Financial Services Commission: "Fines Imposed for False Evaluations by Corporate Credit Inquiry Companies"

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On the 5th, the Financial Services Commission held a regular meeting and announced that it had approved a partial amendment to the Credit Information Business Supervision Regulations.

This amendment aims to explicitly establish grounds for imposing fines, considering that the Financial Supervisory Service discovered during unscheduled inspections conducted from 2002 to 2003 that corporate credit inquiry companies had significantly violated their fundamental duties in evaluation tasks, yet there was no direct basis for sanctions. (Fine of 20 million KRW)

Accordingly, acts such as using someone else's certification or conducting evaluations based on uncertified qualifications, thereby falsely evaluating non-technology finance targets as technology finance targets, and acts where company sales organizations force evaluators to produce specific evaluation results, will be regulated as prohibited acts.

The amended Credit Information Business Supervision Regulations approved today will take effect from the date of announcement.

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