South Korean regulator undertakes major shake-up


Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS) (see page 12), has initiated a shake-up of the country's chief financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.

The FSS will now operate through nine divisions, each headed by an assistant governor and a deputy governor. There will be a total of 41 departments (down from a current 46 departments) and 204 teams - representing a reduction of

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