Industry Sees Korean Move To Loosen Data Rules As Aligning With FTA

After months of hammering away at restrictions they alleged were out of step with the U.S.-South Korea free trade deal, U.S. business lobbyists are expressing satisfaction with a new draft Korean rule that would largely deregulate cross-border transfers of financial data. The draft measure announced by Seoul's Financial Services Commission (FSC) on June 9 would throw out requirements for companies to obtain permission for transfers of financial data to servers outside of Korea and would only require them to report...