Financial Supervisory Service
www.fss.or.kr
Press Release
April 29, 2010
Foreign Companies-Focused FSS SPEAKS 2010 Held
The Financial Supervisory Service held its second annual FSS SPEAKS on April 29 at
the Lotte Hotel in downtown Seoul. At this year’s gathering of foreign business and
opinion leaders, key FSS officials conveyed the plans and direction of supervisory
policy and discussed areas of mutual concern affecting the financial and economic
sectors in Korea and overseas.
On hand for the one-day meeting was some 280 notable guests from foreign financial
institutions, foreign media, and international credit rating agencies. The number of those
attending grew from the 220 guests who participated during the inaugural event last year.
Among the senior executives visiting Seoul from their respective HQ or Asia-Pacific
regional HQ included Michel Peretie, CEO of Corporate and Investment Banking of SG
Group; Paul Coughlin, Executive Managing Director of S&P who oversees sovereign
ratings; and Thomas Byrne, Senior Vice-President of Moody’s.
FSS SPEAKS 2010 concomitantly served as a forum for FSS LISTENS, an opportunity
to listen to the financial regulatory environment from the perspective of Korea’s
international business community. During the industry-specific afternoon sessions,
topics that were actively-discussed included the sharing of overseas IT facilities, select
financial institution examination cases, and the direction of future inspections.
In the opening address, FSS Governor Mr. Kim Jong Chang expressed his confidence in
Korea’s economy by noting the successful recovery it has made from the financial crisis
and asked foreign financial institutions for their continued support and cooperation as
key players in Korea’s financial sector. But the head of the financial supervisory
authority added that countermeasures will be taken to prevent prevailing uncertainties
here and abroad from metastasizing into another crisis and cited as potential catalysts
the protracted economic recovery in the developed countries, the deteriorating financial
soundness in the major economies as well as the rise in the level of domestic household
debt and the PF loans of Korean savings banks.
Further to this, Mr. Kim expressed his commitment to fine-tune Korea’s prudential
supervisory framework in line with on-going international financial regulatory reforms.
He also emphasized that focus will be on bringing about a balanced regulatory
framework through adjustments in excessive regulations, although supervision over
consumer protection will be strengthened as well as those that foment a level playing
field.
The Governor held separate meetings with Messrs. Coughlin and Peretie on matters of
mutual interest and developments in domestic and international finance and economy.
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Financial Supervisory Service
www.fss.or.kr
※ Please refer to the attached “FSS SPEAKS 2010 Overview” and “Opening Address
of FSS Governor Mr. Kim Jong Chang” (Korean and English versions)
Contacts:
Jai Choon Kim
Deputy Director General
Fn Hub Korea
Beom Yul Lee
Team Head
International Cooperation Department
Financial Supervisory Service
(02) 3145-7177
Financial Supervisory Service
(02) 3145-7910
Soomi Kim
Foreign Spokesperson
Public Affairs Office
Financial Supervisory Service
(02) 3145-5800
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(Attachment
Financial Supervisory Service
www.fss.or.kr
1)
FSS SPEAKS 2010 Overview
1. Date/Time and Venue
Thursday, April 29, 2010
Lotte Hotel, Songong-dong, Seoul
2. Attendees(280)
Financial companies(216): CEOs and officers of domestic branches or subsidiaries
of foreign financial companies; officers and analysts from regional offices
Foreign media(10): correspondents from foreign media including Dow Jones,
Bloomberg and Reuters
International credit rating agencies(9): credit rating officers from Moody’s, S&P
and Fitch
Analysts etc.(45): Analysts, Economist from U.S Embassy , EUCCK, FSS Officials and Directors
General
FSS SPEAKS 2010 Attendees
Foreign
Foreign Int’l
financial
institutions
216
Bank Securities
Asset
Insurance
Specialized
Mgt.
107
37
31
media
CRA
10
9
Others
Total
45
280
credit
33
8
3. Program
FSS SPEAKS comprised of three sessions with each having a main presentation
followed by Q&A.
The two-part morning session was open to all participants and the afternoon session was
attended exclusively by financial companies in a roundtable format and divided into
four sectors* -- banking, securities, asset management and insurance
* Participants were allowed to attend whichever sector discussion he or she wished to regardless of the
sector he or she originally belonged to
-
Session 1: Recent Financial Market Developments & Supervisory Issues
(Presenter: Senior Deputy Governor Jang Yung Lee)
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Financial Supervisory Service: 2009 & 2010
(Presenter: Deputy Governor Seok Keun Lee
-
Financial Supervisory Service
www.fss.or.kr
Session 2: Korea’s Financial Regulatory Environment from Foreigners’
Perspective
(Presenter: Michael Hellbeck, Chairman FBG)
Supervision and Examination on Foreign Financial Companies
(Presenter: Director General Yeong-Rin Kim)
-
Session 3: Major Plans and Issues for Each Financial Sector
(Presenter: Division head or director of relevant department)
※ All presentations and Q&As were held in English (interpretation was provided at Q&As).
Time
09:30~10:00
10:00~10:15
10:15~10:25
Session1
10:25~10:45
10:45~11:05
11:05~11:20
11:20~11:35
Session 2
11:35~11:50
11:50~12:10
12:10~12:25
12:25~12:30
12:30~12:35
12:35~13:50
Session 3
14:00~16:00
Content
Registration
Keynote Address
Guest Speech
Presenter
Governor, FSS
Mr. Michel Peretie
(CEO of CIB, SG)
Recent Financial Market Development
& Supervisory Issues
Financial Supervisory Service : 2009 &
2010
Q&A
Coffee Break
Senior Deputy Governor, FSS
Korea’s Financial Regulatory
Environment from Foreigners’
Perspective
Supervision and Examination on
Foreign Companies
Q&A
Fn Hub Korea Video Presentation
Luncheon Address & Toast
Michael Hellbeck
(Chairman, FBG)
Deputy Governor, FSS
Director General
(Supervision Coordination Dept.)
First Senior Deputy Governor,
FSS
Luncheon
Major Plans and Issues for Each
Financial Sector
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Directors General/Team Heads,
FSS