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  • [금융/투자/외환] Partial Amendment to the Enforcement Decree of the Mutual Savings Bank Act
    • Competent Ministry : Financial Services Commission
    • Advance Publication of Legislation : 2018-04-05
    • Opinion Submission Deadline : 2018-05-15

(1) Reasons for Proposal
The Amendment encourages region-specific operation by relaxing regulations on the establishment of branch offices; prescribes matters concerning customer protection that shall be included in loan advertisements placed by a savings bank; and improve the system for examining qualifications of large shareholders, thereby addressing several issues that have emerged during system operation.

(2) Major Provisions

A. Relax regulations on the establishment of savings bank branch offices (Article 6-3, paragraph 7, subparagraph 1)
Promote the region-specific operation of a savings bank by reducing the amount required to establish a branch office within the business area of a savings bank to 50/100 of the amounts falling under the subparagraphs of Article 5 (1) of the Act, and by relaxing the requirements such that a local office and a local office specializing in credit finance may be established without any capital increase

B. Prescribe examination standards for authorizing the dissolution, discontinuance, etc., of a savings bank (Article 6-4)
Provide examination standards for authorizing the dissolution, merger etc. of a savings bank to consider such factors as the rationalization and streamlining of the finance industry, protection of depositors and other customers, its influence on the maintenance of financial order, etc.

C. Improve the system for examining qualifications of large shareholders of a savings bank (Article 7-4, paragraph 7; Article 26, paragraph 1, subparagraph 6; attached Table 1, subparagraph 5; attached Table 2, subparagraph 5; attached Table 3, subparagraph 5)

Modify the qualification requirements for a large shareholder of a savings bank to match that of other industries; entrust the Governor of the Financial Supervisory Service to examine a standardized stock acquisition, thereby improving the relevant systems

D. Prescribe grounds for the sharing of administrative information of savings banks (Article 8-3, attached Table 6)
Enhance convenience for financial consumers by prescribing grounds on which to allow savings banks to share administrative information subject to sharing under the Electronic Government Act during the course of work

E. Specify matters concerning customer protection to be included in loan advertisements (Article 11-4, paragraphs 6 and 7)

Enhance the protection for customers of mutual savings banks by specifying that a loan advertisement placed by a mutual savings bank shall include such matters as a statement warning of the risk of a decrease in credit rating in relation to the loan, and a statement warning of the risk of disadvantages that may result from a decrease in credit rating

Regulatory effect assessment
  • (붙임4) 규제영향분석서(상호저축은행법 시행령).hwp [download]
Legislative proposal (draft)
  • (붙임1) 금융위원회 공고 제2018-92호(상호저축은행법 시행령).hwp [download]