[Consultation] Legal consultation on the application for designation of innovative financial services
Article posted in 2019-06-19 18:18:12 | VEAT
Law firm Veat provided legal advice regarding the drafting of an application for designation as an innovative financial service at the request of Company A, which provides financial services.
Following the implementation of the Special Act on Financial Innovation Support on April 1, 2019, the Financial Services Commission introduced a regulatory sandbox to allow companies operating fintech businesses to be temporarily exempted from regulations when providing new services.
Accordingly, Company A requested legal advice from Veat to assist in drafting the application for designation as an innovative financial service. Veat thoroughly reviewed matters regarding consumer protection and risk management, and provided legal advice. Since the regulatory sandbox provides a temporary exemption from regulations, measures to prevent financial consumer damage and risks that may occur during the designation period must be written in the application for designation as an innovative financial service. In particular, Veat suggested measures to protect the personal information and credit information of users utilizing Company A’s new services, based on the Personal Information Protection Act, the Credit Information Protection Act, and other related laws.
Law firm Veat provides legal advice regarding legal review and drafting of application related to regulatory sandbox application. If you need legal review related to the financial regulatory sandbox and application for designation as an innovative financial service, please contact us through the following path.