LEGAL REGULATION OF THE FINANCIAL SYSTEM OF SOUTH KOREA
The article notes that South Korea is known for its impressive economic growth from one of the poorest countries in the world to a developed country with a high income level in just one generation. The financial system of South Korea is governed by general regulations, such as: The Financial Industry Structural Improvement Act 1991 as amended 2013; The Act on Corporate Governance of Financial Companies 2015; The Financial Holding Company Act 2010. Banking activity is regulated by the following main regulatory acts: The Banking Act of 1950, as amended 2013; Bank of Korea Act 1950, as amended 2018; The Electronic Financial Transactions Act 2006 as amended 2013; The Foreign Exchange Transactions Act 1998 as amended 2000; The Financial Investment Services and Capital Markets Act 2007 as amended 2014; The Depositor Protection Act 1995, as amended 2013; Debt and Bankruptcy Rehabilitation Act 2005.