Former SK Securities and KB Asset Management CEO Lee Hyun-seung has thrown his hat into the ring for the next Korea Financial Investment Association chair election. Although Lee had signaled his intention to run at National Assembly policy forums, this is the first time he has made it official.
Lee said, "The reason for the Korea Financial Investment Association's existence lies in the growth and value enhancement of its member firms," adding, "Through tailored communication, we will identify member firms' needs and difficulties and, through immediate communication, work together to swiftly seek solutions. We will be a reliable partner and a true representative for member firms."
Lee said he would support the prompt introduction of comprehensive investment business entities and individual money accounts (IMA), long-sought goals of large securities firms. He also plans to actively push for improvements to the net capital ratio (NCR) regulations for small and midsize securities firms, and for reducing compliance and IT expenses for small and midsize securities firms, asset managers, trust companies, and futures companies.
Lee said he would also work to revitalize the capital market. First, he pledged to "improve the rigid regulatory environment." Lee said he would abolish unreasonable linked sanctions that make it difficult for financial companies to enter new businesses due to sanction records unrelated to the new business, and boldly remove regulations that do not align with global standards.
He went on to say he would propose to the government an expansion of separate taxation on dividend income and the application of the special long-term holding deduction, currently applied only to the real estate market, to small shareholders as well. To activate digital assets, he also plans to propose the prompt introduction of innovative financial products such as security tokens (STO), spot exchange-traded funds (ETF) for virtual assets, and stablecoins.
He said, "By revitalizing the capital market, we will make the revenue people earn in the capital market become a 'second paycheck account,'" adding, "So that the capital market can play a key role in overcoming the crisis of aging and low growth, the Korea Financial Investment Association will take the lead together with its member firms."
Lee passed the 32nd higher civil service exam and began his public service career at the Ministry of Finance and Economy. He later worked at Merrill Lynch securities and served as CEO of securities and asset management firms, including SK Securities, Koramco Asset Management, and KB Asset Management, for 16 years.