(1) Reasons for Proposal

With the legislation of the Financial Consumer Protection Act (Act No. 17112; promulgated on March 24, 2020; to be enforced on March 25, 2021), this Partial Amendment aims to define the registration requirements of financial product sellers and others, specify matters with which financial product sellers and others are required to comply to protect financial consumers, and describe matters delegated from the Act and other things required for the enforcement thereof.

(2) Major Provisions

A. Registration requirements, procedures, internal control standards, and advertising review organization

B. Compliance during business

C. Obligations to provide contract documents and new consumer rights

D. Financial consumer protection status evaluation and supervision