Financial Services Commission Resumes Deliberation on Sanctions Regarding Internal Control Issues in Private Equity Fund Mis-selling

[Asia Economy Reporter Minji Lee] The Financial Services Commission announced on the 18th that it has decided to resume deliberations on sanctions related to internal control issues among the 'Sanctions on Financial Companies for Poor Sales of Private Equity Funds.'

The FSC had previously suspended deliberations on violations of the obligation to establish internal control standards among the sanctions on financial companies for poor sales of private equity funds, judging that sufficient verification and review were necessary regarding consistency and coherence of sanctions, the court's stance on similar cases, and the impact on stakeholders.

The FSC stated, “With the recent Supreme Court ruling on the violation of the obligation to establish internal control standards related to Woori Bank's sale of overseas interest rate-linked derivative financial products (DLF), the basic legal principles regarding internal control have been established. Considering the need to strictly hold accountable for large-scale consumer damages and to resolve the legal instability of the sanction subjects, we will resume deliberations on the sanction cases.”

Deliberations on the sanction cases are expected to resume in February.

This content was produced with the assistance of AI translation services.