RegAlertNews · FSC · 10 Jul 2024 · 82650
FSC Announces Designation of Seven Non-holding Financial Groups for 2024
The Financial Services Commission designated Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB, and Daou Kiwoom as non-holding financial groups for 2024 to mitigate systemic risk contagion. These entities must appoint a representative financial business, implement group-wide risk management policies, and maintain capital adequacy ratios reflecting risk assessments. The FSC will conduct periodic three-year assessments to ensure these groups effectively monitor and manage their overall financial stability.
Press Releases
NaverBlog
KakaoStory
Copy URL
FSC Announces Designation of Seven Non-holding Financial Groups for 2024 Jul 10, 2024
The Financial Services Commission held the 13 th regular meeting on July 10 and designated seven non-holding financial groups for 2024 pursuant to the Act on the Supervision of Financial Conglomerates (“the Act” hereinafter). The designated entities are Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB and Daou Kiwoom groups.
The designation and supervisory system on non-holding financial groups aims to effectively oversee and manage risk contagion or concentration in financial groups. With the implementation of the Act from June 2021, the FSC has been designating non-holding financial groups every year. The seven selected entities this year satisfied all designation criteria under the Act.
The selected entities will be subject to the following rules.
a) Select a financial business entity representing the entire group after considering the investment relationship, total size of asset, capital, and so on, and report their selection to the Financial Supervisory Service.
b) Periodically inspect and evaluate group-wide risks and prepare and follow their own internal control and risk management policy, and transparently disclose material information needed to ensure consumer protection and report to the authorities.
c) Draw up capital adequacy ratio reflecting risk-weighted capital based on the risk assessment conducted by the financial authorities.
d) The financial authorities will carry out a periodic assessment (every three years) on the risk and risk management status of non-holding financial groups.
It is expect that the designation of non-holding financial groups will help them to more effectively monitor and manage group-wide risks on their own.
- Please refer to the attached PDF for details.
PREV
FSC Identifies D-SIBs and D-SIFIs for 2025
NEXT
FSC Approves Recovery and Resolution Plans for D-SIFIs
List
Related Materials
Jul 05, 2023
FSC Announces Designation of Seven Non-Holding Financial Groups for 2023
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
More like this from FSC
We email you every new FSC publication the day it's published.
Source: Financial Services Commission Korea — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated