Financial Authorities Publish 'Annual Casebook of Legal Interpretations and Non-Action Opinions'

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 2nd that they have published annual casebooks of legal interpretation and non-action opinion responses over five years from 2015 to 2019.

The casebooks include 1,560 legal interpretation responses and 361 non-action opinions received over five years, categorized by year and further subdivided into six sectors by industry (law). Legal interpretations and non-action opinions are systems through which financial authorities actively respond regarding interpretations and enforcement actions related to acts performed by financial companies, thereby eliminating legal uncertainties.

The six sectors covered in the legal interpretation and non-action opinion casebooks include common areas such as financial policy, financial consumers, and anti-money laundering, as well as banking, insurance, small and medium enterprises (specialized credit finance, mutual savings banks, etc.), capital markets, and financial innovation (electronic finance, credit information).

The legal interpretation and non-action opinion casebooks are available on the Financial Services Commission’s Financial Regulation Civil Petition Portal.

The Financial Services Commission and the Financial Supervisory Service plan to publish annual casebooks going forward to resolve doubts about financial laws and alleviate concerns about sanctions, thereby enhancing the legal stability of financial companies and others.

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