ACT ON THE ESTABLISHMENT OF FINANCIAL SERVICES COMMISSION

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to contribute to the growth of the national economy by promoting the advancement of the financial industry and the stability of financial markets, by establishing sound credit order and fair financial transaction practices, by protecting financial consumers, such as depositors and investors, by the establishment of the Financial Services Commission and the Financial Supervisory Service.

[This Article Wholly Amended on Mar. 21, 2012]

Article 2(Maintenance of fairness) #

The Financial Services Commission and the Financial Supervisory Service shall endeavor to maintain fairness and secure transparency, and shall not hinder the autonomy of financial institutions in performing their affairs.

[This Article Wholly Amended on Mar. 21, 2012]

CHAPTER II FINANCIAL SERVICES COMMISSION

SECTION 1 Establishment and Composition of Financial Service

Article 3(Establishment and status of Financial Services Commission) #

(1) The Financial Services Commission shall be established to perform duties concerning financial policy, supervision of the soundness of foreign exchange business management institutions, and financial supervision under the jurisdiction of the Prime Minister.

(2) The Financial Services Commission as the central administrative agency established under Article 2 of the Government Organization Act shall perform duties under its authority independently.

[This Article Wholly Amended on Mar. 21, 2012]

Article 4(Composition of Financial Services Commission) #

(1) The Financial Services Commission shall be composed of nine commissioners, including the Chairperson, one Vice chairperson and the commissioners of the following subparagraphs: <Amended on Oct. 1, 2025>

ACT ON THE ESTABLISHMENT OF FINANCIAL SERVICES COMMISSION

Article 1(Purpose) #

Article 2(Maintenance of fairness) #

Article 3(Establishment and status of Financial Services Commission) #

Article 4(Composition of Financial Services Commission) #

Article 5(Chairperson) #

Article 6(Term of office of commissioner) #

Article 7(Prohibition on political activities) #

Article 8(Grounds for disqualification of commissioners) #

Article 9(Prohibition from holding office concurrently) #

Article 10(Guarantee of status of commissioner) #

Article 11(Meetings) #

Article 12(Preparation of letter of resolution) #

Article 13(Consideration of opinions) #

Article 14(Urgent measures) #

Article 15(Establishment of secretariat) #

Article 16(Operation) #

Article 17(Affairs belonging to Financial Services Commission) #

Article 18(Guidance and supervision on Financial Supervisory Service) #

Article 19(Establishment of Securities and Futures Commission) #

Article 20(Composition of Securities and Futures Commission) #

Article 21(Meetings) #

Article 22(Organization and rules) #

Article 23(Guidance and supervision of financial supervisory service) #

Article 24(Establishment of financial supervisory service) #

Article 25(Office) #

Article 26(Articles of incorporation) #

Article 27(Registration) #

Article 28(Prohibition on use of similar name) #

Article 29(Executives) #

Article 30(Duties) #

Article 31(Restriction on representative authority) #

Article 32(Dismissal of Governor) #

Article 32-2(Restriction on voluntary dismissal from office) #

Article 33(Appointment and dismissal of staff) #

Article 34(Restriction on concurrent office) #

Article 35(Duties of probity and confidentiality) #

Article 36(Appointment of attorney) #

Article 37(Affairs) #

Article 38(Institutions subject to inspection) #

Article 39(Establishment of rules) #

Article 40(Demand for submission of materials) #

Article 41(Correction order and demand for disciplinary punishment) #

Article 42(Recommendation for dismissal of executive officers) #

Article 43(Suspension of business) #

Article 44(Accounting) #

Article 45(Budget and final accounts) #

Article 46(Revenue sources) #

Article 47(Share of expenses) #

Article 48(Borrowing) #

Article 49(Free loan of state-owned property) #

Article 50(Disposal of surplus) #

Article 51 #

Article 52 #

Article 53 #

Article 53-2 #

Article 54 #

Article 55 #

Article 56 #

Article 57 #

Article 58(Presentation of materials) #

Article 59(Reports on inspection results and measures) #

Article 60(Report and inspection) #

Article 61(Authority of Financial Services Commission to issue orders) #

Article 62(Request for inspection or joint inspection) #

Article 63 #

Article 64 #

Article 64-2 #

Article 65(Cooperation in exchange of materials) #

Article 65-2(Cooperation of heads of agencies concerned) #

Article 66(Request for inspection of Korea Deposit Insurance Corporation) #

Article 67(Request for cooperation of Governor) #

Article 68(Penalty provisions) #

Article 68-2(Penalty provisions) #

Article 69(Legal fiction as public officials in application of penalty provisions) #

Article 70(Special cases of objection) #

Article 71(Entrustment of authority) #