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Introduction

Quick Check on Regulations is a system that allows financial service providers faced with regulatory uncertainties to quickly check the applicability of their services and the relevant statutes.

Eligibility Criteria

A company* or financial company, etc.,** as defined by the Commercial Act, with a place of business located in The Republic of Korea

* This does not apply to a “foreign company,” which does not have a place of business in Korea, or a “self-employed individual,” whose business is not in the form of a company
** Financial company, etc.: Financial companies such as banks, insurance companies and financial investment companies + Electronic financial business operators, etc.+ Public corporations and funds in the financial business + Associations established in accordance with finance-related laws + Non-profit corporate bodies whose establishment was approved by the FSC

Procedure

One-stop services for checking the statutes under the jurisdiction of the FSC as well as other ministries

A service provider submits an application to the Financial Services Commission (FSC) to check the applicability of statutes. The FSC responds within 30 days. If the matter falls under the jurisdiction of other administrative agencies, the FSC forwards the application, and those agencies also respond within 30 days. The final response is provided within 90 days.
A service provider submits an application to the Financial Services Commission (FSC) to check the applicability of statutes. The FSC responds within 30 days. If the matter falls under the jurisdiction of other administrative agencies, the FSC forwards the application, and those agencies also respond within 30 days. The final response is provided within 90 days.

Matters Requiring Attention

Matters Related to the Processing Period

- However, this excludes the time it takes to supplement the application form

- If there are regulations under the jurisdiction of other ministries, it may take up to 30 more days in order to consult the ministries in question