Plan for Financial Regulatory Reform

Standard

1

Key Direction for Financial Regulatory Reform

1. Build a financial regulatory system for ‘better regulation’

A two-trach approach will be taken for financial regulatory system: 1) rule-based approach, and 2) a principle-based approach

2. Strengthen support for the real economy and reduce financial consumers’ inconvenience

Regulations on corporate lending, guarantee, and listing will be improved to faciliate the technology credir bureau(TCB) system. For financial consumers, excessive document requirement will be eased to enhance access to financial services

3. Create new markets and growth opportunities for the financial industry

Regulations will be reformed to promote financial institutions’ entry into new business and markets, to adopt a negative list for regulations, and to allow financial institutions greater autonomy in business operations.

4. Abolish implicit regulations and administrative guidance

Regulatory burdens will be significantly reduced by abolishing implicit regulations existing in forms of industry practice or administrative guidance. The practice of supervision and inspection will be improved to reduce regulatory costs for financial institutions.

5. Establish a permanent system for regulatory reform

Review bodies and web portals will be created to review and reform financial regulations on a regular basis. September will be designated as the Month of Regulatory Reform.

6. Tighten market discipline to prevent side effects of easing regulations

Internal control of financial institutions and market discipline will be tightened to prevent side effects of easing regulations.

* For detailed action plan, click the link below to download the full version
http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=91510

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