Republic of Korea: Report on the Observance of Standards and Codes

International Monetary Fund

No 2014/127, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Report on the Observance of Standards and Codes for the Republic of Korea. Responsibilities, objectives, and powers related to banking supervision are clearly defined in the Republic of Korea. The legal framework currently in place reasonably provides the necessary powers to authorize the establishment of banks, conduct ongoing supervision, address compliance with laws and regulations, as well as undertake corrective actions to address safety and soundness concerns. Authorization processes are generally thorough but there is room to require formal approval for certain activities.

Keywords: ISCR; CR; risk management; The FSS; clearing member; internal audit; credit risk; investment strategy; FSS note; KRX rule; financial system; primary market; holding company; disciplinary action; KRX market regulation; Securities; Credit risk; Insurance companies; Legal support in revenue administration; Global (search for similar items in EconPapers)
Pages: 73
Date: 2014-05-20
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