Financial Services Commission Establishes Deliberation Committee to Designate Key Financial Transaction Indicators

[Asia Economy Reporter Hyungsoo Park] The Financial Services Commission (FSC) has decided to establish a committee to deliberate on the designation and cancellation of important financial transaction indicators.

The FSC prepared the enforcement decree and supervisory regulations on the 18th to detail the provisions delegated by the "Act on the Management of Financial Transaction Indicators," which was enacted last November.

The Financial Transaction Indicators Act primarily manages financial transaction indicators calculated by the private sector, such as CD rates, KOSPI 200, and COFIX, and designates the institutions that calculate these indicators. Once designated as an important indicator calculation institution, a management committee for important indicators must be formed with at least five expert members. At least two external members must be appointed.

The act also specifies in detail the obligations of important indicator calculation institutions, including reviewing the appropriateness of calculation work regulations, checking compliance, and preserving data. The FSC plans to hold a deliberation committee within the year to finalize the criteria for designating important indicators.

The FSC explained, "We will establish a financial indicator management system that complies with international standards," adding, "This will enhance the transparency and reliability of the financial market."

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