Sumary of Top regulator set to ease regulations on financial sector:
- Seeking to stimulate innovative growth in the banking industry, the top financial regulator vowed to take concrete steps as early as the first half of next year to change the countrys decades-old law that strictly separates financial and industrial capital.
- The FSC chairman and Financial Supervisory Service (FSS) Governor Lee Bok-hyun, along with several key financial association leaders, also attended the meeting.
- Since taking office in July, the FSC ruler has been stressing his determination to reform the long-held restriction in order to create momentum for the local financial industry.
- But Kim added a caveat by calling for thorough research on how to bring about the desirable landscape of the future financial industry before making changes to the long-held separation.
- Although the current financial market is facing various challenges, financial innovation is another main pillar of the financial industry, along with the stability of the financial market, the FSC ruler said during the meeting, vowing to simultaneously push ahead with both financial stability and innovation.
- Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a regulatory reform meeting held in central Seoul, Monday.