South Korea joins multilateral agreement for strengthened financial regulation

The committee consists of capital market supervisors and regulators from 22 countries in the region.

South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) officially joined the multilateral memorandum of understanding (MMoU) of the Asia Pacific Regional Committee (APRC) under the International Organisation of Securities Commissions (IOSCO). 

The MMoU aims to strengthen supervisory cooperation and information exchange on securities and derivatives markets among regulators in the Asia Pacific region. 

The APRC consists of capital market supervisors and regulators from 22 countries in the Asia Pacific region. 

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Before Korea's participation, 10 member countries had already signed up for the MMoU, including Hong Kong, Japan, Australia, Singapore, Taiwan, New Zealand, Malaysia, Mongolia, Thailand, and Bangladesh. 

By signing the MMoU, the FSC and the FSS anticipate enhanced supervisory cooperation with overseas regulators. 

The regulator said this initiative builds on Korea's previous participation in the IOSCO MMoU and E-MMoU frameworks in 2010 and 2019, respectively, to strengthen cooperation in investigating unfair trading activities and facilitating information sharing and exchange.