The Financial Supervisory Service (FSS) announced on Dec. 27 that the enforcement decree to the Act on External Audit and Accounting will be revised in February next year so that companies conducting a timely correction after violating accounting rules by mistake do not have to face a severe penalty
South Korea’s financial authorities have launched an audit of Celltrion Healthcare Co. and is expanding the audit review to the company’s affiliates such as Celltrion Inc. and Celltrion Pharm Inc. Accordingly, there is a growing concern that the audit can lead to a prolonged war that goes through th
The Financial Supervisory Service (FSS) has launched an investigation into Celltrion Healthcare, a biological medicine marketing company with the largest market capitalization in the KOSDAQ market, for alleged accounting irregularities.The investigation is expected to have considerable impact on loc
The Financial Supervisory Service (FSS) is planning to look into every company that is suspected of being involved in M&A deals without the funds to finance them. This type of M&As is carried out based on acquisition financing with a target company’s stocks and management rights held as security. Wi
A conflict between the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) is developing into an emotional fight.The labor union of the FSS issued a statement on Dec. 3 to request President Moon Jae-in to dismantle the FSC which, in its view, “unfairly helps Korean chaebo
The Financial Supervisory Service (FSS) recently received written opinions on the introduction of recovery and resolution plans (RRPs) and bail-in systems from four major financial holding companies (KB, Shinhan, Hana and NH) and five major banks (KB, Shinhan, KEB Hana, NH and Woori).The bail-in sys
The Financial Supervisory Service (FSS) has issued a verbal order to improve Kakao Pay's financial investment service, which was recently released in partnership with People Fund, a peer-to-peer (P2P) money lender, saying there is room for customers to misunderstand it.The financial regulator ha
Will the Financial Supervisory Service (FSS) audit Samsung C&T, the parent company of Samsung BioLogics, in connection with the accounting fraud allegations that the regulator raised against the biosimilar production company?This question is raised by analysts as Choi Jong-koo, chairman of the Finan
The Financial Supervisory Service (FSS) and Samsung BioLogics Co. clashed once again over accounting standards at a Securities & Futures Commission (SFC) meeting on Oct. 31.The FSS tried to persuade SFC members with a changed logic but failed to convince them. As a result, the SFC decided to reach a
Foreign investors hold more than a 70 percent stake in major commercial banks in South Korea, according to the data submitted by the Financial Supervisory Service (FSS) to a ruling party lawmaker on Oct. 11.The foreign equity ownership of South Korea’s top six banks, including KB Kookmin Bank, Shinh
The Financial Supervisory Service (FSS) will start evaluating the management status of Woori Bank next week. As the bank’s computer system broke down on September 21 right before Chuseok holiday and caused great inconvenience to its customers, this evaluation will be especially focused on the bank’s
There is confusion over domestic credit card companies' net profits in the first half of the year as the financial watchdog has provided an estimate that is widely different from that of the card companies themselves.The eight credit card companies said their net profit in the first half plunged