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SEC commissioner praises Korea's financial reform
July 8, 2005
The U.S. Securities and Exchange Commission (SEC) on June 22 gave an "A" mark to South Korea's efforts to reform the financial industry in the years following the 1997-98 financial crisis.
"South Korea has made good advances in the finance field since the turmoil. Its past and present reform efforts look positive," SEC Commissioner Roel Campos said in a seminar hosted by the Financial Supervisory Commission (FSC) in Seoul.
Korea "did very well" by pitting the efficiencies of centralized professional management against the potential for abuse, greed and conflicts of interest on the part of management, Campos said.
"The last three years, in fact, have been an incredibly tumultuous period for the world's financial markets, including Korea. And the world is interconnected unlike before -- countries share investors and market participants face similar problems and share solutions," he said.
He greatly valued the willingness of Korea's FSC to participate with the SEC in dialog on important regulatory issues. By sitting across the table from one another, they can truly see the multitude of issues and address them through cooperation, he said.
"Although we may not take identical approaches to common regulatory concerns, I believe that regulators and policymakers in the United States and Korea share important investor protection and market integrity goals," Campos said.
He also asked the FSC to continue to explore obtaining the legal tools necessary to becoming a signatory to the multilateral memorandum of understanding drawn up by the International Organization of Securities Commissions, adding that SEC staff would remain available to provide assistance in this regard.