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| Article 37 (Withdrawal of Offer) |
| (1) | "Indemnity products, investment products, and loan products prescribed by Presidential Decree" in, with the exception of the subparagraphs, Article 46 (1) of the Act, means financial products classified as follows: |
| 1. | Indemnity products: financial products other than the following: |
| (a) | A guarantee insurance under the Insurance Business Act, which requires a third party's consent to withdrawal of offer; |
| (b) | Liability insurance under the Motor Vehicle Accident Compensation Guarantee Act: |
| (c) | A financial product the indemnity period of which is the period determined and publicly notified by the Financial Services Commission within the limit of one year; |
| (d) | Other indemnity products determined and publicly notified by the Financial Services Commission, the offer withdrawal of which is highly likely to undermine sound market practices. |
| 2. | Investment products: the following financial products: |
| (a) | Highly complex financial investment products under the Enforcement Decree of the Financial Investment Services and Capital Markets Act (applicable only to products which solicits financial consumers only for a certain period of time, and after the end of that period, conducts collective investment with the money paid by financial consumers, etc. pursuant to the Financial Investment Services and Capital Markets Act); |
| (b) | Highly complex financial investment instruments under the Enforcement Decree of Financial Investment Services and Capital Markets Act; |
| (c) | A money trust contract (excluding a specified money trust under the Enforcement Decree of the Financial Investment Services and Capital Markets Act); |
| (d) | Highly complex money trust contract under the Enforcement Decree of Financial Investment Services and Capital Markets Act; |
| 3. | Indemnity products: financial products other than the following: |
| (a) | Facility leasing, installment financing, and deferred payment sales under the Specialized Credit Finance Business Act (applicable only to cases where goods under the relevant contract are provided within the period of offer withdrawal under Article 46 (1) 3 of the Act) |
| (b) | P2P loans under the Act on Online Investment-Linked Financial Business and Protection of Users; |
| (c) | Provision of credit pursuant to Article 72 (1) of the Capital Market and Financial Investment Services Act (applicable only to cases where securities provided as collateral are disposed of within the period of offer withdrawal pursuant to Article 46 (1) 3 of the Act); |
| (d) | Other loan products determined and publicly notified by the Financial Services Commission, the offer withdrawal of which is highly likely to undermine sound market practices. |
| (2) | When calculating the offer withdrawal period under Article 46 (1) of the Act for financial products under paragraph (1) 2 (b) or (d), for financial products for which a consideration period is granted pursuant to Article 99 (4) 1-2 (b) or Article 109 (3) 1-2 (b) of the Enforcement Decree of the Capital Markets and Financial Investment Services Act , the relevant consideration period shall be excluded from the calculation. <Newly Inserted December 8, 2022> |
| (3) | "Method prescribed by Presidential Decree" in Article 46 (2) 1 of the Act means the following methods: <Amended on Dec. 8, 2022> |
| 1. | E-mail; |
| 2. | Mobile phone text message or equivalent electronic expression of intention; |
| 3. | Other information determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1and 2. |
| (4) | When an ordinary financial consumer dispatches a written notice or other means (referring to a written notice or other means under subparagraph 1 of that paragraph) pursuant to subparagraph 1 or 2 of Article 46 (2) of the Act, he or she shall notify the financial product distributor of the fact without delay. <Amended on Dec. 8, 2022> |
| (5) | "Interest prescribed by Presidential Decree" in Article 46 (2) 2 (b) of the Act means interest calculated by applying the interest rate specified in the contract for the relevant financial product for the period from the date when an ordinary financial consumer receives money from a financial product distributor or advisor to the date when he or she the returns money. <Amended on Dec. 8, 2022> |
| (6) | "Expenses prescribed by Presidential Decree, such as fees" in Article 46 (2) 2 (c) of the Act, means the following costs already paid by a financial product distributor or advisor to a third party for the relevant financial product contract: <Amended on Dec. 8, 2022> |
| 1. | Other taxes and public charges, such as stamp tax, etc.; |
| 2. | Expenses incurred in relation to the establishment of a mortgage, etc.; |
| 3. | Other expenses determined and publicly notified by the Financial Services Commission as similar to those under subparagraphs 1and 2. |
| (7) | Where a financial product distributor or advisor returns money (including interest and fees) to an ordinary financial consumer pursuant to Article 46 (3) of the Act, it shall deposit it into an account designated by the relevant ordinary financial consumer. <Amended on Dec. 8, 2022> |
| (8) | Where a financial product distributor or advisor returns money, goods or services to an ordinary financial consumer pursuant to Article 46 (3) of the Act, the amount calculated by multiplying the price of money, goods, or services by an overdue interest rate specified in the contract for the relevant financial product shall be paid on a daily basis. <RAmended on Dec. 8, 2022> |
| (9) | Except as provided in paragraphs (1) through (8), details of matters necessary for the procedure, methods, etc. for exercising the right to withdraw an offer shall be determined and publicly notified by the Financial Services Commission. <Newly Inserted on Jun. 28, 2016> |