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Vice Chairman appoints new FSC ombudsman committee membersAug 10, 2022

Vice Chairman Kim So-young appointed the FSC's new ombudsman committee members and held its first meeting on August 10. The 4th FSC ombudsman committee is composed of five private sector experts and charged with inspecting financial regulations and consumer protection measures from an outside perspective. In his remarks, Vice Chairman Kim talked about the importance of scrutinizing financial regulatory environment from a third-party perspective in order to make constant regulatory improvements to meet changing policy environment. In this regard, Vice Chairman Kim urged the ombudsman committee to actively seekcommunication withfinancial institutions and consumers and monitor policy implementation on the ground.
FSC Holds media briefing on small business loan refinancing programAug 10, 2022

The FSC announced its plan to introduce a small business loan refinancing program worth KRW8.5 trillion to help lower interest payment burdens of self-employed business owners and small merchants. Director General Kwon Dae-young from the Financial Policy Bureau gave a briefing on the availability of low interest rate refinancing programfrom September which isdesigned tohelp alleviate the self-employed and small merchants' payment burdens with their current high interest rate business loans. * Please see press release for details.
FSC holds media briefing on the availability of relief conversion loan from September 15Aug 10, 2022

The FSC held a media briefing on August 9 and announced the availability of relief conversion loans from September 15. At the briefing, Director General Kwon Dae-young from the Financial Policy Bureau explained that the authorities will make available KRW25 trillion in relief conversion loans with preferential benefits which will provide low income households and non-speculative homebuyers a chance to convert their current adjustable or mixed rate mortgage loans into long-term fixed rate refinancing products at low interest rates with ability to make payment in installments. Application and registration for relief conversion loans will open on September 15 which can be accessed from the websites of Korea Housing Finance Corporation and six major banks.
FSC Chairman presents financial policy agenda of the new administrationAug 08, 2022

FSC Chairman Kim Joo-hyun presented the new administrations financial policy agendaat a media briefing heldon August 8. The financial policy agendafocuses on preemptive handling and management of crisis and providing steady reinforcement for the revitalization of the financial industry and economy beyond crisis. Some of the key policy tasks include (a) effective implementation of the financial sector measures to help stabilize peoples livelihoods, (b) response to potential management and financing difficulties of SMEs, (c) building new foundation for digital innovation in the financial industry, (d) promoting responsible development of the digital asset industry and (e) strengthening financial support for innovative growth in the private sector. * Please see press release for details.
Vice Chairman meets with experts and holds talks on promoting the use of AI in financial servicesAug 04, 2022

Vice Chairman Kim So-young presided over a meeting with relevant industry officials and experts on August 4 and held discussions on ways to promote the use of artificial intelligence (AI) in financial sectors and ensure public trust in financial services based on AI.In his opening remarks, Vice Chairman Kim emphasized the importance of making advancement in AI technology to make effective use of the exponentially increasing availability in big data amid hyperconnected networks and the hyperconvergence and big blur phenomena. To help realize success in digital financial innovation, Vice Chairman Kim said that financial regulatory reforms need to take place to ensure that financial sectors can make use of big data and AI technology effectively. * Please see press release for details.
FSC Chairman holds talks with heads of state-backed financial institutionsAug 02, 2022

FSC Chairman Kim Joo-hyun met with the heads of government-sponsored financial institutions on August 2 and held talks on the importance of a seamless implementation of the KRW125 trillion financial sector measures to help stabilize people's livelihoods and makingcollectiveefforts to maintain financial stability and seek innovative growth. At the meeting, Chairman Kim underscored the important role of government-sponsored financial institutions in alleviating the difficulties experienced by vulnerable debtorsamidhighinterest rates and inflation. Chairman Kim also called for preparing measures for a soft landing of the termination of the loan maturity extension and payment deferment program currently scheduled to expire at the end of September.
FSC Chairman holds talks with Minister of SMEs and StartupsJul 29, 2022

FSC Chairman Kim Joo-hyun met with Minister of SMEs and Startups Lee Young on July 29 and held talks on (a) the soft landing of the loan maturity extension and payment deferment program for SMEs and small merchants, (b)seamless implementation of the self-employed and small merchant support programs backed by the supplementary budget and (c) joint efforts on the provision of financial support to SMEs. At the meeting, Chairman Kim and Minister Lee discussed policy issues related to small merchants and SMEs and agreed to maintain close communication and cooperation. In particular, Chairman Kim and Minister Lee agreed to preemptively prepare measures for the termination of the maturity extension and payment deferment program at the end of September this year.
FSC Chairman meets with relevant institutions on measures to improve short selling systemJul 28, 2022

FSC Chairman Kim Joo-hyun presided over a joint meeting with relevant institutions on July 28 and announced the measures to improve the stock short selling system and strengthen oversight and punishment on illegal short selling activities.At the meeting, participants shared the same view that investors growing concerns about the use of short selling in illegal transactions and the ineffective oversight and punishment on illegal short sale activities need to be resolved in order to restore investors trust in domestic stock markets. * Please see press release for details.
FSC Chairman holds talks with financial industry associationsJul 27, 2022

FSC Chairman Kim Joo-hyun met with the heads of financial industry associations on July 27 and held talks on the current economic and financial market conditions and discussed the government's regulatory reform agenda, risk management in financial sectors and the recently announced measures to help stabilize people's livelihoods. During the meeting, Chairman Kim spoke about the importance of developing innovative and forward-looking business ideas for the future of the financial industry and stated that the government will actively seek regulatory reforms in the financial industry to help broaden the horizon for financial sectors and help financial institutions to deal with digital transformation and changing industrial terrain in a more flexible way.
Vice Chairman holds meeting with capital market expertsJul 26, 2022

Vice Chairman Kim So-young met with private-sector experts on capital markets on July 26 and held discussions on the new administration's key policy tasks for capital markets. In his opening remarks, Vice Chairman Kim said that the new administration is focused on (a) restoring trust in capital markets through strengthening protections for general shareholders and (b) expanding the availability of venture capital for innovative businesses. Along this line, Vice Chairman Kim also discussed the importance of regulatory reforms in financial sectors to make further improvements to the capital markets.
Vice Chairman holds 3rd financial risk response TF meetingJul 26, 2022

Vice Chairman Kim So-young presided over the 3rd joint financial risk response taskforcemeeting on July 26 and discussed plans to set up an insolvency resolution mechanism for financial institutions (tentatively called"financial stabilityaccount") to protect financial institutions against insolvency. The meeting also reassessed various market stability measures that had been implemented in the past in times of financial crisis situations while checking debt risks in the household sector and response capabilities with regard to foreign exchange liquidity. In hisopening remarks, Vice Chairman Kim stated thattheauthorities should examine the crisis situation from a variety of perspectives and strengthen preventive efforts in order to minimize fallout from risks.
FSC Chairman holds talks wih economic and financial market expertsJul 25, 2022

FSC Chairman Kim Joo-hyun met with economic and financial market experts on July 25 and held talks on the current economic and financial market situations and risk factors at home and abroad. During the meeting, Chairman Kim stated that the current complexity in crisis situations emanates from global inflation, monetary tightening, geopolitical conflicts and supply chain disruption taking place all at once with expanding uncertainties. In this regard, Chairman Kim said that the government is making continuous efforts to help ease volatility in financial markets and respond to potential risks in financial sectors. In order to better respond to market situations, Chairman Kim vowed to maintain close communication with market experts to promptly share and identify market conditions in a timely manner.