[Counsel] Legal counsel on application for designation of innovative financial services

Article posted in 2019-10-02 14:56:50 | VEAT

VEAT Law Firm provided legal counseling for the preparation of the application for designation of innovative financial services based on a request by Company A.

With the Special Act on Financial Innovation Support enforced on April 1, 2019, the Financial Supervisory Commission introduced a financial service regulatory sandbox so that an exception to regulation may be applied for a limited period when an enterprise operating a fintech business provides a new service.

Company A requested that VEAT provide assistance for the preparation of the application for designation of innovative financial services. VEAT provided legal counseling by thoroughly examining the plans for the protection of consumers and risk management. As the regulation is relieved by a financial service regulatory sandbox for a limited period, the application for designation of innovative financial services should indicate the plans to prevent damages or risks of the financial service consumers for the designated period. In particular, VEAT presented a plan for the protection of the personal information and credit information of the users who are to use the new service by Company A based on the relevant statutes, including the Personal Information Protection Act and the Credit Information Protection Act.

VEAT Law Firm provides legal counseling for the review of laws and preparation of the application for designation of a regulatory sandbox. Those requiring legal review in connection with the application for designation of a financial regulatory sandbox and innovative financial services are invited to contact VEAT using the following route.