in domestic markets.* Please refer to the attached PDF for details.
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