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South Korea's financial regulator names foreigner as special adviser

South Korea's financial regulator names foreigner as special adviser

South Korea's financial regulator said Thursday it has appointed William Ryback, deputy chief executive of the Hong Kong Monetary Authority, as a special adviser.
The move is part of efforts by the Financial Supervisory Service to develop the country's financial supervision practices and strengthen relations with international financial authorities, it said in a statement.
Ryback, who will retire from the HKMA Aug. 31 after having served since 2003, has been in charge of Hong Kong's banking policy and has supervised the territory's adoption of the Basel II international standard accounting and risk management systems.
The FSS said Ryback will serve as adviser on South Korea's adoption of the new Basel system and the agency's supervision of the local banking industry's risk management. His term will start Oct. 22.
Prior to joining the HKMA, Ryback was senior associate director for banking supervision at the Board of Governors of the U.S. Federal Reserve System, and the Board of Governors representative on the Basel Committee on Banking Supervision from 1986 to 1994.
Analysts expect the appointment of an international figure to ease some concerns among foreigners about fair treatment under South Korea's regulatory and supervision systems, but they aren't certain it will lead to any substantial structural and systematic changes.
Despite continued efforts and policy changes to attract investment from abroad, the country still has a reputation for harboring anti-foreign sentiment, with several foreign investments mired in tax probes and prosecutors' investigations.
The FSS has said it is seeking to improve supervision practices to meet international standards amid an increase in the investment and business activities of global financial institutions in South Korea.
The FSS moved to strengthen ties with international financial agencies in April by appointing the Qatar Financial Center's chief legal officer, Jane Kang Thorpe, and an independent consultant for the International Monetary Fund, Nigel Davies, as advisory consultants.


Updated : 2021-07-25 00:17 GMT+08:00