Financial Authorities Extend Deadline for Overseas Financial Institutions to Submit Performance Reports Until End of August

[Asia Economy Reporter Kim Hyo-jin] Financial institutions operating overseas are not required to submit performance reports to our financial authorities until the end of August.

The Financial Services Commission announced on the 13th at a regular meeting held at the Government Seoul Office that this decision was made in consideration of the global spread of the novel coronavirus infection (COVID-19).

According to regulations concerning the overseas expansion of financial institutions, domestic financial institutions operating abroad must submit an annual business performance report within five months after the end of the accounting period. Failure to submit the report within the deadline results in a fine of 7 million KRW.

The financial authorities have actively interpreted exemption reasons such as temporary closure, business suspension, or unknown whereabouts, and recognized the COVID-19 situation as a valid exemption reason.

Accordingly, the financial authorities have decided to extend the deadline for submitting reports and attached documents until August 31. They will review the COVID-19 spread situation in the future to determine whether to further extend the submission deadline.

This content was produced with the assistance of AI translation services.