Korea's Capital Markets Consolidation Act
 

The Korean government has worked in recent years to establish Korea as a regional financial hub by boosting the country’s still nascent capital markets. In response to the ongoing changes in the global financial environment, the Korean government and the securities industry have promoted deregulation as a tool to drive the growth of the financial industry. The most notable and recent legislation is the Capital Markets Consolidation Act (CMCA). The Act was drafted with significant input from the Korea Securities Dealers’ Association (KSDA), and was passed by Korea’s National Assembly this past July. It will take effect in February of 2009. Its objective is to deregulate Korea’s capital markets, causing a “Big Bang” in the financial sector. According to Kun Ho Hwang, chairman of the Korea Securities Dealers Association, the Act will allow for the formation of a globally competitive investment banking industry. This will enable Korean financial firms to achieve the economies of scope needed to operate on the level of leading global investment banks such as Goldman Sachs and Morgan Stanley. Mr. Hwang will brief The Korea Society on the Act’s provisions and impact on the Korean financial services sector and capital markets.

 
Friday, October 19, 2007

About the Speaker

Kun Ho Hwang has served as chairman of the Korea Securities Dealers Association (KSDA), a leading self-regulatory organization for Korea’s securities industry, since 2004. Prior to joining KSDA, Hwang served as president and CEO of Meritz Securities Co., Ltd., where he won plaudits for producing consistently strong earnings. For his outstanding performance at Meritz, Hwang was awarded the Prime Minister’s Award in 2001. Hwang has also served on numerous government committees dedicated to the development of Korea’s financial industry. 


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