Korea’s Ministry of Finance and Economy (MOFE) is responsible for policies involving medium to long term economic and social development, including taxation, finance, national treasury, and state-owned properties. MOFE’s responsibilities also include foreign exchange and debt, external economic cooperation, and stabilizing the livelihoods of Koreans.
The Financial Supervisory Commission (FSC) through the Financial Supervisory Service supervises the securities, banking, insurance, and credit management fund sectors. The Securities and Futures Commission was established under the FSC to oversee the securities and futures market.
There are also a number of self-regulatory organizations such as the Korea Securities Dealers Association (KSDA) and the Korea Exchange.
The Korea Securities Depository is the country's sole central securities depository.
The Bank of Korea (BOK) determines and monitors currency exchange controls and administers securities payments systems. The BOK also manages the issuance and redemption of Treasury and Foreign Exchange Equalization Fund Bonds.
The Korea National Tax Service oversees all taxation affairs. |