Onshore
Regulator Performance Overview
470
79
27
7
0
1
Insurance coverage protecting client deposits and funds
Requirement for client funds to be held separately from company funds
High
Tier 2
Detailed assessment of regulatory capabilities and effectiveness
Detailed breakdown of the 6 key regulatory performance indicators
Value and prestige of licenses issued by this regulator
Effectiveness of regulatory framework and enforcement
This regulator shows good performance with an overall score of 79.
Strongest performance in Regulatory
Transparency Level: high
Global Tier: tier2
Protection against negative account balances in trading
Access to qualified investment professionals and advisory services
Government-regulated
USA - North Korea - Iran - other sanctioned countries
Institutional strength and organizational capability
Risk assessment and management protocols
Investor protection measures and safeguards
Client fund protection and insurance coverage
Brokers authorized and regulated by this authority
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The Financial Supervisory Service (FSS) was established on January 2, 1999, as Korea’s fully consolidated supervisory authority in accordance with the Act on the Establishment of Financial Supervisory Organizations (the “Establishment Act”), which the National Assembly passed on December 29, 1997.
Before establishing the FSS, financial supervision in Korea took place through four separate sectoral authorities, while the Ministry of Finance had a significant overarching supervisory role:
• Within the banking sector, the Office of Banking Supervision (under the Bank of Korea) examined commercial banks and foreign bank branches.
• Supervision of the securities sector was shared by the Securities Supervisory Board jointly with the Ministry of Finance.
• The same held for the insurance sector - supervision was shared between the Insurance Supervisory Board and the Ministry of Finance.
• Supervision of other nonbank financial companies was generally divided between the Ministry of Finance and the Bank of Korea.
The passing of the Establishment Act ended these fragmented approaches to supervision by combining each of these supervisory responsibilities under the FSS and establishing a single integrated authority for performing the broad task of financial supervision across all sectors.
