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.
  • Amendments
  • 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.
  • Effectiveness
  • Opinions should be submitted by Apr. 1, 2021.

Regulators SK FSC
Entity Types Bank; Corp; SIFI
Reference CP 2021-45, 2/19/2021
Functions Financial; Reporting; Resolution; Risk; Treasury
Countries South Korea
Products Banking; Corporate
Regions AP
Rule Type Proposed
Rule Date 2/19/2021
Effective Date 4/1/2021
Rule Id 98476
Linked to N/A
Reg. Last Update 2/19/2021
Report Section International

Last substantive update on 02/21/2021