The Korea Financial Services Commission has proposed revisions to its outsourcing policies regarding data processing businesses and IT facilities. Among other things, FSC is proposing to eliminate its requirement for (1) prior approval for the outsourcing of IT facilities; (2) offshore outsourcing to be restricted to a financial firm’s head office, branch or affiliates (thus permitting use of third parties); and (3) use of a standardized outsourcing contract form (thus permitting customized contracts provided they include certain obligatory terms).