Eun Sung-soo "Comprehensive Survey of Private Equity Funds in Final Stage of Consultation with Financial Supervisory Service"

Eun Sung-soo, Chairman of the Financial Services Commission, is speaking at the voice phishing prevention service demonstration event held at the Shinhan Bank headquarters in Jung-gu, Seoul on the 24th. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Park Jihwan] Eun Seong-su, Chairman of the Financial Services Commission, stated that most of the consultations with the Financial Supervisory Service regarding the investigation method and period for the full-scale survey of private equity funds have been completed.

Chairman Eun said on the 1st, after attending the 'Korea Investment Corporation 15th Anniversary Seminar' and meeting with reporters, "I understand that consultations with the Financial Supervisory Service regarding the full-scale survey of private equity funds have been almost completed."

Chairman Eun emphasized, "The purpose of conducting a full-scale survey of private equity funds is not to inconvenience or pressure the asset management companies, but to verify whether the assets are present as originally intended."

Regarding the investigation method, he said, "It is practically impossible for the Financial Supervisory Service team in charge to conduct the full-scale survey alone. Besides the team originally responsible for audit tasks, support from other teams is necessary, and with assistance from external distributors, custodians, and if needed, the Korea Deposit Insurance Corporation, it should be possible without major difficulties."

Chairman Eun stated, "If any issues arise through the full-scale survey, we will then pursue legal amendments," and said there are no immediate plans to introduce additional private equity fund system improvements.

He emphasized, "If an asset management company is found to have committed drunk driving, would we not investigate? If there is any problem, it should be revealed through investigation, which I believe is appropriate from the perspective of investor protection."

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