Policy Issues

Number Subject Publisher Date
486 Revision to FSCMA and Lower Regulations to Improve Investor Protection and PEF Management NEW The FSC announced revisions to lower regulations of the Financial Investment Services and Capital Markets Act in order to prepare for the implementation of the revised FSCMA that is scheduled to go into effect from October 21, 2021. The revision proposal will be put up for public notice for forty days from June 23 until August 2. Financial Service Commission 2021.06.24
485 2019 Household Production Satellite Account NEW 1. Household Production Satellite Account 2. Valuing Unpaid Household Service Work 3. Valuing Unpaid Household Service Work by Activity and Gender Statistics Korea 2021.06.21
484 FSC Proposes Additional AML Duties for VASPs   The FSC announced a revision proposal to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information on June 17. The revisions are intended to impose additional AML requirements on VASPs and clarify implementation details about the customer due diligence (CDD) and suspicious transaction report (STR) requirements. The proposal will be put up for public notice from June 17 to July 27 before moving on to further legislative steps. Financial Service Commission 2021.06.17
483 Digital Platform Markets of ASEAN and India: Implications for Cooperation with Korea   The growth of digital platform markets in ASEAN and India is prominent. With COVID-19, demands for economic and social activities centered on digital platforms are expected to rise further especially five sectors (e-commerce, sharing economy, education, healthcare and fintech) are fast growing seectors. Korean is a potential partner of ASEAN countries and India. KIEP 2021.06.16
482 FSC Grants Preliminary Approval for Kakao Pay′s Digital Insurance Business   The FSC decided to grant preliminary approval for Kakao Pay’s digital insurance business at its 11th regular meeting held on June 9. The authorities decided that ‘Kakao Insurance’ has met all necessary requirements under the Insurance Business Act for the operation of an insurance business. Financial Service Commission 2021.06.10
481 Economically Active Population Survey in May 2021   Economically active population and labor force participation rate Employed persons and employment to population ratio Unemployed persons and unemployment rate Economically inactive population Statistics Korea 2021.06.09
480 KDI Monthly Economic Trends 2021. 6   ■ The Korean economy is recovering at a modest pace as exports maintain a favorable trend and the sluggishness in consumption eases. KDI 2021.06.07
479 Authorities Introduce Operational Guideline on the Suitability and Appropriateness Test for Investor   The FSC introduced an operational guideline on the suitability and appropriateness test for investors which will be put up for public notice from June 3 to June 22. Financial Service Commission 2021.06.02
478 ASEAN Economic Integration on Services: An Analysis of Economic Impacts and Implications   ASEAN continues its efforts to liberalize services trade in the region as part of the process of establishing the ASEAN Economic Community (AEC). KIEP 2021.06.02
477 The Crisis of the WTO and New Direction for Negotiation Strategies of Korea   The WTO is facing a historical crisis. Its main functions ‒ namely, providing a negotiating forum, administrating WTO trade agreements and monitoring national trade policies, and resolving trade disputes ‒ have been significantly paralyzed. Although the cause of the crisis is partly institutional, higher uncertainty is also a considerable problem aggravating the fate of the multilateral trading system. KIEP 2021.06.02