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  • Partial Amendment to the Enforcement Decree of the Act on the Protection of Financial Consumers
    • Competent Ministry : Financial Services Commission
    • Advance Publication of Legislation : 2022-07-07
    • Opinion Submission Deadline : 2022-08-16

A. Make the scope of professional financial consumers, from whom written confirmations of their willingness to be treated as professional financial consumers should be obtained when transacting over-the-counter derivatives, the same as the scope in the Enforcement Decree of the Financial Investment Services and Capital Markets Act (Article 2 (10))

B. Apply regulations related to linked and affiliated services, even to credit and debit payment measures (Article 3 (1))

C. Allow a domestic branch of a foreign financial company with no board of directors to establish and revise its internal control standards with the approval of an internal decision-making body in which the representative participates (Article 10 (3))

D. Apply the principle of adequacy and appropriateness to foreign currency insurance that may cause loss due to exchange rate fluctuations, etc. (Article (1))

E. Allow the use of means other than electronic signatures that can ensure safety and reliability when obtaining consumers’ confirmations (Article 11-2)

F. Allow uninvited recommendations of investment products only with consumer consent, and even in this case, expand the ban on the recommendation of high-risk products to general financial consumers (Article 16 (1))

G. Allow financial product direct sellers to issue certificates to financial product distribution agents/brokers who are not obligated to register under the Act (Article 24 (2))

Regulatory effect assessment
  • 금융소비자 보호에 관한 법률 시행령(규제영향분석서)_20220705.hwp [download]
Legislative proposal (draft)
  • 금융소비자보호에 관한 법률 시행령 일부개정령(안).hwp [download]