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FSC and FSS Apply for NGFS MembershipMay 20, 2021

FSC Chairman Eun Sung-soo and first senior deputy governor Kim Keun-ik of FSS signed the application for the membership to the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on May 17. By joining the NGFS, the financial authorities plan to actively participate in and contribute to the global discussions on green finance and enhance policy alignment of Korea's green finance strategies with global standards. * Please see press release for details.
FSC Chairman pledges to maintain close communication to improve conditions for young adultsMay 13, 2021

FSC Chairman Eun Sung-soo took part in the financial development review committee's special committee meeting on young adults on May 13.During the meeting, Chairman Eun underscored the importance of maintaining close communication with young adults and pledged that the FSC will provide support to improve economic conditions and address housing problems faced by them. Chairman Eun also stated that the FSC will continue to have discussions on various issues that matter to young adults. * Please see press release for details.
FSC holds briefing to announce 2021-2023 household debt management planApr 29, 2021

FSC Director General for Financial Policy Lee Se-Hoon held a briefing on the household debt management plan for 2021-2023 on April 29. During the event, Director General Lee spoke about specific measures of the debt management plan-(i) improving macroprudential oversight on household debt, (ii) applying DSR on individual borrowers, (iii) pursuing regulatory improvements in vulnerable sectors and (iv) expanding financial opportunities for lower income groups and young adults. * Please see press release for details.
FSC Chairman visits KRX to monitor short sale tryout prior to partial resumption of short selling on May 3Apr 27, 2021

FSC Chairman Eun Sung-soo visited the Korea Exchange's Seoul office on April 27 to attend an on-site short selling tryout session participated virtually by thirty-eight securities firms to ensure the readiness of their IT networks prior to the partial resumption of stock short selling on May 3. After viewing the entire transaction process, Chairman Eun urged authorities to ensure smooth operation and prevent inconvenience resulting from errors in IT network, etc.
FSC Chairman meets with relevant officials ahead of partial resumption of short-sellingApr 15, 2021

FSC Chairman Eun Sung-soo met with officials from relevant institutions and heads of securities companies on April 15 and held talks on the preparatory measures for partial resumption of stock short-selling on May 3,recent stock market trends and virus prevention measures taken by the financial investment industry. At the beginning ofthe meeting, Chairman Eun talked about the significance of KOSDAQ reaching over 1,000 points recently for the first time since September 2000 and pledged the government's continuoussupport for venture capitals and startups. Chairman Eun also spoke about the importance of ensuring investortrust inthe market. * Please see press release for details.
FSC Chairman holds talks with heads of specialized credit finance companies and savings banksApr 09, 2021

FSC Chairman Eun Sung-soo met with heads of specialized credit finance companies and savings banks on April 9 and held talks on the implementation of the newly enacted Financial Consumer Protection Act. At the meeting, Chairman Eun urged active cooperation whilepledging steady support from relevant authorities in ensuring effective implementation of the new consumer safeguard measures. Chairman Eun also vowed to maintain close communication to promote digital innovation and improve regulations.
FSC Chairman meets with insurance business leadersApr 06, 2021

FSC Chairman Eun Sung-soo met with CEOs of major insurance companies on April 6 and sought close cooperation in ensuring an effective implementation of the new financial consumer protection rules. At the meeting, Chairman Eun emphasized the important role of insurance in providing safety nets to daily activities, while also discussing ways to seek further advancement of the insurance industry and thoroughly prepare for the implementation of IFRS 17 and K-ICS.
FSC Chairman holds talks with heads of financial investment businessesApr 05, 2021

FSC Chairman Eun Sung-soo met with heads of major financial investment businesses on April 5 and held talks on various issues including the implementation of the new Financial Consumer Protection Act and the amendments to the Financial Investment Services and Capital Markets Act. During the meeting, Chairman Eun discussed the importance of resolving the issue of information asymmetry between financial institutions and consumers. To facilitate a smooth implementation of the new consumer safeguards, Chairman Eun stated that the government will provide support and work to enhance efficiency in close coordination with the industry.
FSC Chairman meets with heads of banks and discusses issues on consumer safeguard measuresApr 01, 2021

FSC Chairman Eun Sung-soo held a meeting with heads of major banks on April 1 to discuss various issues and seek cooperation on the implementation of new consumer safeguard measures.At the meeting, Chairman Eun talked about the heightened responsibilities of banks as well as the more deliberate sales process that is required by the new consumer safeguard measures which can be cumbersome to both consumers and bank employees. To help resolve this problem, Chairman Eun suggested that financial institutions can inform their customers about the changes taking place in a more proactive manner to mitigate confusions and quickly become accustomed to the new practices. In this regard, Chairman Eun said that the authorities will provide active support through close communication with the industry. * Please see press release for details.
Vice Chairman holds kick-off meeting of the special financial response team to root out property market speculationMar 30, 2021

Vice Chairman Doh Kyu-sang presided over the kick-off meeting of the special financial response team on March 30 as a part of the government-wide effort to root out speculation in the real estate market.At the meeting, Vice Chairman Doh stated that controlling speculation in the property market remains one of the top priorities of the financial sector and laid out plans for the operation of the team. The special financialresponse team will be made up of about one hundred officials from the KoFIU, FSS, KFB and KCIS, and will serve as a financial sector control tower in the government's efforts to prevent speculation in the real estate market. * Please see press release for details.
FSC Chairman visits the newly opened financial support center at the Korea Federation of SMEsMar 29, 2021

FSC Chairman Eun Sung-soo visited the newly opened financial support center at the Korea Federation of SMEs on March 29 and held talks on the governments efforts in providing financial support to SMEs. ChairmanEun stated that the recentlyannounced six-month extension of maturity extension and payment deferral as well as the governments plan for a gradual normalization ofpandemic-relatedsupport have taken into account various comments from SMEs and small merchants.To help relieve the payment burdensafter the expiration of maturity extension and payment deferral,Chairman Eun said thatconsulting services will be provided to SMEs and small merchants to allow long-term installment payments based on their individual needs and conditions. * Please see press release for details.
FSC Chairman holds talks with heads of financial associationsMar 26, 2021

FSC Chairman Eun Sung-soo met with the heads of financial associations on March 26 and held talks on the issues surrounding the implementation of the Financial Consumer Protection Act which went into effect on March 25. At the meeting, Chairman Eun pledged to maintain close communication with the financial industry and urged strong support from industry officials in ensuring financial consumer protection. Chairman Eun also stated that the authorities will work to come up with specific guidelines on internal control as soon as possible while focusing on a consulting-based supervision over financial institutions rather than inspecting compliance for sanctions for the first six months.