Financial Supervisory Service chief attends Basel committee meeting

Lee bok-hyun, a chief of Korea's financial watchdog, speaks during a press briefing on capital market issues at the Financial Supervisory Service building in Seoul, April 24. Yonhap

The chief of Korea's financial watchdog attended a Basel committee meeting earlier this week to discuss pending issues, such as the Basel III implementation, his office said Tuesday.

Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), attended the Governors and Heads of Supervision (GHOS) meeting in the Swiss city of Basel on Monday, the top-decision making body of the Basel Committee on Banking Supervision.

The meeting was attended by chiefs of financial watchdogs from major economies and top central bankers.

During the meeting, participants checked the progress in the implementation of the Basel III and the impacts of climate change on the banking sector, according to the FSS.

The new rules, including revisions to calculation systems for capital requirements and credit risks, were set in the aftermath of the 2008-09 global financial crisis and adopted by major economies.