샘플번역: 금융감독원 법령집

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Financial Statutes of the Republic of Korea

Foreword 

The Financial Statutes of Republic of Korea, an English translation of laws of Financial Supervisory Committee (FSC) and Financial Supervisory Service (FSS), is published in order to aid participants in international financial markets and other concerned parties by making available to them comprehensive knowledge of Korea’s financial supervisory system, which seeks to ensure fairness and transparency of the Korean financial market. 

The FSC and FSS were founded on January 1998 by consolidating Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority. This book, published by the request of the FSC, fully translates the book of laws and regulations published by FSC and FSS, which contains the acts, their enforcement decrees, and their enforcement regulations that concern the operation of FSC and FSS, and the regulations promulgated by the FSC in correspondence to these laws; hence, The Financial Statutes is the first publication in Korea that presents in English a comprehensive range of laws and regulations. Furthermore, future amendments of any of these laws and regulations will be followed up by continuous translation and updating. 

The merits of The Financial Statutes are: 1) The book is arranged in accordance with the publication system of the FSC and FSS; 2) A serious and extended effort has been made to develop and unify English financial terms, with a considerable degree of success; and 3) Opinions of the FSC and FSS staff have been heavily incorporated, with different sections of the entire translation having been examined by the corresponding field experts and administrators. 

Besides the reviewing staff of the FSC and FSS, the following people have provided supervision and correction in their fields of expertise: Myung Chang, Ph.D., professor, Yon Sei University Business School; In Mu Lee, Ph.D., professor, KAIST Business School; Kun Chang Lee, Ph.D., professor of trading, Young Nam University; Kun Young Lee, Ph.D., manager, Washington office of Bank of Korea; Marion Paul Spina, Jr., representative lawyer, Spina & Associates, Washington D.C.; Pyung Woo Kim, lawyer, General Secretary of Korea Lawyers’ Association; and Byung Woo Park, representative lawyer, Mirae Law Corporation. 

Also, gratitude is extended to the translation staff, who include Gong Kim, partner, Sae Han Consulting, Inc. and Jinseung Eu, MA, Korea Society of Translators, who supervised and completed the translation; and Se Hong Oh, advisor, Sae Han Consulting, Inc., Won Seuk Su, Korea Society of Translators, and Chang Hoe Um, former manager, Insurance Supervisory Board, who prepared translation drafts. 

Furthermore, gratitude is extended to the following native speakers of English, who have proof read the translation: James Won Oh, associate for investment banking, Prudential Securities, Inc., New York; Carolyn E. Kang, lecturer, Foreign Language Institute at Yonsei University; and Donna Mac Rae and Linda Kilpatrick, lecturers, Foreign Language Institute at Sung Shil University 

Regulation on the Examination of Financial Institutions
        
                                                   Promulgated on March 12, 1999

Chapter 1           
General Provisions

§1. Purpose  
The purpose of this Regulation is to determine the method of examination, way of processing examination results, and other necessary provisions. This examination is carried out by the Governor of Financial Supervisory Board (hereinafter referred to as “Board Governor”) in accordance with the Act on Establishment of Financial Supervisory Organizations (hereinafter referred to as “Supervisory Organization Establishment Act”) and their enforcement decrees, acts relating to financial business and their enforcement decrees, and other relevant laws.

§2. Scope of Application                 
(1)     This Regulation shall be applied to the examinations conducted by the Board Director in accordance with [&37(1), (4)] of the Supervisory Organization Establishment Act.
(2)     To the examination of an organization with whose examination the Board Governor is entrusted by relevant laws, etc. (hereinafter referred to as “organization for entrusted examination”), this Regulation shall be applied except when a different regulation has been prescribed by the relevant law or the trustor organization.    
        
§3.  Definitions
(1)     The terms used in this Regulation shall be defined as follows:        
1.      “Acts relating to financial business” shall refer to the General Banking Act, Long-Term Credit Bank Act, Trust Business Act, Securities and Exchange Act, Securities Investment and Trust Business Act, Futures Transaction Act, Securities Investment Company Act, Insurance Business Act, Merchant Banking Corporation Act, Act on Financial Companies Specializing in Loan Business, Mutual Savings and Financial Companies Act, Credit Union Act, Agricultural Cooperative Act, Fisheries Cooperative Act, Livestock Cooperative Act, Forestry Cooperative Act, Insam Cooperative Act, Act on Effective Management of Non-Performing Assets of Banking Institutions and Establishment of Korea Assets Management Corporation, Act on Utilization and Protection of Credit Information, Act on Indemnification for Fire-Caused Loss and Purchase of Insurance Policies, Asset Securitisation Act, Act on Housing, and Collateral Act.
2.      “Financial institution” shall refer to a company, relevant organization, or association to whose establishment, dissolution, business license and permit, and operation supervision and examination the Supervisory Organization Establishment Act and acts relating to financial business apply.
3.      “General examination” shall refer to an examination comprehensively administered over the entire operation and asset situation of a financial institution.
4.      “Partial examination” shall refer to an examination administered over a specific part of a financial institution in order to prevent financial accidents, in order to firmly establish financial order, or because of needs of financial supervisory policy.
5.      “Site examination” shall refer to an examination administered with an examiner visiting a financial institution.
6.      “Document examination” shall refer to an examination administered with an examiner requesting and reviewing documents from a financial institution.
7.      “Examiner” shall refer to a person administering an examination by an order and instruction of the Board Governor.
8.      “Information items” shall refer to various policy reference materials, report on the situation of financial institution or companies, and model cases of financial institutions used for the sake of promoting a rational implementation of financial and supervisory policies.  
9.      “Suggestion items” shall refer to opinions for improvement expressed with respect to problems, etc. that have surfaced in the process of implementing a financial and supervisory policy.
10.     “Eval‎uation of business situation” shall refer to eval‎uating by a comprehensive and unified method the financial situation, asset soundness, and management staff capability of a financial institution.                   
11.     “Constant monitoring” shall refer to a supervisory method that induces sound operation of financial institutions by taking necessary measures at an appropriate time. For instance, during the period site examination is not conducted on financial institutions, potentially problematic financial institutions or weak areas are detected early by analyzing their business situation, reviewing reports relating to their financial situation, quantitatively eval‎uating their management situation, and collecting and analyzing various materials and information, and the results of this are connected to an examination.
(2)     The terms not defined in Para.(1) shall follow what is prescribed in the Discipline Regulation on Financial Institution (hereinafter referred to as “Discipline Regulation”).

§4.  Administrative principle of examination
(1)     The focus of examination of financial institution shall be to induce sound management of financial institutions, to maintain fairness in financial transaction, and to protect financial transactors.
(2)     The Board Governor shall make efforts to find problems and show direction of their resolution by analyzing and eval‎uating business situation of financial institutions and to listen to suggestions and difficulties by meeting with management staffs.
(3)     The Board Governor shall make efforts to improve self-inspection capability of financial institutions and to prevent double examinations. He shall make efforts to raise the efficiency of examination and to rationally manage examination staff, wisely utilizing document examination if necessary.