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| ▲ Lee Chan-jin (R), governor of the Financial Supervisory Service (FSS), poses for a photo with Christine Lagarde, president of the European Central Bank in Basel, Switzerland, on March 11, 2026, in this photo provided by the FSS. (PHOTO NOT FOR SALE). (Yonhap) |
watchdog chief-Basel meeting
FSS chief discusses regulations on banks' capital base, virtual assets at Basel meeting
SEOUL, March 12 (Yonhap) -- The chief of South Korea's financial watchdog has attended a meeting of the Basel Committee earlier this week to discuss pending regulatory issues, including banks' capital rules and risks linked to virtual assets, his office said Thursday.
Lee Chan-jin, governor of the Financial Supervisory Service (FSS), attended the Governors and Heads of Supervision (GHOS) meeting in the Swiss city of Basel on Monday, the top decision-making body of the Basel Committee on Banking Supervision.
The meeting was attended by chiefs of financial watchdogs from major economies and top central bankers.
Participants reviewed progress in implementing the Basel III rules and discussed the potential impact of banks' exposure to virtual assets and climate change-related risks on their overall financial soundness, according to the FSS.
The rules, including revisions to calculation systems for capital requirements and credit risks, were set in the aftermath of the 2008-09 global financial crisis and adopted by major economies.
The FSS chief also met with Christine Lagarde, chief of the European Central Bank (ECB), on Wednesday to share opinions on global financial markets amid the extended crisis in the Middle East.
At the meeting, Lee highlighted Seoul's efforts to stem volatility in the financial market and measures to better protect consumers.
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