Programs and Activities for 2015
New Priorities and Goals for 2015:
Strengthening policy recommendations for the government and Promoting communication between market participants and policymakers/regulators to achieve consensus on removing unnecessary regulations hindering the development of local financial markets.
Ever since the Seoul Financial Forum was founded in October 2001, the Forum has been an active champion behind Korea’s IFC initiative as well as financial reform. Thanks in no small part to the Forum’s vigorous advocacy, the Roh Moo-hyun government embraced IFC as part of its national agenda to launch a comprehensive program of financial regulatory reform. One of these efforts was the Capital Market and Financial Investment Business Act, which was legislated and promulgated in 2007 and enforced in 2009, introducing the negative list system as Korea's new financial regulatory framework. Faced with the global financial crisis and its aftermath, however, the Lee Myung-bak government was forced to give up top priority to survival, which meant a setback for the IFC initiative and financial reform. Although Korea has since succeeded in tiding over the crisis, it is now faced with a set of new challenges such as decelerating growth, increasing unemployment, deteriorating income distribution, and weakening profitability of local financial companies in particular, which we must now step up to help address going forward.
In order to help Korea overcome these challenges, we need to achieve consensus on extensive regulatory reform across the financial sector, as the sector can become a true growth engine for the national economy if allowed to realize its full potential.
As such, the Forum would like to define our primary goal for 2015 as follows - “strengthening policy recommendations for the government and promoting communication between market participants and policymakers/regulators to achieve consensus on extensive financial reform to remove unnecessary regulations hindering the development of local financial markets." .
To advance this goal, the Forum intends to encourage policymakers and regulators to engage input from market participants in setting the regulatory reform agenda. To this end, we will host as many policy dialogue sessions as possible to submit policy recommendations - our own and from market participants - more directly to top policymakers and regulators.
The Forum will also explore opportunities to develop Korea into an international financial center by stimulating convergence between finance and sectors such as IT, engineering and law - as this convergence is expected to contribute to opening up new vistas for the local financial sector. In this vein, the Forum plans to organize special events on “Korea as a Fintech Hub," "Korea's Potential as an Infrastructure Project Financing Hub," and "Convergence between Law and Finance: Why and How," etc.
In line with these priorities and goals, the SFF will carry out the following programs and activities.
Policy Dialogues with High-ranking Policymakers and Political Leaders
In order to achieve consensus on extensive financial reform to remove unnecessary regulations by promoting communication between market participants and policymakers/regulators, the Forum intends to organize as many policy dialogue sessions as possible with both top and working-level policymakers, including the Blue House, the MOSF, the FSC, and the FSS.
Dialogue partners will include:
- Blue House
- Minister/Vice Minister, Ministry of Strategy and FinanceChairman/ Vice Chairman, Financial Services CommissionGovernor/Senior Deputy Governor, Financial Supervisory ServiceGovernor, Bank of Korea
- Political leaders of major parties
- Chairpersons and other key members of various committees on banking and financial policies within the National Assembly
Public Seminars and Conferences
Notably, the Forum intends to organize conferences on “Korea as a Fintech Hub (1H 2015)," "Korea's Potential as an Infrastructure Project Financing Hub (2H 2015)," and "Convergence between Law and Finance: Why and How (2H 2015)," exploring opportunities to open up new vistas for the local financial sector.
The Forum will hold one to two breakfast seminars every month on critical policy issues as well as the latest developments on the regional and global financial markets featuring speakers from in and outside of the Forum. In particular, the Forum will organize several breakfast seminars with Japanese and Chinese experts as guest speakers to help further financial cooperation in the wider region by deepening our understanding of the regional financial markets.
The Forum will host lectures featuring high-ranking policymakers and regulators, as well as distinguished experts of worldwide renown not only to hear their views on developing Korea’s economy and financial markets, but also to discuss the most relevant and up-to-date economic and financial issues of the day.
The SFF plans to organize or support international conferences whose goals coincide with those of our Forum, to help secure broad regional and international support for Korea’s IFC initiative and financial reform, gain foreign input into the local policy formulation process, identify key business opportunities across the regional and global financial markets, and also promote regional financial cooperation.
As part of ongoing efforts to strengthen our international networking with financial centers abroad, the Forum will participate in public seminars and conferences held in various financial centers across the world, with accompanying tours arranged for each host city.
Research and Publications
The Forum will issue position papers, policy memorandums and consultancy papers on critical and timely issues of concern. If necessary, the Forum may conduct research projects commissioned by the government or other private sector institutions.