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New Finance Regulator Advocates Deregulation

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2008-03-07

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Meanwhile‚ the new head of the country's financial regulator has made it clear he will work for more flexible cross-investments between industrial and financial firms.
The Financial Services Commissioner's stance is good news for those who have been calling for the deregulation‚ but others are concerned it will only allow conglomerates to dominate the markets.
Kang Chery reports.
The new chairman for Korea's Financial Services Commission‚ Jeon Gwangwoo‚ who bypassed the customary inaugural ceremony for the post in order to get right to work‚ is well known for his strong advocacy of deregulation.
The Financial Services Commission is the new name for the regulatory body formerly known as the Financial Supervisory Commission.
Jeon Gwangwoo's main aspiration for his new post is to gradually break away from the principle of separate corporate and banking spheres to a degree that does not threaten the stability of the financial system.
This translates into large conglomerates being allowed to tap into the local banking industry.
It also comes alongside the Capital Market Integration Act introduced under the previous administration to loosen financial restrictions.
Non-financial firms in Korea are banned from holding more than a 5 percent stake in any banks in order to deter big industrial conglomerates from controlling the local capital market.
But critics like Jeon have opposed the restriction‚ saying it reduces competition.
[Interview : Jeon Gwangwoo‚ Chairman of Financial Services Commission] "Separating banking and industries with flexibility while minimizing side effects will help develop the financial industry."
Major changes for financial authorities are expected since this aim clearly goes against the philosophy of the finance body's previous chairman.
Jeon's stance not only resonates with President Lee Myungbak's reform scheme for the capital market but also echoes Lee's calls for pragmatism.
Additionally‚ Jeon calls for privatization of state-owned banks and says nurturing the financial sector will be the touchstone for the new administration's success in bringing economic growth.
[Interview : Jeon Gwangwoo‚ Chairman of Financial Services Commission] "Finance equals the heart and nerves of a nation's economic development."
With the Capital Market Integration Act taking effect next year‚ many eyes are on how Jeon's plans will increase ongoing financial deregulation.
Kang Chery‚ Arirang News. Reporter : cherykang@arirang.co.kr

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