Financial Companies Wishing to Participate Must Submit by April 11 After Board Approval
Incentives Provided, Including Exemption from Sanctions
On the 15th, the Financial Services Commission announced that it will conduct a pilot operation of the accountability structure map targeting large financial investment companies and insurance companies.
The financial authorities plan to provide consulting and various incentives, such as exemption from related sanctions, to enable large financial investment companies and insurance companies to introduce and operate an internal control management system based on the accountability structure map early by July 2.
Financial companies wishing to participate in the pilot operation can submit the accountability structure map to the Financial Supervisory Service by April 11 after board approval. The target companies are financial investment companies with total assets of 5 trillion won or more or assets under management of 20 trillion won or more, and insurance companies with total assets of 5 trillion won or more.
During the pilot operation period, the financial authorities will conduct inspections and consulting, including advice, on the accountability structure maps submitted by financial companies. Also, during this period, even if the internal control management obligations are not fully performed, no liability will be imposed under the Governance Act. In particular, if a violation of laws and regulations by affiliated executives and employees is self-detected and corrected during the pilot operation, sanctions will be mitigated or exempted.
This measure is in accordance with the Financial Company Governance Act, which has been in effect since July 3 of last year, and large financial investment companies and insurance companies will prepare to introduce the accountability structure map following banks and financial holding companies. A financial authority official stated, "We plan to continuously communicate with the financial sector and support the stable establishment of the new system."
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