No. 17292
Promulgation Date 2020-05-19
Financial Services Commission
ALL
CHAPTER I GENERAL PROVISIONS
Article 1 (Purpose)
Article 2 (Definitions)
Article 3 (Types of Financial Products)
Article 4 (Classification of Financial Companies and Other Relevant Persons by Type of Business)
Article 5 (Scope of Application)
Article 6 (Relationship to Other Statutes)
CHAPTER II RIGHTS AND RESPONSIBILITIES OF FINANCIAL CONSUMERS AND RESPONSIBILITIES OF STATE AND FINANCIAL PRODUCT DISTRIBUTORS AND ADVISORS
Article 7 (Fundamental Rights of Financial Consumers)
Article 8 (Responsibilities of Financial Consumers)
Article 9 (Responsibilities of the State)
Article 10 (Responsibilities of Financial Product Distributors and Advisors)
CHAPTER III REGISTRATION OF FINANCIAL PRODUCT DISTRIBUTORS AND ADVISORS
Article 11 (Prohibition of Business Activities of Persons Other than Financial Product Distributors and Advisors)
Article 12 (Registration of Financial Product Distributors and Advisors)
CHAPTER IV OBLIGATIONS OF FINANCIAL PRODUCT DISTRIBUTORS AND ADVISORS IN BUSINESS ACTIVITIES
Section 1 General Principles of Business Activities
Article 13 (Guidelines for Interpretation of Obligations in Business Activities)
Article 14 (Duty of Good Faith)
Article 15 (Non-Discrimination)
Article 16 (Responsibility of Financial Product Distributors and Advisors for Management)
Section 2 Obligations in Business Activities by Types of Financial Products
Article 17 (Principle of Suitability)
Article 18 (Principle of Appropriateness)
Article 19 (Obligation to Explain)
Article 20 (Prohibition of Unfair Business Activities)
Article 21 (Prohibition of Unfair Solicitation)
Article 22 (Obligations Relating to Advertisements of Financial Products)
Article 23 (Obligation to Provide Contract Documents)
Section 3 Obligations in Business Activities by Types of Business of Financial Product Distributors and Advisors
Article 24 (Prohibition of Agency or Brokerage for Distribution of Financial Products through Unregistered Persons)
Article 25 (Prohibited Acts of Financial Product Agents and Brokers)
Article 26 (Obligation of Financial Product Distribution Agents and Brokers to Notify)
Article 27 (Rules on Business Activities of Financial Product Advisors)
Article 28 (Keeping, Maintenance, and Management of Records)
CHAPTER V PROTECTION OF FINANCIAL CONSUMERS
Section 1 Establishment of Policies for Financial Consumers and Financial Education
Article 29 (Protection of Financial Consumers)
Article 30 (Financial Education)
Article 31 (Financial Education Council)
Article 32 (Pubic Disclosure of Comparison of Financial Products)
Section 2 Mediation of Financial Disputes
Article 33 (Organization for Mediation of Financial Disputes)
Article 34 (Composition of Mediation Committee)
Article 35 (Withdrawal of Appointment, and Cancellation of Commissioning, of Members of Mediation Committee)
Article 36 (Mediation of Disputes)
Article 37 (Meetings of Mediation Committee)
Article 38 (Disqualification of, Challenge to, and Refrainment by, Members)
Article 39 (Effect of Mediation)
Article 40 (Interruption of Prescription)
Article 41 (Relationship to Litigation)
Article 42 (Special Case concerning Small-Amount Dispute Cases)
Article 43 (Operation of Mediation Committee)
Section 3 Liability for Damages
Article 44 (Liability of Financial Product Distributors and Advisors for Damages)
Article 45 (Liability of Financial Product Direct Sellers for Damages)
Article 46 (Withdrawal of Offer)
Article 47 (Termination of Illegal Contract)
CHAPTER VI SUPERVISION AND DISPOSITIONS
Article 48 (Supervision over Financial Product Distributors and Advisors)
Article 49 (Financial Services Commission’s Power to Issue Orders)
Article 50 (Inspections of Financial Product Distributors and Advisors)
Article 51 (Dispositions against Financial Product Distributors and Advisors)
Article 52 (Measures against Executive Officers and Employees of Financial Product Distributors and Advisors)
Article 53 (Notification of Measures against Retired Executive Officers and Others)
Article 54 (Hearings)
Article 55 (Petition for Objection)
Article 56 (Recording of Dispositions and Measures)
Article 57 (Penalty Surcharges)
Article 58 (Imposition of Penalty Surcharges)
Article 59 (Petition for Objection)
Article 60 (Extension of Period for Payment of Penalty Surcharges and Payment in Installments)
Article 61 (Collection of Penalty Surcharges and Disposition on Delinquency)
Article 62 (Refund of Overpayment or Erroneous Payment)
Article 63 (Additional Payment on Refund)
Article 64 (Disposal of Deficiency)
CHAPTER VII SUPPLEMENTARY PROVISIONS
Article 65 (Entrustment of Business Affairs)
Article 66 (Guidance for and Supervision over Governor of Financial Supervisory Service)
CHAPTER VIII PENALTY PROVISIONS
Article 67 (Penalty Provisions)
Article 68 (Joint Penalty Provisions)
Article 69 (Administrative Fines)
ADDENDA <Act No. 17112, Mar. 24, 2020>
ADDENDA <Act No. 17292, May 19, 2020>