For the last few years, there have been a lot of discussions of improvement
on financial supervisory institution system. However, we failed to reach an unified
conclusion due to selfish dissension among financial supervisory institutions again
this ye...
For the last few years, there have been a lot of discussions of improvement
on financial supervisory institution system. However, we failed to reach an unified
conclusion due to selfish dissension among financial supervisory institutions again
this year. Considering (i) our existing experiences on adverse effects caused by
governmental and/or political control over financial institutions and financial
systems, (ii) duplicate and complicated supervisory system under the current laws
and regulations and its problems, etc., it would be supported to abolish the
current assistance department of the Financial Supervisory Committee (“FSC”) and
make the FSC an internal organization within the Financial Supervisory Service
(“
FSS”).
In addition to the main issue such as the financial supervisory institution
system, several independent finance-related systems such as compliance officer
system, pre-filing requirement of Standardized Contracts with the FSS, credit
information systems, etc. were investigated, and relevant suggestions were given.