 |
| The headquarters of Financial Supervisory Service (FSS) located on Yeouido, Seoul / Yonhap |
By Anna J. Park
The Financial Supervisory Service (FSS) will conduct a regular inspection on Mirae Asset Securities for the first time in four years.
According to the financial industry Wednesday, the FSS recently sent an official document to the brokerage firm, asking for their cooperation. The inspection is slated to take place at the headquarters of the securities company in central Seoul later this month, following a preliminary two-week-long research investigation.
The last time that the brokerage subsidiary of Mirae Asset Financial Group underwent the regular inspection by the FSS was 2018. Normally, the financial authority's inspection is conducted every three years, but it extended to four years this time due to special circumstances from the global pandemic.
The FSS' investigation is expected to focus on the soundness of the firm's business deals related to real estate project financing (PF), considering increasing risks surrounding the global real estate PF market.
Mirae Asset officials say they expect the regular inspection is aimed at checking a general scope of the firm's entire business, rather than focusing on specific issues.
Earlier this year, the FSS said it'd conduct regular inspections on five local financial companies. So far, the financial watchdog agency conducted regular inspections on four companies, including Samsung Asset Management, Kiwoom Securities, Korea Investment & Securities, and Mirae Asset Global Investments. Regular inspections usually focus on checking on a company's management evaluation and assessment as well as looking into the firm's key and vulnerable businesses spotted during monitoring phases.
![[PHOTOS] It's beginning to look a lot like Christmas](https://img.koreatimes.co.kr/upload/newsV2/images/santa_0001_9a339f16fb3ac.JPG/dims/resize/178/optimize)
![[INTERVIEW] INFINITE's Nam Woo-hyun returns after battling with rare cancer](https://img.koreatimes.co.kr/upload/thumbnailV2/a3c3440b8dc84bce8ca94394a170fef2.jpg/dims/resize/178/optimize)
![[PHOTOS] It's beginning to look a lot like Christmas](http://img.koreatimes.co.kr/upload/newsV2/images/santa_0001_9a339f16fb3ac.JPG/dims/resize/268/optimize)
