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S. Korea urged to strengthen regulations on nonbank financial institutions

All News 10:19 December 07, 2017

SEOUL, Dec. 7 (Yonhap) -- Global financial regulators urged South Korea to strengthen its regulatory and supervisory oversight of nonbank financial institutions, according to a report by the Financial Stability Board (FSB) on Thursday.

The FSB, which coordinates at the international level the work of national financial authorities around the world, said in its "peer review" of South Korea that the nation has made "good progress" in recent years in crisis management and the regulation of nonbank depository institutions.

However, the FSB called for South Korea's financial regulators to strengthen the regulation and supervision of mutual credit cooperatives.

It also urged South Korean financial authorities to increase its focus on federations of mutual credit cooperatives in terms of regulatory and supervisory oversight and systemic risk analysis.

South Korea needs to develop "measures to proactively manage the orderly consolidation" of the nonbanking depository institutions, according to the report.

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