Standards for Internal Control of Financial Investment Companies

Every financial investment company in Korea must adopt internal control standards, and in practice every one of them builds those standards on this KOFIA model. KOFIA published an official English edition in 2019 and has not published one since — while the Korean text went through the information barrier reforms of 2021 and the Responsibilities Map regime that took effect in 2025. This edition closes that seven-year gap. It takes the official 2019 English as its base, reproduces it verbatim wherever the Korean is unchanged, and marks every amendment so you can see exactly what moved.

What's inside

• A change table up front — every amended, new and deleted article since the 2019 official edition, on one page
• Parts I–II — internal control organisation — the board's duties, the new Internal Control Committee (§6-2), the representative director's eight overall management measures, and the duties of executives allocated responsibilities under the Responsibilities Map (책무구조도)
• Part III — the compliance officer — appointment, the two-year minimum term, authority and duties, the compliance department, independence, the compliance programme, whistle-blowing, forced leave and segregation of duties
• Part IV Ch. I — business conduct — branch control, derivatives sales management, trading order handling (§40 through §40-11), voting rights, advertising, and the new articles on hedged-asset diversification, foreign currency liquidity and the delegation of derivatives-linked securities sales
• Part IV Ch. II — conflicts of interest and information barriers — the entire eighteen-article chapter, rebuilt on the principles-based model: identifying the information and the divisions subject to barriers, standing permissions, exceptional exchanges, the trading caution and trading restriction product lists, external exchange, composite branches and disclosure
• Part IV Ch. III–IV — employees' personal trading, credit information, anti-money laundering, complaints, IT security, due diligence, fund oversight (three new articles) and unfair trading
• Two annexes, neither of which appears in the 2019 English edition — the model investor notice on trading order handling, and the operating criteria for monitoring excessive trading in shares

The seven-year gap, in numbers