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South Korea's FSC to set up task force to address foreign firms' concerns


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South Korea's FSC to set up task force to address foreign firms' concerns

SouthKorea's Financial Services Commission plans to set up a task force to improvecommunication with foreign financial companies amid concerns over exit by agrowing number of foreign firms, TheKorea Herald reported July 20, citing an official from the commission.

JeongEun-bo, vice chairman of the commission, linked foreign companies' decision toleave South Korea to a change in their strategy, negative profit outlooks andstricter financial regulations. GoldmanSachs Group Inc. was one such company, having its remaining asset managementbusiness in the country in 2015.

Thenew task force aims to boost communication and address issues faced by foreignfinancial companies. The regulator will also see if South Korea's businessenvironment is at par with global standards.

Inaddition, the commission plans to extend trading hours. It also aims to launchan omnibus account system in 2017 to allow foreign investors to trade using asingle consolidated account.