Digital Chosun – Uri Party to Clip Confidentiality on Hedge Funds The ruling Uri Party said Sunday it wants to revise regulations so domestic and foreign financial institutions can exchange information to monitor the doings of overseas hedge funds.
“We need a cooperative system that enables domestic and foreign financial authorities to exchange information on financial transactions of individuals and corporations in order to deal with unfair transactions and market disturbances by foreign capital,†Moon Seok-ho, the chairman of a policy committee, told a press conference. Currently financial firms are forbidden to swap information about their transactions.
The decision comes amid charges that foreign investment funds such as Lone Star and Hermes have found it easy to dodge taxes on foreign currency transactions because financial authorities lack the legal wherewithal to monitor them properly.
