International Monetary FundWorld Bank2014-11-192014-11-192014-09https://hdl.handle.net/10986/20580An assessment of the level of implementation of the IOSCO Objectives and Principles of Securities Regulation (IOSCO Principles) was conducted in the Republic of Korea (Korea) from April 3 to 19, 2013 as part of the IMF-World Bank Financial Sector Assessment Program (FSAP). The assessment was made by Eija Holttinen, Monetary and Capital Markets Department, IMF, and Andrea Corcoran, an external expert working for the World Bank. The previous IOSCO assessment of Korea was conducted in 2001-02 before the first IOSCO Assessment Methodology had been developed. From the perspective of the IOSCO Principles, this is therefore effectively a first assessment. Hence, comparisons with the prior assessment are discouraged since the process has since been refined to promote consistency and has become progressively more rigorous. The assessment was based on: (i) a self-assessment and additional written responses prepared by the authorities; (ii) reviews of the relevant legislation and regulations; (iii) meetings with the management and staff of the FSC, SFC, FSS, Ministry of Strategy and Finance (MOSF), Bank of Korea (BOK), Seoul Central District Public Prosecutor s Office; and (iv) meetings with SROs and market participants, including the KRX, Korea Securities Depository (KSD), KOFIA, KICPA, Korean Chamber of Commerce and Industry, banks, securities companies, fund managers, issuers, credit rating agencies, audit firms and local lawyers specialized in securities markets law.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSALTERNATIVE TRADING SYSTEMALTERNATIVE TRADING SYSTEMSASSET MANAGEMENTAUDIT COMMITTEEAUDIT STANDARDSAUDITSAUTHORIZATION REQUIREMENTBANK BRANCHESBANKING INSTITUTIONSBANKRUPTCYBONDBOND BUSINESSBOND TRADINGBONDSBOOK VALUEBROKERBROKERAGEBUSINESS INVESTMENTCAPITAL MARKETCAPITAL MARKETSCAPITAL RATIOCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCENTRAL BANKCENTRAL SECURITIES DEPOSITORYCHECKSCIVIL LAWCLIENT ASSETSCODE OF CONDUCTCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL LAWCOMPENSATION FUNDSCONDUCT REQUIREMENTSCONFIDENTIALITYCONFLICTS OF INTERESTCORPORATE GOVERNANCECREDIBILITYCREDIT INFORMATIONCREDIT POLICIESCREDIT RATINGCREDIT RATING AGENCIESCREDIT RATING AGENCYCREDIT UNIONSCUSTODYDEBTDEFAULT RISKDEFAULTSDEPOSITDEPOSIT INSURANCEDEPOSITORDEPOSITSDERIVATIVESDERIVATIVES MARKETSDISCLOSURE REQUIREMENTSDISPUTE RESOLUTIONENFORCEMENT MECHANISMSENFORCEMENT POWERSENFORCEMENT PROCESSEQUITIESEQUITY SECURITIESEXPOSUREEXPOSURESFAIR TRADEFAIR VALUEFINANCE CORPORATIONFINANCIAL CONTRACTSFINANCIAL CRISISFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCIAL TRANSACTIONSFIXED INCOMEFIXED INCOME SECURITIESFOREIGN EXCHANGEFOREIGN INVESTORSFRAUDFUND ASSETSFUND MANAGEMENTFUND MANAGERSFUTURESFUTURES CONTRACTFUTURES EXCHANGEFUTURES MARKETSHEDGE FUNDHEDGE FUND MANAGERSHEDGE FUNDSHOLDINGHOLDINGSILLIQUID SECURITIESINCOME INSTRUMENTSINDEPENDENT JUDICIARYINDIRECT HOLDING SYSTEMSINFORMATION SERVICEINFORMATION SHARINGINFORMATION SYSTEMINFORMATION TECHNOLOGYINSIDER TRADINGINSURANCE COMPANIESINSURANCE CORPORATIONINSURANCE PRODUCTSINSURERSINTERESTS OF INVESTORSINTERNAL CONTROLSINTERNATIONAL BEST PRACTICEINTERNATIONAL COOPERATIONINTERNATIONAL FINANCEINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTMENT MANAGEMENTINVESTMENT STRATEGYINVESTOR BASEINVESTOR PROTECTIONISSUANCEJUDICIAL SYSTEMJURISDICTIONLEGAL FRAMEWORKLEGAL IMPEDIMENTSMARKET CAPITALIZATIONMARKET DEVELOPMENTSMARKET INFRASTRUCTUREMARKET INFRASTRUCTURESMARKET INTERMEDIARIESMARKET INTERMEDIARYMARKET PARTICIPANTSMARKET PRACTICEMARKET PRACTICESMARKET STRUCTUREMARKET SURVEILLANCEMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDMONETARY POLICYMONEY MARKETMONOPOLYMUTUAL SAVINGSPOLICY RESPONSESPORTFOLIOPORTFOLIO MANAGERSPOTENTIAL INVESTORPRICE LIMITSPRIMARY MARKETPRIVATE PLACEMENTPRIVATE PLACEMENTSPRIVATE SECTOR DEVELOPMENTPUBLIC OFFERINGREAL ESTATEREGISTRATION STATEMENTREGISTRATION STATEMENTSREGULATORREGULATORSREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREGULATORY STRUCTUREREGULATORY SYSTEMRESERVERESERVE REQUIREMENTSRETAIL INVESTORSRIGHTS OF SHAREHOLDERSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSSAVINGS BANKSSECONDARY MARKETSSECURITIESSECURITIES BROKERSSECURITIES DEALERSSECURITIES EXCHANGESSECURITIES HOLDINGSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSECURITIES REGULATORSELF-REGULATIONSETTLEMENTSETTLEMENT SYSTEMSETTLEMENT SYSTEMSSHAREHOLDERSSTOCK EXCHANGESTOCK MARKETSTOCK PRICESTOCKSSUPERVISION OF BANKSSUPERVISORY AGENCIESSUPERVISORY AUTHORITIESSUPERVISORY AUTHORITYSYSTEMIC RISKSYSTEMIC RISKSTRADESTRADINGTRADING ACTIVITYTRADING SYSTEMTRADING SYSTEMSTRADING VALUETRANSACTIONTRANSPARENCYTRUSTEETRUSTEESTURNOVERVALUATION10.1596/20580