SEOUL (Reuters) - The head of South Korea's financial supervisory agency asked foreign financial firms on Wednesday for preemptive risk management in the face of various uncertainties.
"Especially, I request that you do your best to maintain financial soundness and proactive risk management by pre-emptively responding to recent external and internal uncertainties," Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), told firms.
Representatives from 11 foreign institutions including JPMorgan Chase (NYSE:JPM) Bank, HSBC (LON:HSBA) Bank, MUFG Bank, Yuanta Securities, Goldman Sachs (NYSE:GS) Securities, insurers, and investment companies attended.
Lee also told the meeting, which is held once or twice a year, about progress in regulatory changes and authorities' efforts to improve foreign access to financial markets, the FSS said in a statement.