I Chan-jin, the new head of the Financial Supervisory Service, will have his first meeting with the heads of securities firms and asset management companies on 8th next month. This is 27 days after his inauguration.
The meeting is later than the meetings with insurance and savings bank CEOs, leading to various interpretations in the industry. Some analysts say this sends a message of balancing among sectors, unlike the previous head who focused solely on the capital market.
According to the Financial Supervisory Service and the Korea Financial Investment Association on the 29th, the head will hold his first meeting with the CEOs of securities firms and asset management companies on the 8th of next month. This will be 27 days since he took office on 14th.
The former head, Lee Bok-hyun, had his first meeting with the leaders of the financial investment industry 21 days after taking office.
According to the Korea Financial Investment Association, it has not yet been confirmed which securities and asset management companies will attend the meeting. A representative from the association noted, "There needs to be a selection process where both the securities industry and the asset management industry come together at once."
In addition to the securities and asset management sectors next month, he is expected to meet with the insurance industry on the 1st, the savings bank industry on the 4th, the credit finance industry on the 16th, and cooperative finance CEOs on the 19th.
As this is the first meeting between the head, who has emphasized "protecting financial consumers" since his inaugural speech, attention is drawn to what discussions will take place.
The financial investment industry is paying attention to whether the designation of comprehensive investment accounts (IMA), issuance of notes examination, and responsibilities structure will be discussed at the meeting.
Speculation has arisen that discussions regarding the promotion of venture capital, which the head emphasized in his inaugural speech, will take place. In his speech, he stated, "I will strengthen the capital market's funding function so that corporations can smoothly secure growth funds from the market."
To expand the role of venture capital supply, the financial authorities are revising regulations and conducting examination for issuance notes for securities firms with capital over 4 trillion won, and for those over 8 trillion won, examination for IMA designation.
In addition, there are expectations that mentions of the responsibilities structure implemented by securities and asset management firms since last month and strict measures against unfair trading in line with the current government's direction may also come up.
Meanwhile, the head has been holding meetings across the financial sector, starting with the banking sector on the 28th. He emphasized "protecting financial consumers" during the bank presidents' meeting.
The head noted, "I will prioritize protecting financial consumers in all business initiatives," and pointed out that banks focus excessively on "interest income."