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Financial Services Commission (FSC) Chairman Kim Joo-hyun (center) speaks at a press conference at the Seoul Government Complex on Thursday.United
Transparency in financial transactions will be extended to investors and consumers worldwide from 2024
Written by Anna J. Park
The Financial Services Commission (FSC) will strive to facilitate a smooth resolution of the real estate project finance (PF) crisis as one of its key urgent priorities in 2024, the head of the country’s top financial regulator has said. said on Sunday.
“First, in order to promote the soft landing of real estate project finance (PF), the Financial Services Commission aims to strengthen regulatory measures regarding the stability of real estate-related financial institutions.At the same time, the Financial Services Commission aims to strengthen regulatory measures regarding the stability of real estate-related financial institutions. “Efforts will also be made to increase the amount of losses associated with real estate PF,” FSC Chairman Kim Joo-hyun said in his New Year’s address.
Kim added, “At the same time, the government will strengthen business evaluation and activate the market normalization fund.”
Despite an expected decline in global interest rates in the new year, it is important for the FSC chief to focus on maintaining economic stability, particularly real estate project financing, household debt, and the health of the secondary financial sector. he emphasized.
“The FSC aims to manage the pace of increase in household debt while addressing debt issues through tightening debt service ratio regulations, establishing a base for private long-term fixed-rate mortgages, and improving the management of lease and credit loans. ” said Kim.
Top financial regulators will also strengthen corporate restructuring capabilities, proactively prepare for potential crisis response systems, and respond to market uncertainties by flexibly adopting market stabilization measures as needed. He vowed to deal with it proactively.
Additionally, the financial authorities will take steps to encourage further innovation and globalization of the financial industry. This will be achieved by strengthening corporate governance in the financial sector and accelerating the development of the fintech industry.
“To tackle the challenge of climate change, the FSC will increase the supply of venture capital, improve ESG disclosure systems and devise strategies to address population decline.Furthermore, the government will actively support future industrial growth. “We will provide support and establish a regulatory framework to strengthen digital assets and big technology and prepare for economic and industrial transformation,” Kim said.
In this undated photo, the Financial Services Commission (FSC) flag flies between two South Korean flags. Provided by FSC
The FSC Director also announced that the government and parliament will implement measures to better align the country’s financial system with the global financial market system, including strengthening the financial sector’s internal control responsibilities, dividend payment systems, combating unfair trade, and legalization. He praised the collaborative effort. Protection of digital asset owners and establishment of loan exchange platform.
Starting in January, the fine system for market manipulation and unfair trading practices will be refined, increasing the transparency of domestic financial transactions. The introduction of the legalization calculation of unjust enrichment in suspicious transactions is also an important development. Next year, financial companies’ internal controls will be more effectively managed, especially from the second half of 2024. The revised Capital Markets Act will directly delegate the responsibility of overseeing internal controls to corporate executives, increasing accountability and moving the financial sector in a greater direction. Fairness and transparency.
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