Republic of Korea: Report on the Observance of Standards and Codes

May 20, 2014

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Format: Chicago

Republic of Korea: Report on the Observance of Standards and Codes, (USA: International Monetary Fund, 2014) accessed September 20, 2024

Summary

This paper discusses key findings of the Report on the Observance of Standards and Codes for the Republic of Korea. Responsibilities, objectives, and powers related to banking supervision are clearly defined in the Republic of Korea. The legal framework currently in place reasonably provides the necessary powers to authorize the establishment of banks, conduct ongoing supervision, address compliance with laws and regulations, as well as undertake corrective actions to address safety and soundness concerns. Authorization processes are generally thorough but there is room to require formal approval for certain activities.

Subject: Banking, Credit risk, Financial institutions, Financial regulation and supervision, Financial services, Insurance companies, Legal support in revenue administration, Revenue administration, Securities

Keywords: Clearing member, CR, Credit risk, Credit risk, Disciplinary action, Financial system, FSS note, Global, Holding company, Insurance companies, Internal audit, Investment strategy, ISCR, KRX market regulation, KRX rule, Legal support in revenue administration, Primary market, Risk management, Securities, The FSS

Publication Details

Pages:

73
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/127
Stock No:

1KOREA2014003
ISBN:

9781484399583
ISSN:

1934-7685

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