Regulatory Alerts2024-07-22 | 82707FSC Vice Chairman Promotes Capital Market Reform and Bilateral Cooperation in London
The Financial Services Commission’s Vice Chairman Kim Soyoung visited London to promote Korea’s capital market reform and corporate value-up programs to global investors. During the trip, he detailed key initiatives including FX market opening, alternative trading system plans, short sale reforms, and open banking policies to enhance market transparency and accessibility. The visit also aimed to strengthen bilateral financial cooperation with the UK through high-level meetings and to support the overseas expansion of domestic financial companies.
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Vice Chairman Visits London to Promote Capital Market Reform Programs and Strengthen Bilateral Cooperation Jul 22, 2024
Vice Chairman Kim Soyoung of the Financial Services Commission visited London, the United Kingdom (UK) from July 16 to 19 in an effort to promote Korea’s capital market reform and corporate value-up programs to global investors and to strengthen financial cooperation between Korea and the UK.
IR with Global Investors
On July 17, Vice Chairman Kim held an investor relations event for global investors and provided key information about the progress of Korea’s capital market reform initiatives aimed at boosting market accessibility, guaranteeing fairness and transparency in market transactions, and enhancing shareholder values. In this regard, Vice Chairman Kim provided detailed information about the opening up of the foreign exchange (FX) market, plans to introduce an alternative trading system (ATS), short sale reform measures, and the corporate value-up program.
UK-Korea Financial Forum
On July 17, Vice Chairman Kim also attended the UK-Korea Financial Forum and delivered a congratulatory speech. In his remarks, Vice Chairman Kim talked about the importance of maintaining strong cooperation with the UK to effectively respond to various challenges and opportunities presented by shifting global market environment, such as technological advance and climate change.
Meeting with Lord Mayor of the City of London
On July 18, Vice Chairman Kim held a meeting with Lord Mayor Michael Mainelli of the City of London and exchanged views on key issues surrounding major elections around the world this year and policies to promote global financial hubs in both countries. At the meeting, Vice Chairman Kim took time to explain Korea’s key financial policies, such as open banking, establishing a loan transfer infrastructure to facilitate refinancing of personal loans at lower interest rates, introducing financial MyData service, adopting guidelines on ESG disclosure, and so on.
Meeting with FTSE Russell
Following the meeting with the Lord Mayor of the City of London, Vice Chairman Kim visited the headquarter office of FTSE Russell in London where he met with officials there to introduce and explain key capital market reform measures of Korea. During the meeting, Vice Chairman Kim presented information about the short sale ban and short sale reform plans, the corporate value-up program, and the government’s efforts to actively engage and communicate with global investors.
Meeting with Korean Financial Companies Operating in UK
On July 18, Vice Chairman Kim also met with officials from five Korean financial companies doing business in the UK and held talks on the local financial industry and market situation, business operating conditions, and the challenges they face and suggestions for improvement. At the meeting, Vice Chairman Kim said that the government will continue to actively support overseas expansion of domestic financial companies to ensure continuous growth of our financial industry.
Further Plan
Vice Chairman Kim’s trip to London marks the government’s efforts to effectively communicate Korea’s capital market reform measures with global investors and to bolster bilateral relations with the UK in financial sectors.
The FSC plans to continue to make efforts to actively promote overseas expansion of our financial industry and boost inbound foreign investments.
- Please refer to the attached PDF for details.
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