The Gold Soap Act contains the contents of applying the six sales principles, which were applied only to some products in individual financial laws such as the Capital Markets Act, to all financial products. The six main principles are the conformity principle, the adequacy principle, the duty to explain, the prohibition of unfair business practices, the prohibition of unfair solicitation, and the regulation of advertising. If you violate the obligation to explain and prohibit unfair solicitation, you must pay a punitive penalty up to 50% of your income. A new right to request the termination of illegal contracts will be established, allowing consumers to request termination of the contract from financial companies.
The Financial Services Commission plans to finalize the preparations for full-scale enforcement of the law on the 25th by promulgating the previously announced enforcement ordinances, supervisory regulations, and detailed enforcement regulations on the 17th.
Weekly Press Plan
14th (Sun)
12:00 We supported companies in need of liquidity supply of KRW 1.1 trillion through support for the sale of corporate assets.
15th (Mon)
12:00 Business performance of securities and futures companies in 2020 (provisional)
16th (Tue)
10:00 Completion of revision and future plans of 「Enforcement Decree of the Act on Reporting and Use of Specific Financial Transaction Information」
12:00 Savings Bank Household Credit Loan Interest Rate Management Status and Response Direction
17th (Wed)
12:00 Current state of capital ratio based on BIS of domestic banks at the end of ’20
Upon distribution, the enactment of the enforcement decree and supervisory regulations of the 「Financial Consumer Protection Act」 and future plans
Measures as a result of investigation and supervision of the company’s business report, etc. upon distribution
18th (Thursday)
12:00 Current status of non-performing loans by domestic banks at the end of December ’20 (provisional)
12:00 Revised 「Financial Investment Business Regulations」
◇Weekly event schedule
15th (Mon)
14:00 Subcommittee of the Political Affairs Committee (Vice-Chairman of the Financial Services Commission)
16th (Tue)
09:00 Executive meeting (Director of Financial Supervisory Service)
10:00 State Council Meeting (Chairman of Finance Committee)
14:00 Legislative Judicial Council General Meeting (Vice-Chairman of the Financial Services Commission, National Assembly)
17th (Wed)
10:00 Political Affairs Committee general meeting (National Assembly, Chairman of the Financial Services Commission)
14:00 Full meeting of the Financial Services Commission (Finance Chairperson and Vice Chairperson)
18th (Thursday)
10:30 Meeting of the Vice Ministers (Vice Chairman of the Financial Services Commission)
14:00 Plenary Session (Finance Chairperson, National Assembly)
19th (Fri)
09:30 Policy Coordination Meeting (Vice Chairman of the Financial Services Commission)
16:00 Weekly Business Meeting (Finance Chairman, Vice Chairman)
19:10 Lecture on policy course at industry-academia-government (Director of Financial Supervisory Service, Hyatt Hotel)