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Finance

Blue House, securities firms hold unofficial talks on retail investors returning from overseas markets

South Korea’s presidential office convened chief executives of major securities firms and asset managers to discuss measures to encourage retail investors who have shifted to overseas stock markets to return, the financial industry said. Participants discussed ways to revitalise capital markets and raise market appeal. Industry representatives raised concerns that rules on high-risk leveraged ETFs traded domestically are overly strict and suggested new accounts and tax measures, including income deductions and changes to fund and ETF taxation.

Finance

FSS to review governance at 8 financial holding firms next week

South Korea's Financial Supervisory Service said it will inspect overall governance conditions at eight financial holding companies from Jan. 19 to 23. The watchdog is already conducting an inspection of BNK Financial Group after President Lee Jae-myung criticised reappointment practices among group chairmen as a "corrupt inner circle". The FSS said it will focus on whether governance operates soundly, rather than outward structures, and will reflect findings in discussions by a governance advancement task force.

Finance

South Korea financial authorities to pilot accountability maps for large credit firms, savings banks

South Korea's financial authorities said on Jan. 14 that large specialised credit finance companies and savings banks must submit accountability structure maps by July 2 under the law on corporate governance of financial companies. Eligible firms are those with at least 5 trillion won in assets for credit finance companies and at least 700 billion won for savings banks. Participants submitting by April 10 can run a pilot internal control programme through July 2 and receive incentives, including consulting and leniency on responsibility and sanctions.