Financial Supervisory Service, Revamps Reporting System for General Private Equity Funds

Report File Submission Method → Data Entry Method

Financial Supervisory Service, Yeouido, Seoul. Photo by Younghan Heo younghan@

On the 15th, the Financial Supervisory Service (FSS) announced that it will revamp the general private equity fund reporting system from the existing report file submission method to a data input method.

Looking at the status of general private equity fund reports, an average of 11,349 cases per year were reported from 2021 to 2023. As the workload increases, the possibility of review backlogs has also grown.

To facilitate convenient reporting, the FSS will standardize the report contents into multiple-choice (or short-answer) formats. Functions such as report printing by the preparer and fund name search will also be provided.

The reporting method will be changed mainly to a data input method to make reviews easier. Review convenience features such as keyword search in fund agreements will also be introduced.

The FSS plans to hold a user briefing session for asset management company reporting officers in April. Additionally, explanatory materials will be posted on the bulletin board of the FINES Financial Information Exchange Network website.

The FSS stated, "We expect that asset management companies will be able to report more conveniently," and added, "We anticipate that work efficiency will be improved and processing time for submissions will be shortened."