Financial Regulation

"A superb firm, with high-quality lawyers who possess technical expertise and are great to work with."

- Chambers & Partners Asia-Pacific

Overview

BKL’s Financial Regulation Group has the experience and expertise to help clients navigate through legal challenges that they face in the increasingly complex regulatory landscape of the financial services industry. Well versed in a broad range of financial regulatory issues, our team goes above and beyond to provide comprehensive advice relating to financial regulation and compliance.

We have extensive experience and deep expertise gained from advising clients in the financial sector on all aspects of financial regulations, compliance to regulatory approvals, legislative consulting, responses to inspections and sanctions, and new developments such as FinTech. 

Our Financial Regulation Group includes attorneys with broad experience and ex-officials at the Financial Services Commission, the Financial Supervisory Service, the Korea Exchange, and other financial regulatory agencies.  We consider each matter carefully and tailor our team composition to provide balanced advice to deliver optimal results for clients.

We are consistently recognized by financial professionals as one of the most reliable law firms in the field of financial regulation and have been highly rated by internationally renowned legal publications such as Chambers & Partners, IFLR, Legal 500 and ALB.

Key Services

General Advice on Banking and Financial Regulations
Compliance with various banking and financial laws and regulations
Interpretative rulings and no-action letters
Financial regulatory reforms and legislations
Licenses & Government Approvals
Licenses, permits, approvals, registrations and filings required to commence and maintain banking and financial businesses
Approvals and filings related to M&A transactions and restructuring involving financial institutions
Filings related to fund and other financial products
M&A and Restructuring of Financial Institutions
M&A, spin-off, business transfer and other transactions involving financial institutions
Restructuring and corporate reorganization of affiliates of financial holding companies
Regulatory Audit and Sanction & Capital Markets Investigation  
Audits by the Financial Supervisory Service
Sanctions by the Financial Services Commission and the Financial Supervisory Service
Investigations on market manipulation, use of non-public information and other unfair trading practices
Accounting Audit & Inspection
Accounting audits and inspections
Listing eligibility review process before the Korea Exchange
FinTech & Financial Data Security
Electronic payment gateway and other electronic financial services
MyData and other data-related services
Financial regulatory sandbox and other innovative financial services
Crypto-assets trading platform and other services related to crypto-assets
Financial data security, including cloud usage

Representative Cases

Advised a major credit card company on comprehensive rebuilding of its internal compliance system
Represented banks, securities firms and asset management companies in connection with FSS inspections and sanctions in relation to sales of certain fund products
Represented companies under investigations for unfair trading practices in capital markets transactions, including market manipulation and use of non-public information
General Advice on Banking and Financial Regulations
Advised large securities firms on the government’s proposed regulations on real estate project financing
Advised a major credit card company on comprehensive rebuilding of its internal compliance system
Advised a financial holding company on newly introduced open banking system and other related regulations
Advised a financial holding company on overhaul of its corporate governance related bylaws
Licenses & Government Approvals
Represented KakaoBank in acquisition of internet-only bank license newly introduced in Korea and high profile regulatory approval for change of its largest shareholder
Represented KB Securities in the acquisition of short-term financial business license
Represented Meritz Securities in the designation as a comprehensive financial investment business entity
Represented Hana Financial Group in the acquisition of regulatory approval for takeover of The-K Non-Life Insurance
Represented Shinhan Financial Group in the acquisition of regulatory approval for takeover of Orange Life (formerly ING Life)
M&A and Restructuring of Financial Institutions
Represented Shinhan Financial Group in its acquisition of Orange Life
Represented Fubon Life Insurance in its takeover of Hyundai Life Insurance and its equity investment in Woori Financial Group
Advised on one of the largest bank mergers of Hana Bank and Korea Exchange Bank subsequently after Hana Financial Group’s takeover of Korea Exchange Bank form Lone Star
Regulatory Audit and Sanction & Capital Markets Investigation
Represented banks, securities firms and asset management companies in connection with FSS inspections and sanctions in relation to sales of certain fund products
Represented domestic insurance companies on FSS comprehensive inspections and sanctions
Represented companies under investigations for unfair trading practices in capital markets transactions, including market manipulation and use of non-public information
Accounting Audit & Inspection
Represented an audio/video equipment manufacturer in accounting inspection
Represented a media company in accounting inspection
Advised manufacturers in the automobile parts and cosmetics sectors in relation to adverse audit opinions
Advised a software developer on digital forensics in relation to adverse audit opinion
Advised many KOSDAQ-listed companies in relation to disclaimer of opinion and listing eligibility review process
Advised many KOSPI-listed companies in relation to maintenance of listing status following receipt of a disclaimer of opinion
Advised a KOSDAQ-listed company on violation of disclosure requirements
FinTech & Financial Data Protection
Advised on newly introduced MyData licence related matters
Advised on matters related to payment gateway services
Advised on matters related to operation of crypto-assets trading platform and initial coin offerings (ICO)
Advised on cloud usage and other financial data security matters