Regulatory Impact Analysis(RIA) is an important instrument to upgrade quality of regulations. In Korea, the RIA is introduced since 1998 but we have some problem in conducting RIA. This report examines the problem of conducting RIA in financial sector relying to a survey and registered regulation statistics in the Regulatory Reform Committee.
According to the preliminary analysis of Korean financial regulation, there are asymmetry between regulations of bank agencies and non-bank financial institutions. Banking institutions have more standard requirements than command and prohibition type regulations. This concerns the fact that
the Korean financial regulatory agency regulates the same kind of financial product with different laws and principles. It poses efficiency problem when Korean banking institutions extend their business areas.
The survey result on the state of conducting RIA in Korea shows that first, insufficient time to conduct RIA, second, insufficient consulting with regulatees, third, insufficient data collection, fourth, insufficient RIA conducting experience accumulation.
Korean RIA statement has 8 evaluation areas, but most of it has not been sufficiently evaluated. To improve quality of RIA in financial sector, we need to apply more economic evaluation instead of benefit-cost analysis, prepare institutional arrangement to collect and manage financial institution's data, and finally reorganize and simplify 8 evaluation areas and 20 evaluation elements.
분야별 규제영향분석(A study on the regulatory impact analysis: Statement in Financial Sector)
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration
Government and Law < Public Administration