Bokhyeon Lee, head of the Financial Supervisory Service, met with heads of financial supervisory authorities in Hong Kong and China to discuss capital market advancement, improvement of corporate governance, trends in the financial market, and measures for managing stability.
The FSS noted that Lee met with the Hong Kong Securities and Futures Commission (SFC), the National Financial Regulatory Administration (NFRA) of China, and the China Securities Regulatory Commission (CSRC) during his overseas trip on the 14th and 15th.
On the 14th, Lee met with Julia Leung, CEO of the SFC, to share issues regarding capital market supervision between the two countries. Major topics included improving and resuming domestic short selling regulations, Hong Kong's short selling system, and monitoring market volatility.
CEO Leung promised support for financial corporations based in Hong Kong to ensure compliance with Korean regulations regarding the recently resumed short selling in Korea. Lee also expressed gratitude for the SFC's cooperation in investigating global investment banks regarding illegal short selling.
The following day, on the 15th, Lee met with Wu Qing, chairman of the CSRC, to discuss the potential for collaboration on policies related to capital market advancement. China has been pushing for enhanced market entry and exit requirements, strengthened trading monitoring, and expanded dividends since April of last year. Korea is also improving capital market systems to support value-up through corporate governance improvements and increasing accessibility for foreign investors by introducing alternative trading platforms.
Lee also discussed policies to manage market risk due to increased financial market volatility in subsequent meetings with Shao Yuanqi, deputy director of the NFRA.