{
  "title": "Republic of Korea: Financial Sector Assessment Program-Technical Note-Financial Conglomerates Supervisions",
  "publication": "IMF Staff Country Reports, September 18, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/09/18/republic-of-korea-financial-sector-assessment-program-technical-note-financial-conglomerates-49747",
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  "summary": "Oversight of the Korean financial system is broadly effective. Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with international standards with only a few remaining gaps.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Oversight of the Korean financial system is broadly effective.\n- Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with international standards with only a few remaining gaps.\n- The authorities have addressed most of the recommendations of the previous FSAP and made good progress in benchmarking their frameworks with the Basel Core Principles (BCP), the Insurance Core Principles (ICP) and the International Organization of Securities Commissions (IOSCO) Objectives and Principles for Securities Supervision (IOP)."
    },
    {
      "heading": "Major Findings",
      "content": "- Regulatory and supervisory regimes implemented by FSC and FSS broadly align with international standards.\n- Only a few remaining gaps persist in the Korean framework relative to international benchmarks.\n- Substantial progress has been made in addressing recommendations from the previous Financial Sector Assessment Program (FSAP).\n- Benchmarking efforts explicitly reference:\n  - Basel Core Principles (BCP)\n  - Insurance Core Principles (ICP)\n  - IOSCO Objectives and Principles for Securities Supervision (IOP)"
    },
    {
      "heading": "Thematic Coverage and Subject Areas",
      "content": "- Asset and liability management\n- Asset management\n- Banking\n- Capital adequacy requirements\n- Corporate governance\n- Economic sectors\n- Financial conglomerates\n- Financial institutions\n- Financial regulation and supervision\n- Financial services\n- Insurance companies"
    },
    {
      "heading": "Keywords (as provided)",
      "content": "- Asset management\n- Capital adequacy requirements\n- capital market\n- capital ratio\n- core activity\n- Corporate governance\n- CR\n- credit risk\n- fair value\n- Financial conglomerates\n- financial market\n- financial system\n- FSS enforcement process\n- FSS staff\n- Global\n- hedge fund\n- Insurance companies\n- internal audit\n- ISCR\n- modeling approach\n- operating capital\n- representative company\n- risk assessment\n- risk management\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2020/09/18/republic-of-korea-financial-sector-assessment-program-technical-note-financial-conglomerates-49747/index.md)",
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    "Published: September 18, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513556970.002",
    "Oversight of the Korean financial system is broadly effective.",
    "Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with international standards with only a few remaining gaps.",
    "The authorities have addressed most of the recommendations of the previous FSAP and made good progress in benchmarking their frameworks with the Basel Core Principles (BCP), the Insurance Core Principles (ICP) and the International Organization of Securities Commissions (IOSCO) Objectives and Principles for Securities Supervision (IOP).",
    "Regulatory and supervisory regimes implemented by FSC and FSS broadly align with international standards.",
    "Only a few remaining gaps persist in the Korean framework relative to international benchmarks.",
    "Substantial progress has been made in addressing recommendations from the previous Financial Sector Assessment Program (FSAP).",
    "Benchmarking efforts explicitly reference:",
    "capital market",
    "capital ratio",
    "core activity",
    "CR",
    "credit risk",
    "fair value",
    "financial market",
    "financial system",
    "FSS enforcement process",
    "FSS staff",
    "Global",
    "hedge fund",
    "internal audit",
    "ISCR",
    "modeling approach",
    "operating capital",
    "representative company",
    "risk assessment",
    "risk management",
    "**Executive Summary**"
  ],
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