(22)The Financial Services Commission of South Korea and the Financial Supervisory Service of South Korea within the Financial Services Commission have competence in public oversight, external quality assurance and investigations of auditors and audit firms. The Financial Services Commission has overall policy responsibility for audit matters, while the Financial Supervisory Service has responsibility for the conduct of inspections and investigations for the Financial Services Commission. This Decision should cover the Financial Supervisory Service within the Financial Services Commission and the competences of the Financial Services Commission for audit oversight. The Financial Services Commission and the Financial Supervisory Service implement adequate safeguards prohibiting and sanctioning disclosure by their current or former employees of confidential information to any third person or authority. Under the laws and regulations of South Korea, they may transfer to the competent authorities of the Member States documents equivalent to those referred to in Article 47(1) of Directive 2006/43/EC. On that basis, the Financial Services Commission of South Korea and the Financial Supervisory Service of South Korea meet requirements which should be declared adequate for the purposes of Article 47(1)(c) of Directive 2006/43/EC.