1. Reason for revision

The revision aims to revise the standards for supervisory contributions imposed by the Financial Supervisory Service on financial institutions subject to inspection, taking into account environmental changes such as the inclusion of new entities under supervision and changes in accounting standards. Additionally, it seeks to improve other aspects that require operational adjustments.

2. Main contents

a. Provision of standards for imposing supervision contributions on the operators of virtual assets (Article 3-2 of the draft)

With the enforcement of the Act on the Protection of Virtual Asset Users, the operators of virtual assets have been newly included among the entities subject to inspection by the Financial Supervisory Service. Therefore, the proposed amendment provides guidelines on supervision contributions for virtual asset operators.

b. Accommodation of changes in the insurance business sector accounting standards in the guidelines on calculating supervision contributions (Article 3-2 of the draft).

The proposed amendment revises the indicators for calculating supervisory contributions to reflect the new accounting system for the insurance industry (IFRS17), which was introduced in 2023.

c. Improvement of the procedure for collecting additional contributions (Article 3-2 of the draft)

It provides statutory grounds for imposing additional contributions by deferring them to the next year based on the necessary collection procedure in cases where the results of inspections are finalized in the fourth quarter.

d. It provides a basis for deducting liabilities when supervision contributions are calculated for the central federation of mutual cooperatives (Appendix 2 of the draft).

It provides statutory basis for deducting liabilities for federations of credit, agricultural, and fishery cooperatives.