Korea to make it easier for financial firms to establish foreign branches
The entrance to the Financial Services Commission (FSC) in the Government Complex Seoul is shown in this undated photo. Courtesy of FSC
The financial regulator said Sunday it will ease regulations on financial companies reporting their establishment of foreign branches and investments in offshore funds.
The Financial Services Commission (FSC) said an advanced notice will be issued for the revision to the regulation on financial companies' overseas operations for a week starting Saturday.
Under the revised rule, financial firms can first invest in an offshore fund or establish a branch in a foreign country and report the matter to the FSC or the Financial Supervisory Service within a month afterward.
Currently, the companies are obliged to first report their plans to the regulators when investing more than $20 million a year in an offshore fund or establishing a foreign branch.
The planned revision will also allow financial companies to only make an initial report on capital calls related to offshore funding, unlike the current regulation that requires the companies to file a report every time there is a capital call.
The regulation revision will be confirmed through a FSC vote after the advanced notice period is over. (Yonhap)