ENFORCEMENT DECREE OF THE ACT ON THE ESTABLISHMENT OF FINANCIAL SERVICES COMMISSION
Presidential Decree No. 15751, Apr. 1, 1998
Amended by Presidential Decree No. 16823, May 29, 2000
Presidential Decree No. 20054, May 16, 2007
Presidential Decree No. 20653, Feb. 29, 2008
Presidential Decree No. 20947, Jul. 29, 2008
Presidential Decree No. 23488, Jan. 6, 2012
Presidential Decree No. 23760, May 1, 2012
Presidential Decree No. 25532, Aug. 6, 2014
Presidential Decree No. 26980, Feb. 12, 2016
Presidential Decree No. 35047, Dec. 3, 2024
Presidential Decree No. 35228, Jan. 21, 2025
Presidential Decree No. 35947, Dec. 30, 2025
| Article 2 (Recommendation of members) |
| (1) | If the term of office of any member of the Financial Services Commission expires under Article 4(1)6 of the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the "Act"), the Chairperson of the Financial Services Commission (hereafter referred to as the "Chairperson" in this Article) shall request the relevant recommendation institution to recommend a candidate at least 30 days prior to such expiration. <Amended on May 29, 2000; May 16, 2007; Feb. 29, 2008> |
| (2) | If the office of a member referred to in paragraph (1) becomes vacant, the Chairperson shall, without delay, request the relevant institution, which had made recommendation for the member, to recommend a candidate. <Amended on May 29, 2000> |
| Article 3 (Establishment registration of Financial Supervisory Service) |
| (1) | The establishment registration of the Financial Supervisory Service shall include the following matters: <Amended on May 29, 2000> |
| 3. | Location of main office; |
| 4. | Name, resident registration number and domicile of the Governor of the Financial Supervisory Service; |
| 5. | Names and resident registration numbers of the Senior Deputy Governors Deputy Governors, and Chief Executive Auditor; |
| 6. | Methods of public announcement. |
| (2) | An application for the establishment registration referred to in paragraph (2) shall be accompanied by the following documents: |
| 1. | Articles of Incorporation; |
| 2. | A certified copy of a certificate of authorization for the Articles of Incorporation. |
| (3) | The members of the establishment committee shall be joint applicants for the establishment registration referred to in paragraph (1). |
| Article 4 (Registration of establishment) |
Where the Financial Supervisory Service establishes a branch office or a local office, it shall file for registration of the name, location, and date of establishment of such office at the location of its principal office within 2 weeks of the establishment.
[This Article Wholly Amended on Jan. 21, 2025]
| Article 5 (Registration of relocation) |
| (1) | If the Financial Supervisory Service relocates its principal office, it shall file for registration the new location and the date of relocation at the former location or the new location within 2 weeks of the relocation. |
| (2) | If the Financial Supervisory Service relocates a branch office or a local office, it shall file for registration of the new location and the date of relocation at the location of its principal office within 2 weeks of the relocation. |
[This Article Wholly Amended on Jan. 21, 2025]
| Article 6 (Registration of modification) |
Where any registered matter under the subparagraphs of Article 3(1) or 4 is modified (excluding cases falling under the registration of relocation under Article 5), the Financial Supervisory Service shall file for registration of such modification at the location of its principal office within 2 weeks of the modification. [This Article Wholly Amended on Jan. 21, 2025]
| Article 7 (Competent register office) |
| (1) | The registration of the Financial Supervisory Service shall be administered by the district court, its branch court, or the registry office having jurisdiction over the location of its principal office. <Amended on Jan. 21, 2025> |
| (2) | Each register office shall keep a register of the Financial Supervisory Service. |
| Article 8 (Documents for verification) |
An application for registration of establishment or change of address of a branch or sub-branch or for that of modification of matters referred to in Article 3(1)1 through 4 and 6 shall be accompanied by documents verifying such establishment, change of address or modification.
| Article 9 (Appointment of agent) |
| (1) | Where the Governor appoints an agent under Article 36 of the Act, the Financial Supervisory Service shall file for registration of the following matters at the location of its principal office within 2 weeks of the appointment: <Amended on Jan. 21, 2025> |
| 1. | Name, resident registration number and domicile of the said agent; |
| 2. | In case any authority of the said agent is restricted, the details of such restriction. |
| (2) | Any employee who may be appointed as an agent of the Governor under Article 36(2) of the Act shall be a person who is engaged in affairs related to legal proceedings for at least two years or has much knowledge and experience on such affairs. |
| Article 10 (Public announcement) |
The Governor shall publicly announce the registered matters at a competent court or register office without delay.
| Article 11 (Application mutatis mutandis to registration) |
Except as otherwise provided in this Decree, the Non-Contentious Case Procedure Act shall apply mutatis mutandis to the registration of the Financial Supervisory Service. In such cases, "head office" and "branch" referred to in the said Act shall be deemed to be "main office" and "branch or sub-branch", respectively. <Amended on May 16, 2007>
| Article 12 (Share of the contributions) |
| (1) | The contribution rate of the contribution pursuant to Article 47(1) of the Act shall be the proportion to be determined annually by the Financial Services Commission, taking into account the size of the contribution by financial sector, total liabilities and operating income (in cases of an insurance company under Article 38(3) of the Act, premium income) of the institution subject to inspection, etc. within the scope of 15/10,000 of the total amount of assets at the end of the preceding business year for each institution subject to inspection pursuant to Article 38 of the Act (if the institution subject to inspection manages collective investment property, discretionary investment property, or trust property pursuant to the Act on Capital Market and Financial Investment Business and the amount calculated by multiplying the sum of collective investment property, discretionary investment property, and trust property by 3/10,000 as at the end of the preceding business year is greater than the amount multiplied by 15/10,000 of the total amount of assets, it shall be 3/10,000 of the total amount of assets), In such cases, the scale of contributions by financial sector shall be determined by the financial resources referred to in subparagraphs 1 through 3 and 5 of Article 46 of the Act, human resources of the Financial Supervisory Service invested in supervision, inspection, etc. of the relevant financial sector. <Amended on Feb. 29, 2008; Jul. 29, 2008; Aug. 21, 2018; Jan. 5, 2021; Mar. 15, 2022; Dec. 3, 2024> |
| 1. | Institutions subject to examination referred to in subparagraphs 1 and 4 through 8 of Article 38 of the Act and other similar institutions subject to examination referred to in subparagraph 9 of that Article, which are determined by the Financial Services Commission; |
| 2. | Institutions subject to examination referred to in subparagraph 2 of Article 38 of the Act and other similar institutions subject to examination referred to in subparagraph 9 of that Article, which are determined by the Financial Services Commission; |
| 3. | Institutions subject to examination referred to in subparagraph 3 of Article 38 of the Act and other similar institutions subject to examination referred to in subparagraph 9 of that Article, which are determined by the Financial Services Commission; |
| 4. | Institutions subject to inspection under subparagraph 9 of Article 38 of the Act, which do not fall under subparagraphs 1 through 3. |
| (2) | The Financial Services Commission shall establish the detailed standards necessary for the calculation of the rate of contributions-sharing referred to in the former part, with the exception of the subparagraphs, of paragraph (1) and the scale of shares in contributions according to financial institutions referred to in the latter part of, with the exception of the subparagraphs, that paragraph. In such cases, it shall, in advance, hear opinions of respective financial institutions. <Amended on Feb. 29, 2008> |
| 1. | Costs actually incurred in operating the Financial Supervisory Service within the scope of its budgeted operating costs; |
| 2. | Contributions referred to in subparagraphs 1 through 3 of Article 46 of the Act (limited to those used for operating costs of the Financial Supervisory Service); |
| (4) | Where the total amount of contributions-share paid pursuant to Article 47(1) of the Act and contributions paid pursuant to Article 442(1) of the Financial Investment Services and Capital Markets Act (hereafter referred to as "total contribution" in this paragraph) exceeds the ceiling under paragraph (3), the Financial Supervisory Service shall refund the sum of the following amounts to the institution that has paid the contribution pursuant to Article 47(1) of the Act in proportion to the amount of the payment; provided, such amount may be carried forward to the following fiscal year when approved by the Financial Services Commission under Article 50, and the amount carried forward shall be considered when collecting contributions for the following year: <Amended on Mar. 15, 2022> |
| 1. | Where the amount obtained by adding the amount referred to in paragraph (3)2 or 3 to the total amount of expense-shares exceeds the budget for operating contributions of the Financial Supervisory Service, the excess amount; |
| 2. | An amount calculated according to the following formula: |
(Operating budget of the Financial Supervisory Service - Expenses actually incurred for the operation of the Financial Supervisory Service) x [(Contributions under Article 47(1) of the Act - The amount under subparagraph 1)/(Total amount of contributions - The amount under subparagraph 1)] | (5) | Except as provided in paragraphs (1) through (4), necessary matters concerning the method, procedure, etc. of the collection and refund of contributions-share shall be determined and publicly notified by the Financial Services Commission. <Amended on Mar. 15, 2022> |
[This Article Wholly Amended on May 16, 2007]
| Article 12-2 (Composition and operation of Contributions-share Management Committee) |
| (1) | The contributions-share Management Committee under Article 47(2) of the Act (hereafter referred to as the "Committee" in this Article) shall deliberate on the following matters: |
| 1. | Subjects of the imposition of contributions-share and the rate system; |
| 2. | The level of imposition of contributions-shares and the mid- to long-term collection plan; |
| 3. | Budget guidelines for the following year to the Financial Supervisory Service; |
| 4. | Other matters referred by the Chairperson of the Committee as deemed necessary. |
| (2) | The Committee shall be comprised of 7members, including 1 chairperson. |
| (3) | The chairperson of the Committee shall be a person designated by the chairperson of the Financial Services Commission from among high-ranking public officials belonging to the Financial Services Commission, and the members of the Committee shall be persons commissioned by the chairperson of the Financial Services Commission from among private experts in the financial field recommended by the following persons: <Amended Dec. 30, 2025> |
| 1. | The Minister of Economy and Finance; |
| 2. | President of the Bank of Korea; |
| 3. | President of the Korea Deposit Insurance Corporation; |
| 4. | Chairman of Korea Federation of Banks; |
| 5. | President of Korea Financial Investment Association; |
| 6. | Chairman of Korea Life Insurance Association. |
| (4) | The term of office of a member commissioned under paragraph (3) shall be three years, and the member may be consecutively reappointed only once. |
| (5) | Where the Chairperson of the Commission is unable to perform his or her duties due to any extenuating circumstances, a member who has been designated in advance shall act on his or her behalf. |
| (6) | The chairperson of the Committee shall convene and preside over meetings of the Committee. |
| (7) | A majority of the members of the Committee shall constitute a quorum, and any decision thereof shall require the concurring vote of at least a majority of those present. |
| (8) | When deemed necessary for deliberation on agenda items, the Committee may require related public officials and experts in relevant fields to attend meetings to hear their opinions. |
| (9) | In order to manage the affairs of the Committee, the Committee shall have one executive secretary, who shall be appointed by the chairperson of the Financial Services Commission from among public officials belonging to the Financial Services Commission. |
| (10) | The Committee may pay allowances and reimburse travel expenses and other necessary expenses within the budget to members from the private sector, relevant experts, etc. who have attended the meetings. |
| (11) | Except as provided in paragraphs (1) through (10), details necessary for the composition, operation, etc. of the Committee shall be prescribed by the Financial Services Commission. |
[This Article Added on Aug. 21, 2018]
[Previous Article 12-2 moved to Article 12-3 <Aug. 21, 2018>]
| Article 12-3 (Public notice of budget and final accounts) |
| (1) | The Financial Supervisory Service shall give public notice of the following matters on its website: <Amended on Feb. 29, 2008> |
| 1. | Objectives of management and plans for the budget and operation; |
| 2. | Statement of final accounts (including financial statements as well as documents annexed thereto); |
| 3. | Status of executives and other employees; |
| 4. | Budgeted personnel expenses and the status of payment thereof; |
| 5. | Other matters determined by the Financial Services Commission. |
| (2) | Matters concerning the standards, procedures, etc. for public notice under paragraph (1) shall be determined by the Financial Services Commission. <Amended on Feb. 29, 2008> |
[This Article Added on May 16, 2007]
[Moved from Article 12-2 <Aug. 21, 2018>]
| Article 13 Deleted. <Mar. 23, 2021> |
| Article 14 Deleted. <Mar. 23, 2021> |
| Article 15 Deleted. <Mar. 23, 2021> |
| Article 16 Deleted. <Mar. 23, 2021> |
| Article 17 Deleted. <Mar. 23, 2021> |
| Article 18 Deleted. <Mar. 23, 2021> |
| Article 19 Deleted. <Mar. 23, 2021> |
| Article 20 Deleted. <Mar. 23, 2021> |
| Article 21 Deleted. <Mar. 23, 2021> |
| Article 22 Deleted. <Mar. 23, 2021> |
| Article 22-2 (Handling of sensitive information and personally identifiable information) |
| (1) | Where unavoidable to perform the following affairs, the Financial Services Commission, the Securities and Futures Commission or Chairman may handle data which contains information on health under Article 23 of the Personal Information Protection Act, information constituting criminal history records provided in Article 18 of the Enforcement Decree of that Act, or a resident registration number, passport number, driver's license number, or alien registration number under Article 19 of that Decree: <Amended on Aug. 6, 2014; Feb. 12, 2016; Mar. 23, 2021> |
| 1. | Emergency measures and follow-up measures under Article 14 of the Act; |
| 2. | Guidance and Supervision over the Financial Supervisory Service and the measures subsequent thereto under Articles 18 and 23 of the Act; |
| 3-2. | Inspection and sanctions under Article 37 of the Act, report and submission of materials under Article 40 of the Act, and follow-up measures therefor; |
| 4. | Deleted; <Mar. 23, 2021> |
| 5. | Deleted; <Mar. 23, 2021> |
| 6. | Request for submission of materials and the submission thereof, and the measures subsequent thereto under Article 58 of the Act; |
| 7. | Report on the outcomes of the inspection and the relevant measures therefor, and the measures subsequent thereto under Article 59 of the Act; |
| 8. | Report, inspection, and the measures subsequent thereto under Article 60 of the Act; |
| 9. | Orders and the measures subsequent thereto under Article 61(1) of the Act; |
| 10. | Full or partial revocation, and the suspension of the execution, of any disposition imposed, and the measures subsequent thereto under Article 61(2) and (3) of the Act; |
| 11. | Cooperation in exchange of materials under Article 65 of the Act; |
| 12. | Request for investigation, submission of materials, and cooperation under Article 65-2 of the Act; |
| 13. | Request for cooperation under Article 67 of the Act (limited where necessary for conducting affairs under subparagraphs 1 through 3 of Article 37 of the Act). |
| (2) | Persons having the authority of recommendation and appointment under Article 4, Article 20, and Article 29 of the Act may process data containing resident registration numbers, passport numbers, or foreigner registration numbers under subparagraph 1, 2, or 4 of Article 19 of the Enforcement Decree of Personal Information Protection Act, where it is extenuating for implementing affairs regarding such recommendation and appointment. <Added on Aug. 6, 2014> |
[This Article Added on Jan. 6, 2012]
| Article 22-3 (Period for compliance with request for inspection or joint inspection) |
By request for any inspection or joint inspection in accordance with the latter part of Article 62(1) of the Act, the Financial Supervisory Service shall, within one month upon receipt of such request, comply therewith. [This Article Added on May 1, 2012]
| Article 23 (Scope of legal fiction as public officials in application of penalty provisions) |
Those employees who are deemed to be public officials in applying the penal provisions of the Criminal Act or other Acts under Article 69(2) of the Act shall be as follows; provided, all the employees of the Financial Supervisory Service shall be deemed to be public officials in applying Articles 129 through 132 of the Criminal Act: <Amended on May 16, 2007; Jul. 29, 2008> | 1. | Heads of offices (including those established under bureaus) and departments on the level of directors; |
| 2. | Heads of branches or sub-branches (including places of business); |
| 3. | Employees carrying out any examination, management guidance or management supervision with respect to financial institutions; |
| 4. | Employees carrying out any investigation of unfair transactions in a securities exchange or a derivatives market under financing-related Acts and subordinate statutes; |
| 5. | Other heads of departments other than offices and bureaus. |
[This Article Added on May 29, 2000]
ADDENDA <Presidential Decree No. 15751, Apr. 1, 1998>
Article 1 (Enforcement date)
This Decree shall enter into force on April 1, 1998; provided, Articles 3 through 22 and Article 3 of the Addenda shall do so on January 1, 1999. Article 2 (Establishment of Financial Supervisory Service)
| (1) | Sections 1, 2, 4 and 5 of Chapter III of the Act shall enter into force on January 1, 1999 under the proviso to Article 1 of the Addenda of the Act. |
| (2) | As used in Article 7(1) of the Addenda of the Act, the term "time provided for by Presidential Decree" means any time prior to July 1, 1998. |
ADDENDUM <Presidential Decree No. 16823, May 29, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20054, May 16, 2007>
Article 1 (Enforcement date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability)
The amended provisions of Article 12 shall apply to shares in contributions paid by institutions subject to examination on or after the date when this Decree enters into force.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement date)
This Decree shall enter into force on the date of its promulgation; provided, the amended part of a Presidential Decree, which was promulgated before the enforcement date of this Decree but the enforcement date of which has not come yet, from among Presidential Decrees amended by Article 2 of this Addenda, shall enter into force on the enforcement date of the relevant Presidential Decree, respectively.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDUM <Presidential Decree No. 23760, May 1, 2012>
This Decree shall enter into force on June 22, 2012.
ADDENDUM <Presidential Decree No. 25532, Aug. 6, 2014>
This Decree shall enter into force on August 7, 2014.
ADDENDA <Presidential Decree No. 26980, Feb. 12, 2016>
Article 1 (Enforcement date)
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29110, Aug. 21, 2018>
This Decree shall enter into force on August 22, 2018.
ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 31553, Mar. 23, 2021>
Article 1 (Enforcement date)
This Decree shall enter into force on March 25, 2021. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 32544, Mar. 15, 2022>
Article 1 (Enforcement date)
This Decree shall enter into force on January 1, 2023.
Article 2 (Applicability to ceiling of contributions-sharing rate)
The amended provisions of Article 12(1) shall begin to apply to the calculation of the rate of contributions-sharing to be paid in 2023 pursuant to Article 47(1) of the Act. Article 3 (Transitional measures concerning refund of contributions-share)
Notwithstanding the amended provisions of Article 12(4), the former provisions shall apply to the refund of contributions-share paid in 2022 pursuant to Article 47(1) of the Act.
ADDENDUM <Presidential Decree No. 35047, Dec. 3, 2024>
This Decree shall enter into force on January 1, 2025.
ADDENDUM <Presidential Decree No. 35228, Jan. 21, 2025>
This Decree shall enter into force on January 31, 2025.
ADDENDA <Presidential Decree No. 35947, Dec. 30, 2025>
Article 1 (Enforcement date)
This Decree shall enter into force on January 2, 2026; provided, the amended provisions of Presidential Decree which have been promulgated before this Decree enters into force, but the enforcement date of which has not arrived, among amended provisions of Presidential Decree under Article 6 of the Addenda, shall enter into force on the date the relevant Presidential Decree enters into force, respectively.