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S. Korea adopts global regulator's enhanced tools for cross-border enforcement cooperation

Finance 14:25 December 06, 2018

SEOUL, Dec. 6 (Yonhap) -- South Korea's two financial regulators adopted enhanced tools for cross-border enforcement of securities and derivatives laws by a global financial regulator, officials said Thursday.

The two financial regulators -- The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) -- jointly became the 10th member of the Enhanced Multilateral Memorandum of Understanding (EMMoU) at the International Organization of Securities Commissions (IOSCO), the FSC said in a statement.

S. Korea adopts global regulator's enhanced tools for cross-border enforcement cooperation - 1

The move is expected to help South Korea bolster cooperation with global regulators in investigating allegations of unfair trading activities, the FSC said.

IOSCO established the EMMoU in 2017 to better combat financial crimes as global financial markets are increasingly inter-connected and enhanced by technology.

The EMMoU allows its members to obtain and share audit papers as well as telephone and Internet records, according to the FSC.

kdh@yna.co.kr
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