Financial Regulation

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

- Chambers & Partners Asia-Pacific

Overview Key Services Practices Representative Cases Key Contacts Related Content

Overview

BKL’s Financial Regulation Group and our financial regulation experts deliver tailored regulatory legal services through matrix teams designed for specific industries and institutions. With extensive experience and in-depth expertise, we offer effective and prompt solutions to both general regulatory matters and increasingly complex matters.

Unrivalled experience and expertise

BKL’s Financial Regulation Group is distinguished by its extensive experience and unmatched expertise across a broad spectrum of services. We provide comprehensive advice on financial regulations, guide clients through the process of obtaining financial licenses, and assist with regulatory compliance. Our team also supports regulatory improvements and legislative initiatives, represents clients during financial supervisory inspections, and provide defense against sanctions and investigations into unfair trading practices. Additionally, we are at the forefront of emerging regulatory fields including digital finance, virtual currencies, electronic finance, and FinTech.

Experienced and insightful key experts

Our team includes attorneys and professionals with diverse backgrounds, including ex-officials from the Financial Services Commission, the Financial Supervisory Service, Bank of Korea, Ministry of Economy and Finance and the Korea Exchange. For each client matter, we assemble a dedicated team, carefully matrixed to form a group that can address the specific issue, ensuring seamless collaboration and results.

Trusted law firm in financial regulation

BKL is recognized as the most trusted and reliable law firm in the financial regulation area by the industry professionals. BKL has been consistently highly rated by international legal publications, including Chambers, 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

Practices

Practice Areas

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)