Korea Securities Depository(KSD), Being Lifted From Public Institutions
NSP NEWS, By soon ki Lee Journali
END7, Read 0(Seoul=NSP News Agency) soon ki Lee Journalist = The Korea Securities Depository(KSD) has been lifted from public institutions. However, the management and supervision of the Financial Services Commission will continue in accordance with the Capital Market Act.
The Ministry of Economy and Finance(MOEF) explained, “It has decided to lift the KSD from the designation as a public institution as it fails to meet the requirements for designation as a public institution under the Act on the Management of Public Institutions.”
According to MOEF, KSD did not meet the requirements for the requirements for designation as a public institution(more than 50% of the government subsidy) as the proportion of government subsidies, such as exclusive income, has continuously decreased under the Act since the enforcement of the Electronic Securities Act in September 2019. The Financial Services Commission plans to continue its management and supervision efforts in accordance with the Capital Markets Act and the management agreement signed with the KSD in 2015.
The Ministry of Economy and Finance(MOEF) explained, “It has decided to lift the KSD from the designation as a public institution as it fails to meet the requirements for designation as a public institution under the Act on the Management of Public Institutions.”
According to MOEF, KSD did not meet the requirements for the requirements for designation as a public institution(more than 50% of the government subsidy) as the proportion of government subsidies, such as exclusive income, has continuously decreased under the Act since the enforcement of the Electronic Securities Act in September 2019. The Financial Services Commission plans to continue its management and supervision efforts in accordance with the Capital Markets Act and the management agreement signed with the KSD in 2015.
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In particular, it plans to ensure that KSD’s organization, manpower, budget, and management performance are properly controlled through the management evaluation committee currently in operation.
In addition, by having the major management-related matters of management evaluation committee disclosed on the website of the KSD every year, appropriate external control will be implemented.
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