The Financial Services Commission (FSC) held a meeting on May 3 to review and discuss its past and future efforts for financial deregulation. The meeting was presided over by FSC Vice Chairman Kim Yong-beom.
The commission established the three principles for financial deregulation -- public officials being responsible for proving the necessity of regulations, introduction of a comprehensively negative regulatory system, and establishment of a deregulation scheme led by the private sector. The FSC is going to accelerate its efforts based on the principles down the road.
At the same time, the commission is planning to renew its administrative guidance without delay and get rid of old regulations in the field of fintech soon. Also, it is going to improve a total of 1,100 explicit and implicit regulations so that there are no blind spots in its efforts for financial deregulation.
When it comes to the administrative guidance, the commission is going to repeal 30 items by the end of the first half through legislation and so on while examining whether to maintain nine. In addition, it is planning to improve explicit and voluntary regulations after deciding on targets and directions.