South Korea market watchdog urges preemptive risk management by foreign firms

THE head of South Korea’s financial supervisory agency asked foreign financial firms on Wednesday (Jul 12) for preemptive risk management in the face of various uncertainties.

“Especially, I request that you do your best to maintain financial soundness and proactive risk management by pre-emptively responding to recent external and internal uncertainties,” Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), told firms.

Representatives from 11 foreign institutions including JPMorgan Chase Bank, HSBC Bank, MUFG Bank, Yuanta Securities, Goldman Sachs Securities, insurers, and investment companies attended.

Lee also told the meeting, which is held once or twice a year, about progress in regulatory changes and authorities’ efforts to improve foreign access to financial markets, the FSS said in a statement. REUTERS