The Financial Consumer Protection Act (Money Soo Act) to prevent damage to financial consumers will come into effect on the 25th.
The core content is that the’Six Major Sales Regulations’ (the principle of conformity, the principle of adequacy, the duty to explain, the prohibition of unfair business practices, the prohibition of unfair solicitation, and the prohibition of false exaggerated advertisements), which have been applied only to some financial products so far, are extended to all financial products.
The financial authorities plan to openly respond to industry inquiries from time to time in order to settle the system quickly and minimize confusion ahead of the enforcement of the new law.
The following is a summary of the’second commentary’ guided by the financial authorities on the 17th in relation to the prohibition against law.
– If the seller recommends a suitable product according to the conformity principle, but the consumer wants a contract by specifying the inappropriate product.
▲ If the product is subject to the adequacy principle, a contract can be concluded after notifying that it is not suitable according to laws and regulations. If the product is not subject to the adequacy principle, contracts can be made without any additional measures.
– Are advertisements created before the enforcement of the law subject to the law.
▲ Since there is no separate provisional measure under the law, advertisements made before the law is enforced are also subject to the law. However, exceptions are allowed in consideration of the early implementation of the system and market turmoil in the obligation for financial product sales agents and brokers to obtain confirmation from financial product direct sellers when advertising financial products.
– Whether a consumer is a general financial consumer who can exercise the right to withdraw subscription is based on when?
▲ The Gold Soap Act stipulates that the subject of the right to withdraw subscription is’a general financial consumer who has made a subscription can withdraw the subscription’.
– In cases where both the right to withdraw subscription under the Gold Soap Act and the Investor Consideration System under the Capital Markets Act are applied.
▲ For example, when a high-level financial investment product is recommended to an elderly person, both the subscription withdrawal right and the investor consideration system can be applied. In accordance with the Capital Markets Act, prior to the subsidiary signing, a period of consideration is guaranteed from the day after the subscription date to a maximum of 2 days, and after signing a contract, the contract can be withdrawn for up to 7 days in accordance with the Gold Law. In this case, the consumer can exercise the right to withdraw the subscription for up to 9 days after the subscription.
– In the case of closed private equity funds, intermediate redemption is not possible, but is it possible to exercise the right to terminate the illegal contract?
▲ It is possible. When a consumer exercises the right to terminate an illegal contract, a financial product direct seller must purchase the relevant collective investment securities as proprietary property.
– How long should I register as a sales agent or broker for loanable financial products?
▲ Until June of this year, as before, offline recruiters can be newly registered with the financial industry associations, but from July, registration requirements are met by the Financial Supervisory Service Act, and registration applications must be made with the Financial Supervisory Service and each financial industry association. From September 25, it can be operated only if it is registered in accordance with the law of prohibition. The registration will take place from July, and detailed registration manuals will be posted on individual registration agencies’ homepages by the 31st of this month.
– Should an employee of a telemarketing company that recommends loanable products over the phone also register?
▲ You do not need to register separately. This is because the employees of the telephone solicitation sales corporation are different from the individual loan recruiters who sign consignment contracts with corporations in that they perform work on behalf of corporations that cannot directly act on legal acts.
– How is the difference between’brokerage’ and’advertisement’ in non-face-to-face financial transactions when judging whether it is a proxy brokerage business?
▲ A banner advertisement that connects with a financial seller so that a contract can be concluded when a user clicks on a specific financial product without recommendation or explanation is an advertisement, but it is an intermediary if it supports the function of creating and submitting subscription documents in addition to advertisements. It is also an intermediary that financial product sellers provide advertisements tailored to specific people. A person who is not a financial product seller is also regarded as an intermediary, not an advisory service, to recommend a specific financial product after receiving consideration from the seller.
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