Financial Services Commission

Government to Complete Privatization of Woori Financial Group by 2022June 25, 2019

The FSC announced its plan to sell the remaining 18.3% stake in Woori Financial Group (WFG), owned by the Korea Deposit Insurance Corporation (KDIC), from 2020 to 2022.

Government to Complete Privatization of Woori Financial Group by 2022 190625 Gov To Complete Privatization of Woori Financial Group by 2022.pdf(193 KB)

Electronic Securities System to be IntroducedJune 18, 2019

Securities certificates of listed stocks and bonds will be issued electronically only, not in physical form, starting from September 16, 2019.

Electronic Securities System to be Introduced 190618 Electronic Securities System To Be Introduced.pdf(184 KB)

FSC to Reform Benchmark Interest RatesJune 17, 2019

The FSC and the Bank of Korea (BOK) jointly launched a taskforce to develop a new benchmark interest rate, which aims to replace the current benchmark interest rate of certificate of deposits (CDs) by 2021.

FSC to Reform Benchmark Interest Rates 190617 FSC To Reform Benchmark Interest Rates.pdf(186 KB)

FSC to Extend Guidelines for Comprehensive Supervision on Financial ConglomeratesJune 12, 2019

The FSC decided to extend the best practice guidelines for comprehensive supervision of financial conglomerates for another year with some revisions.

FSC to Extend Guidelines for Comprehensive Supervision on Financial Conglomerates 190612 FSC To Extend Guidelines for Comprehensive Supervision of Financial Conglomerates.pdf(186 KB)

Fourth Batch of Financial Service Providers Designated as 'Innovative Financial Services' for FSC's Regulatory SandboxJune 12, 2019

The FSC designated additional six financial service providers as 'innovative financial services' to be accepted into financial regulatory sandbox.

Fourth Batch of Financial Service Providers Designated as 190612 Fourth Batch of Financial Service Providers Accepted to Financial Regulatory Sandbox.pdf(190 KB)

FSC Announces Plans to Establish Financial Big Data InfrastructureJune 3, 2019

The FSC announced its plans for financial big data infrastructure, as part of the government's wider efforts to promote digital economy with the use of big data.

FSC Announces Plans to Establish Financial Big Data Infrastructure 190603 FSC To Establish Infrastructure for Financial Bid Data.pdf(193 KB)

Debt Service Ratio(DSR) Rules to be Introduced in Non-banking SectorMay 30, 2019

The FSC announced its plan to extend current debt service ratio (DSR) standards to non-bank financial institutions as one of the criteria for managing household loans.

Debt Service Ratio(DSR) Rules to be Introduced in Non-banking Sector 190530 DSR to be introduced to non-banking sector_v2.pdf(197 KB)

FSC Introduces Deregulatory Measures to Boost Korea's Derivatives MarketMay 30, 2019

The FSC introduced deregulatory measures to make Korea's derivatives markets more vibrant and competitive.

FSC Introduces Deregulatory Measures to Boost Korea 190530 Regulatory Reform to Vitalize Derivatives Market.pdf(225 KB)

FSC to Ease Restrictions on Information Sharing in Financial Investment BusinessMay 27, 2019

The FSC proposed reforms to the Financial Investment Services and Capital Markets Act (FSCMA) to improve business conduct rules on financial investment business.

FSC to Ease Restrictions on Information Sharing in Financial Investment Business 190527 FSC Reforms Business Conduct Rules on Financial Investment Business_v2.pdf(192 KB)

Results of Evaluation for Preliminary Approval for Additional Online-only Bank LicensesMay 26, 2019

The FSC rejected applications filed by 'Kiwoom Bank' and 'Toss Bank' for preliminary approval for online-only bank licenses as the two applicants both fell short of the standards for online-only banks by an evaluation committee.

Results of Evaluation for Preliminary Approval for Additional Online-only Bank Licenses 190526 Results of Preliminary Approval for New Online-only Bank_v2.pdf(185 KB)