Regulatory Alerts2017-07-28
Re-Announcement of Proposed Amendments to the Credit Information Use and Protection Act
The Financial Services Commission re-announced amendments to the Credit Information Use and Protection Act (CIUPA) to eliminate inconsistencies arising from overlapping provisions in the Personal Information Protection Act and the Act on Promotion of Information and Communications Network Utilization and Information Protection. These proposed changes unify regulatory rules for financial institutions, credit information service providers, and collection agencies directly under the CIUPA framework. The consolidated structure standardizes compliance requirements while introducing higher monetary awards for reporting accounting irregularities in the credit information sector.
Re-Announcement of Amendments Proposed to the Credit Information Use and Protection Act
Date
2017-07-28
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Re-Announcement of Amendments Proposed to the Credit Information Use and PRotection Act_.pdf (fileSize: 156KB)
The Financial Services Commission re-announced amendments to the Credit Information Use and Protection Act (CIUPA) in order to eliminate inconsistencies stemming from overlapping or conflicting legal and regulatory provisions relating to personal credit information in the Credit Information Use and Protection Act, the Personal Information Protection Act (PIPA), and the Act on Promotion of Information and Communications Network Utilization and Information Protection (APICNUIP). Under the proposed amendments, rules and regulations pertaining to personal credit information for financial institutions, credit information service providers, and credit information collection agencies are to be unified into the CIUPA.
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Higher Monetary Award Proposed for the Reporting of Accounting Irregularities
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Amendments Proposed to the Enforcement Rule of the Act on External Audit of Stock Companies
Department/Division in charge of Information management
Department/Division In charge
International Affairs Department(Financial Hub Korea) International Cooperation Team
Phone Number
+82-2-3145-7895