SK FSC Financial Industry Structure
On Feb. 19, SK FSC proposed amendment to enforcement decree.
- SK FSC proposed amendments to the enforcement decree of the act on the structural improvement of the financial industry, and requested for opinions from the public.
- Nonghyup Bank and Suhyup Bank are added to the definition of financial institutions.
- Selects types of systematically important financial institutions subject to the self-normalization/insolvency plan system are specified as banks, bank holding companies.
- Selection criteria for SIFIs are entrusted to be specifically determined by SK FSC.
- Procedures and inclusions of self-normalization plans are specified; matters necessary for preparation standards and preparation form are also entrusted to the SK FSC.
- Stipulates matters related to the composition and operation of the deliberation committee that evaluates the adequacy of self-normalization and insolvency plans.
- The period of temporary suspension is defined as the time set by SK FSC, within the range of a maximum of 2 business days from when the decision to suspend is made.
- Opinions should be submitted by Apr. 1, 2021.
||Bank; Corp; SIFI
||CP 2021-45, 2/19/2021
||Financial; Reporting; Resolution; Risk; Treasury
|Reg. Last Update
Last substantive update on 02/21/2021