Regarding applications for concurrent positions as permanent executive officers of My Data business entities, specialized Fintech legal review. Law firm Veat

Law firm Veat provided legal advice to a fintech company regarding the permanent director of a MyData business operator’s concurrent application for a permanent director position in another for-profit corporation.

The Law firm Veat Fintech Advisory Team advised that the permanent director of a MyData business operator must obtain approval from the Financial Supervisory Service if they wish to serve as an executive director in another for-profit corporation, and provided expert legal advice on the legal requirements and procedures related to such concurrent positions.

The Law firm Veat Fintech Advisory Team accurately analyzed the procedures and requirements for Financial Supervisory Service approval, and thoroughly reviewed the Financial Supervisory Service’s strict approval process and the impact of a permanent director’s concurrent position on company operations.

Items to Consider for a MyData Business Operator's Concurrent Application

According to Article 13 (Prohibition of Concurrent Positions of Directors) of the “Credit Information Usage and Protection Act,” a credit information company, a personal credit information management company, and a debt collection company’s permanent director cannot serve as an executive director in another for-profit corporation without approval from the Financial Supervisory Service.

Furthermore, the Credit Information Supervision Regulations stipulate in Article 14 (Prohibition of Concurrent Positions of Directors) that when an application for approval of a permanent director’s concurrent position is filed pursuant to Article 13, the application will be reviewed and approved based on whether it meets the criteria specified in each of the following items: 1. The concurrent position of the permanent director does not violate relevant laws and regulations; and 2. It does not pose a risk of impairing the sound management of the credit information company, personal credit information management company, or debt collection company, and does not conflict with the interests of another for-profit corporation.

According to Paragraph 1, the application for approval of a concurrent position must be submitted using Form No. 8 of the appendix.

That is, as stated in the “Credit Information Usage and Protection Act” and Article 14 of the Credit Information Supervision Regulations, it is important to carefully review whether the concurrent position of a permanent director does not violate relevant laws and regulations, does not impair the sound management of the company, and does not conflict with the interests of another for-profit corporation when applying for approval of a concurrent position. It is also necessary to understand the detailed understanding of the necessary documents and application procedures for the concurrent application, analyze the criteria for concurrent judgment and determine the corresponding legal impact.

Therefore, we recommend discussing the complex legal regulations with a Fintech lawyer who has reviewed numerous cases regarding Fintech and corporate issues and has clarified the legal requirements to help Fintech and corporate entities obtain Financial Supervisory Service approval smoothly. 

Law firm Veat is a law firm with unrivaled expertise in legal advice in the Fintech sector and provides in-depth legal advice to various clients to prevent legal risks related to Fintech.

 Law firm Veat has proven its expertise by being introduced as a law firm to watch in the 'Fintech Financial Services/Technology-Based Startup Advisory' field by THE LEGAL 500, a global law firm capabilities evaluation agency. We proactively respond to the rapid changes and complex legal environment of the Fintech industry, supporting our clients to prevent legal risks and operate their businesses stably.

Law firm Veat will continue to serve as a solid partner for our clients' stable growth and development by providing professional and meticulous legal advice on legal issues in the Fintech sector with expertise and credibility recognized globally.

If you need legal advice on Fintech, please contact Law firm Veat.

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