1. Reason for Revision

 As the Financial Investment Services And Capital Markets Act (February 13, 2024) was revised with contents such as prohibition of unhealthy business practices of quasi-investment advisory companies in order to prevent damages to investors by quasi-investment advisory companies’ illegal/unhealthy business practices and to promote quasi-investment advisory companies’ healthy business practices, the aim is to prescribe matters delegated by laws and to provide a procedure for revising the validity of quasi-investment advisory companies.

2. Main contents 

A. Reason for denial of reports of quasi-investment advisory companies (Draft Article 102)

  - Stipulation of legislation on consumer protection-delegated by-laws in the enforcement decrees(Act On Door-To-Door Sales and Act On The Consumer Protection In Electronic Commerce)

B. Quasi-investment advisory companies’ illegal/unhealthy business practices (Draft Article 102-2)

  - Stipulation in the enforcement decree of marks and advice that may harm investor protection or healthy trading order delegated by laws

C. Procedure for revising the validity of quasi-investment advisory companies (Draft Article 102-3)

  - Establishment of procedure for quasi-investment advisory companies to revise their validity not earlier than three months and not later than one month before the termination of their validity