The Democratic Party of Korea's Financial and Capital Markets Committee launched on the 16th. At this meeting, the review of the Taiwanese investor protection fund model, the restructuring of the Financial Services Commission and the Financial Supervisory Service, the separate taxation of dividends, amendments to the Commercial Act, and the gradual fund establishment of retirement pensions were mentioned.
The Democratic Party of Korea's Financial and Capital Markets Committee held an inaugural ceremony at the National Assembly members' hall that morning. Former lawmaker Kim Byeong-wook served as the chairperson, and former lawmakers Hong Seong-guk and Yang Kyung-sook act as advisors.
Chairperson Kang Geum-sil, attending the event, noted, "I was shocked to hear the news that individuals from high society and entertainers made money in a club-like manner using stock price manipulation and insider information during the Yoon Seok-youl administration," and added, "I believe the committee will significantly contribute to enhancing fairness and transparency in the capital markets."
Chairperson Kim Byeong-wook stated, "In order to detect stock price manipulation and market rigging in our country, many steps are required, and it takes a long time," and suggested, "I think the next government will need laws and regulations to simplify these stages and establish a system for quick notification to the prosecution."
He further mentioned the restructuring of the Financial Services Commission and the Financial Supervisory Service. Chairperson Kim said, "Currently, the supervisory functions of the Financial Services Commission and the Financial Supervisory Service are divided into policy and execution, but there are substantial overlaps," adding, "Review is necessary."
Chairperson Kim also remarked, "To revitalize the domestic stock market, expanding the tax benefits for retirement pensions and Individual Retirement Pensions (IRP) for domestic stock investment is necessary," and emphasized that "especially through the separate taxation of dividends, we must attract market incentives for investors."
Additionally, he mentioned introducing an artificial intelligence (AI)-based credit evaluation platform, providing tax incentives for Silicon Valley-style venture loans and project finance, amending the Commercial Act, transitioning capital market pre-regulations to a registration/post-supervision system, gradually fund establishment of retirement pensions, reviewing the Taiwanese investor protection fund model, and introducing competitive bidding for long-term care and nursing insurance products.
Chairperson Kim stated, "Only by breaking free from traditional practices and maximizing the use of technology, data, and market competition can our financial industry make a significant leap," and declared, "The Financial and Capital Markets Committee will broadly gather opinions from stakeholders, experts, and the public to establish a concrete implementation roadmap."