금융감독원, PEF 운용사에 대한 내부통제 점검 실시 — English Edition
The Financial Supervisory Service has told the Korean private equity industry it will spend the coming months looking at how general partners actually run their internal controls — not whether the rulebook exists, but whether the compliance officer has the standing to do the job, whether information barriers hold, and whether staff trading is really being monitored. About 30 dedicated PEF managers are in scope, together accounting for close to half the industry’s committed capital. For a foreign sponsor, LP or adviser the useful part is the yardstick: the Model Internal Control Standards the FSS published in March 2026, reproduced here in full, article by article.
| Section | Subject |
|---|---|
| 1 · Background | What the FSS has done since January 2026, and the three pillars of the Model Internal Control Standards |
| 2 · Draft plan | Firms covered, method, and the five focus areas with the detail the FSS will look for under each |
| 3 · Expected effects | What the FSS expects the exercise to achieve |
| 4 · Future plans | Feeding findings back into the Standards, widening the scope, and differentiating supervision |
| Annex 1 | Outline of the Model Internal Control Standards for GPs — all 41 articles in five Parts |
| Annex 2 | Outline of the institutional private equity fund regime: types, GP/LP structure, entry, investors and conduct |
The Korean original is translated in full, including both annexes, the three-column summary of the Model Internal Control Standards, the five-area focus table and the contact details for the responsible officers. The two annex tables have been reset for A4 rather than reproduced, so that every label could be translated; their content follows the original.
A short translator’s note on two terms that do not map cleanly into English appears on its own page, explicitly labelled as no part of the FSS announcement. 점검, the word used throughout this release, is a lighter supervisory exercise than 검사, the statutory examination power; this edition renders it check and reserves inspection for 검사. And 준법감시인, the compliance officer a financial company must appoint by statute, is distinguished from 준법감시담당자, the broader term the Standards use for whoever a general partner puts in charge of compliance monitoring — which matters because many PEF managers are too small to fall under the statutory requirement.
The programme is described in the Korean original as a draft detailed plan and may change. A press release is not a rule, and the Model Internal Control Standards are a model published for the industry rather than a statute; what any particular general partner must do turns on its own internal control standards and on the law that applies to it.
Tell us who you are and the complete PDF is yours — 9 pages, A4 PDF.
Thank you — your download is ready.
Prepared by H&S Partners, a licensed Korean law office.
Download the PDFIf the download does not begin, right-click the button and choose “Save link as”.
Advisory
H&S Partners is a licensed Korean law office. If you need advice on what the Model Internal Control Standards require of a general partner, on preparing for a check, or on how the Financial Investment Services and Capital Markets Act applies to a Korean private equity structure — or a professional translation of a Korean document you cannot find here — we would be glad to hear from you.
Request advice →A lawyer replies personally, usually within one business day. Sending an enquiry does not create a lawyer–client relationship.