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| Article 2 (Definitions) |
| (1) | "Others prescribed by Presidential Decree" in subparagraph 1 (f) of Article 2 of the Act on the Protection of Financial Consumers (hereafter referred to as "the Act") means the following financial products: <Amended on Sep. 10, 2024> |
| 1. | A credit service under subparagraph 1 of Article 2 of the Act on Registration of Credit Business, etc. and Protection of Finance Users; |
| 2. | Deposits, loans, and credit under the Credit Unions Act; |
| 3. | P2P investment (hereafter referred to as "P2P investment") and P2P loans defined under subparagraph 1 of Article 2 of the Act on Online Investment-Linked Financial Business and Protection of Users; |
| 4. | Trust contract (hereinafter referred to as "trust contract") and discretionary investment contract (hereinafter referred to as "discretionary investment contract") pursuant to Article 9 (4) of the Financial Investment Services and Capital Markets Act. |
| 4-2. | Deferred payments in small amounts under Article 35-2 of the Electronic Financial Transactions Act; |
| 5. | Deposits and loans under the Industrial Bank of Korea Act; |
| 6. | Deposits and loans under the Industrial Bank of Korea Act; |
| 7. | Other financial products determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1 through 6. |
| (2) | "Businesses prescribed by Presidential Decree" in the proviso, with the exception of the items, of subparagraph 2 of Article 2 of the Act means any of the following businesses: |
| 1. | The Secured Bond Trust Act; |
| 2. | Businesses under Article 7 (6) 1, 2, or 4 of the Financial Investment Services and Capital Markets Act; |
| 3. | Copyright trust management business under the Copyright Act; |
| 4. | Other businesses determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1 through 3. |
| (3) | "Finance-related statute prescribed by Presidential Decree" in the proviso, with the exception of the items, of subparagraph 3 of Article 2 of the Act means any of the following businesses: <Amended on Sep. 10, 2024> |
| 1. | The Act on the Guarantee of Workers' Retirement Benefits; |
| 2. | The Agricultural Cooperatives Act; |
| 4. | The Insurance Business Act; |
| 5. | The Mutual Savings Banks Act; |
| 6. | The Fisheries Cooperatives Act; |
| 7. | The Credit Unions Act; |
| 10. | The Banking Act; |
| 12-2. | The Electronic Financial Transactions Act; |
| 13. | Other information determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1 through 12. |
| (4) | "Other activities prescribed by Presidential Decree" in subparagraph 4 (b) of Article 2 of the Act means the following: |
| 1. | Financial product advice under the main clause, with the exception of the items, of subparagraph 4 of Article 2 (hereinafter referred to as "financial product advice") provided by a lawyer, patent attorney, or tax accountant pursuant to of the Attorney-at-Law Act, the Patent Attorney Act, the Tax Accountant Act, etc.; |
| 2. | Financial product advisory provided by fund rating companies, bond rating companies, credit rating companies, and other similar entities under the "capital market and financial investment services act" in accordance with the relevant laws; |
| 3. | Financial product advisory provided by a financial product seller incidental to the financial product sales business without separate compensation; |
| 4. | Other advices determined and publicly notified by the Financial Services Commission as similar to financial products under subparagraphs 1 through 3. |
| (5) | "Persons prescribed by Presidential Decree" in subparagraph 6 (f) of Article 2 of the Act means the following: <Amended on Sep. 10, 2024> |
| 1. | Financial product direct sellers and financial product advisors registered pursuant to under Article 12 (1) of the Act; |
| 2. | Currently-run financial investment entities prescribed in Article 8 (9) of the Financial Investment Services and Capital Markets Act; |
| 3. | Among prepayment business operators under Article 25-2 (1), with the exception of its subparagraphs, of the Electronic Financial Transactions Act, a person who concurrently engages in the business of deferred payment in small amounts under Article 35-2 (1) of that Act. |
| (6) | "Persons prescribed by Presidential Decree" in subparagraph 7 (h) of Article 2 of the Act means the following: |
| 1. | Financial product distribution agents or brokers who register pursuant to under Article 12 (1) of the Act; |
| 2. | Any of the following persons under the Act on Registration of Credit Business, etc. and Protection of Finance Users: |
| a. | Credit service providers (hereafter referred to as "credit service provider") who register pursuant to Article 3 (2) of the Act on Registration of Credit Business and Protection of Finance Users; |
| b. | A person who registers a loan brokerage business pursuant to Article 3 (1) or (2) of the Act on Registration of Loan Business, etc. and Protection of Financial Users, and arranging loans through brokerage by concluding a consignment contract with a credit service provider (hereinafter referred to as "loan broker"); |
| 3. | The National Credit Union Federation of Korea under the Credit Unions Act (limited to mutual aid businesses); |
| 4. | An online investment-linked financial business entity under the Act on Online Investment-Linked Financial Business and Protection of Users (hereinafter referred to as "online investment-linked financial business entity"); |
| 5. | Collective investment business entities under Article 22 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "financial investment business"), securities finance companies, short-term finance companies and fund brokerage companies under the Financial Investment Services and Capital Markets Act; |
| 6. | Other persons determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1 through 5. |
| (7) | "Person prescribed by Presidential Decree" in the proviso, with the exception of the items, of subparagraph 9 of Article 2 of the Act means any of the following persons: |
| 1. | In cases of loan products under subparagraph 2 of Article 3 of the Act (hereinafter referred to as "loan products"): corporations, associations, or organizations with five or more full-time employees; |
| 2. | In cases of investment products under subparagraph 3 of Article 3 of the Act (hereinafter referred to as "investment products"), any of the following persons: |
| (a) | A listed corporation under the items of subparagraph 9 (d) of Article 2 of the Act; |
| (b) | A public institution that manages and operates the fund established pursuant to the Acts under attached Table 2 of the "National Finance Act" (excluding the Technology Finance Corporation under the Korea Technology Finance Corporation Act and the Korea Credit Guarantee Fund under the Korea Credit Guarantee Fund Act; |
| (c) | A corporation, cooperative, organization that manages a mutual aid business pursuant to relevant Acts; |
| (d) | A corporation and organization who falls under Article 10 (3) 16 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act; |
| (e) | An individual who falls under Article 10 (3) 17 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act; |
| (f) | A listed corporation on a foreign securities market; |
| (g) | Local governments; |
| 3. | In cases of indemnity products under subparagraph 4 of Article 3 of the Act (hereinafter referred to as "investment products"), any of the following persons: |
| a. | A person who fall under subparagraph 2 (a), (b), (f) or (g); |
| b. | Any of the following foreign corporations: |
| (i) | A financial company; |
| (ii) | A person provided in paragraph (6) 3 through 6; |
| (iii) | A financial holding company established under the Financial Holding Companies Act; |
| (c) | A person falling under Article 6-2 (3) 18 of the Enforcement Decree of the Insurance Business Act; |
| (8) | "A financial company prescribed by Presidential Decree" in subparagraph 9 (c) of Article 2 of the Act means any financial companies: |
| (9) | "Concluding a contract for an investment product or conducting other relevant transactions prescribed by Presidential Decree" in subparagraph 9 (d) of Article 2 of the Act means the conclusion of a contract for over-the-counter derivatives under the Financial Investment Services and Capital Markets Act (hereinafter referred to as "over-the-counter derivatives"); or soliciting or accepting an offer to conclude a contract. |
| (10) | "Other persons prescribed by Presidential Decree" in subparagraph 2 (9) e of Article 2 of the Act means the amount classified as follows: <Amended on Dec. 8, 2022; Aug. 1, 2023> |
| 1. | In cases of deposit products under subparagraph 1 of Article 3 of the Act (hereinafter referred to as "deposit products"), any of the following persons: |
| (a) | A public institution under the Act on the Management of Public Institutions whose competent agency is the Financial Services Commission; |
| (b) | A financial holding company under the Financial Holding Companies Act; |
| (c) | The Export-Import Bank under the Export-Import Bank of Korea Act; |
| (d) | The Korea Investment Corporation under the Act On The Establishment, Etc. Of Financial Services Commission; |
| (e) | A person falling under any of paragraph (6) 3 through 6; |
| (f) | A person who falls under paragraph 7 (2) b or c; |
| (g) | A person who does not fall under any of the following: |
| (i) | A person who does not reach majority under Article 4 of the Civil Act; |
| (ii) | A person under adult guardianship and limited guardianship; |
| (iii) | A person who is 65 years of age or older; |
| (h) | Other persons as similar to those provided in items (a) through (f), as determined and publicly notified by the Financial Services Commission; |
| 2. | In cases of a loan product, any of the following persons: |
| (a) | A concurrent loan service provider under Article 3 (3) 2 of the Specialized Credit Finance Business Act; |
| (b) | A corporation, association, or organization with at least five full-time employees; |
| (c) | A financial product agent and broker dealing with loan products; |
| (d) | Corporations determined and publicly notified by the Financial Services Commission, among corporations established for specific purposes, such as acquisition of assets or financing; |
| (e) | A person falling under subparagraph 1 (a) through (f); |
| (f) | Other persons as similar to those provided in items (a) through (3), determined and publicly notified by the Financial Services Commission; |
| 3. | In cases of an investment product, any of the following persons: |
| (a) | An electronic registry under the Act on Electronic Registration of Stocks and Bonds; |
| (b) | A corporation and organization who falls under Article 10 (3) 16 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act; |
| (c) | An individual who falls under Article 10 (3) 17 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act; |
| (d) | A financial product agent and broker dealing with investment products; |
| (e) | A person falling under subparagraph 1 (a) through (f); |
| (f) | Other persons as similar to those provided in items (a) through (3), determined and publicly notified by the Financial Services Commission; |
| 4. | In cases of an indemnity product, any of the following persons: |
| (a) | A premium rate calculation agency under the Insurance Business Act; |
| (b) | An insurance-related organization referred to in the Insurance Business Act; |
| (c) | A person falling under Article 6-2 (3) 18 of the Enforcement Decree of the Insurance Business Act; |
| (d) | A financial product agent and broker dealing with indemnity products; |
| (e) | A person falling under subparagraph 1 (a) through (f); |
| (f) | Other persons as similar to those provided in items (a) through (3), determined and publicly notified by the Financial Services Commission; |
| (11) | Notwithstanding paragraph 10 (3), if any of the following persons enters into a contract with a financial product seller or financial product advisory business regarding over-the-counter derivatives or makes an offer to enter into a contract, he or she shall be deemed a professional financial consumer only if he or she notifies the financial product seller or financial product advisor in writing of his or her intention to be treated the same as a professional financial consumer. <Newly Inserted on Dec. 8, 2022> |
| 1. | A person who falls under paragraph 10 (3) b or c; |
| 2. | A person who falls under paragraph 10 (3) e and under subparagraph 1 (f) of the same paragraph; |
| 3. | A person determined and publicly notified by the Financial Services Commission, from among those referred to in subparagraph 3 (f) of Article 10; |