KOFIA Chairman Seo says, “I will become a servant of member companies”
KOFIA Chairman Seo says, “I will become a servant of member companies”
  • Lee ji
  • 승인 2023.01.19 09:19
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Presenting key operational strategies such as overcoming crises

Chairman Seo Yoo-seok of the Korea Financial Investment Association (KOFIA) said, "I will actively push for my pledge as the working leader of the association," suggesting four key operational strategies, including overcoming the crisis and protecting investors.

Holding his first press conference in Yeouido, Seoul on Jan. 17, Chairman Seo said, "I will keep my pledge to become the working chairman of the association. The first pledge is to overcome the liquidity crisis."

He said that overcoming the crisis is the top priority as the real economy, including domestic and foreign capital markets, is experiencing a slump due to the prolonged Ukrainian war.

Chairman Seo Yoo-seok of the Financial Investment Association, speaks at a press conference in Yeouido, Seoul on Jan. 17.
Chairman Seo Yoo-seok of the Financial Investment Association, speaks at a press conference in Yeouido, Seoul on Jan. 17.

Chairman Seo said, "We will work closely with government authorities and related agencies to help stabilize the short-term fund market," adding, "We will do our best to achieve the desired purpose of the asset-backed corporate bill (ABCP) purchase program agreed by the securities industry on a grand scale."

At the same time, he commented on the following key tasks--△supply of venture capital and advancement of asset management of the people △ revival of the stagnant public offering fund market △ improvement of capital market infrastructure and preparation for future business △ protection of investors.

In the case of the public offering fund market, which has experienced a slump, it plans to take the lead in introducing and revitalizing long-term investment tax-free funds and improving the listing process of Exchange Traded Fund (ETF).

Chairman Seo said, "We will allow the Private Equity Fund to lead capital market innovation again," adding, "This year will be the first year of great money moves to the private pension market."

While forming a task force dedicated to financial investment income tax, we plan to draw reasonable solutions to the issue of taxation of dividend income by private equity funds in terms of taxation rationalization.

Chairman Seo said, "We will steadily prepare to inform the world of the status of the Korean capital market and provide practical help such as overseas investment and expansion of the industry. We will also propose easing regulations on foreign exchange and overseas operations."

The Korea Financial Investment Association also plans to support strengthening internal control of member companies and implement efficient and practical self-regulation.

In this regard, the organization and manpower centered on member companies have recently been rearranged.

Chairman Seo stressed, "Through the reorganization of the personnel organization, we have assigned a lot of manpower to industrial departments that have contact points with the association so that we can communicate a lot."

According to the Door-to-Door Sales Act, which took effect last month, it also announced a plan to continuously overhaul model standards so that door-to-door sales can be settled.

Chairman Seo said, "The financial investment income tax has been suspended for two years, but we need to discuss it again after classifying it as dividend income tax.” We will actively collect industry opinions to discuss it with the authorities and discuss it so that financial investment income tax can be reasonably settled."

Chairman Seo vowed that the association will be reborn as a member company-centered association.

He said, “The answer to our question lies in the member company's field. We will be a ‘servant of a member company’ who listens to the member companies with a sense of responsibility and does everything with sincerity.”

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