Lee Hyun-seung Announces Candidacy for 7th President of Financial Investment Association
Lee Hyun-seung, the former CEO of KB Asset Management, has officially declared his candidacy for the 7th President of the Financial Investment Association. This announcement comes shortly after Hwang Seong-yeop, the president of Shin Young Securities, made his own candidacy known in September, marking the second official announcement for the associations presidency.
On the 23rd, Lee stated, "The existence of the Financial Investment Association is to foster the growth and value enhancement of its member firms." He emphasized his commitment to understanding the needs and grievances of member firms through tailored communication. Lee aims to support the swift introduction of comprehensive financial investment businesses and comprehensive investment accounts (IMA), which have long been sought after by large securities firms, while also advocating for improvements in the net capital ratio (NCR) regulations for smaller securities companies.
Lee presented three main pledges as part of his campaign: improving the rigid regulatory environment, expanding the separate taxation of dividend income, and revitalizing the digital asset market. He pointed out that many financial firms face difficulties entering new businesses due to unrelated regulatory sanctions, stressing the need to eliminate regulations that do not align with global standards to enhance the competitiveness of the capital market.
He also criticized the lack of consistency among government departments regarding capital markets. Lee noted, "A prime example is the situation where securities firms that participated in government bond market revitalization efforts, in accordance with the Ministry of Economy and Finances policies, found themselves facing hefty fines due to antitrust investigations by the Fair Trade Commission."
Regarding the expansion of separate taxation on dividend income, Lee emphasized the need to extend the separate taxation framework from stocks to funds. He plans to propose lowering the separate taxation rate and applying long-term holding special deductions, which currently apply only to the real estate market, to minority shareholders as well.
In terms of revitalizing the digital asset market, Lee stated, "By introducing instruments such as security token offerings (STOs) and exchange-traded funds (ETFs) for virtual assets, the financial investment industry can secure leadership in the digital asset market." Lees candidacy is poised to bring significant discussions and potential reforms to the financial investment landscape in the country.
On the 23rd, Lee stated, "The existence of the Financial Investment Association is to foster the growth and value enhancement of its member firms." He emphasized his commitment to understanding the needs and grievances of member firms through tailored communication. Lee aims to support the swift introduction of comprehensive financial investment businesses and comprehensive investment accounts (IMA), which have long been sought after by large securities firms, while also advocating for improvements in the net capital ratio (NCR) regulations for smaller securities companies.
Lee presented three main pledges as part of his campaign: improving the rigid regulatory environment, expanding the separate taxation of dividend income, and revitalizing the digital asset market. He pointed out that many financial firms face difficulties entering new businesses due to unrelated regulatory sanctions, stressing the need to eliminate regulations that do not align with global standards to enhance the competitiveness of the capital market.
He also criticized the lack of consistency among government departments regarding capital markets. Lee noted, "A prime example is the situation where securities firms that participated in government bond market revitalization efforts, in accordance with the Ministry of Economy and Finances policies, found themselves facing hefty fines due to antitrust investigations by the Fair Trade Commission."
Regarding the expansion of separate taxation on dividend income, Lee emphasized the need to extend the separate taxation framework from stocks to funds. He plans to propose lowering the separate taxation rate and applying long-term holding special deductions, which currently apply only to the real estate market, to minority shareholders as well.
In terms of revitalizing the digital asset market, Lee stated, "By introducing instruments such as security token offerings (STOs) and exchange-traded funds (ETFs) for virtual assets, the financial investment industry can secure leadership in the digital asset market." Lees candidacy is poised to bring significant discussions and potential reforms to the financial investment landscape in the country.
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