자본시장조사 업무규정 — English Edition
This is the Financial Services Commission regulation that governs how the Commission and the Securities and Futures Commission investigate unfair trading in the Korean capital market and what they may do about it — the conduct of an investigation, the Capital Market Investigation Deliberation Committee, criminal complaints, penalty surcharges, administrative fines, and the newer powers to freeze an account and to bar a person from trading or from holding office. The Commission’s own English text reflects amendments made only up to 17 September 2013. A great deal has changed since, and four annexed tables that did not exist then — the criteria for administrative fines, the penalty-surcharge leniency regime, the criteria for restriction orders and the method of calculating unjust gains — have no English counterpart at all. This edition is the current text, with everything that has changed highlighted and listed.
| Section | Subject |
|---|---|
| Chapter I | General provisions — purpose, confidentiality, information barriers (Article 2-2, new), avoidance of investigation |
| Chapter II | Procedure for and method of investigation — orders, summonses, custody, field investigations, financial transaction information, inspection of statements, video recording and counsel (Articles 17-2 to 17-4, new) |
| Chapter III | Measures on the results of an investigation — the Deliberation Committee, criminal complaints, penalty surcharges, administrative fines, suspension of payment and restriction orders (Articles 28-2 and 28-3, new), prior notice, objections and ex officio review |
| Chapter IV | The Council of Agencies for the Investigation and Examination of Unfair Trading |
| Chapter V | Supplementary provisions, including the method of calculating unjust gains and the exceptions to the restriction on trading |
| Addendum | Commencement, and the amendment history of the Regulation |
| Annexed Table 1 | Investigators' Code of Conduct |
| Annexed Table 2 | Criteria for the imposition of penalty surcharges |
| Annexed Table 2-2 | Criteria for the imposition of administrative fines (no English counterpart) |
| Annexed Table 2-3 | Reduction of and exemption from penalty surcharges for the use of material nonpublic information (no English counterpart) |
| Annexed Table 2-4 | Criteria for orders restricting trading and the appointment of officers (no English counterpart) |
| Annexed Table 3 | Criteria for measures on the results of securities and futures investigations |
| Annexed Table 4 | Method of calculating the amount of unjust gains (no English counterpart) |
| Forms 1 to 13 | The prescribed administrative forms, reset for A4 |
| Annex A | Provision-by-provision comparison with the official English edition |
The Korean source is the consolidated current text published by the Korea Law Information Centre, including the annexed tables and the prescribed forms. The Financial Services Commission’s official English edition — which reflects amendments only to 17 September 2013 — was used as the base text and then checked line by line against the Korean; where the two differ, the difference is recorded.
Text that is new or substantively changed since that official English edition is highlighted, and where a change needs explaining a short editorial note follows the provision. Annexed Tables 2-2, 2-3, 2-4 and 4 are new in their entirety, so they carry a badge at the head instead of line-by-line highlighting. Annex A lists every change and every correction provision by provision, with its date.
Corrections to the official English are recorded at Annex A. Among them: a test in Annexed Table 3 that the official edition reverses, reading “not less than 100%” where the Korean says less than; 과태료 rendered as a “fine for negligence”; a minimum stated as 20 million won where the Korean says 10 million; and a paragraph that, in the official edition, cross-refers to itself.
Several defects in the Korean itself are reproduced as they stand and recorded at Annex A rather than silently repaired — among them a cross-reference in Annexed Table 4 to an “Article 58” of a Regulation that ends at Article 57, and two forms that cite the wrong annexed table. No Form 11-2 is prescribed in the Korean, although two Articles still cite one; the position is recorded where the form would stand.
The amendment of 7 October 2026 follows the Korean criminal-justice reform that separated investigation from prosecution. 검찰 has been replaced by 수사기관 and 공소청 throughout the Korean, so the official English edition’s “the prosecution” and “public prosecutor” are no longer correct.
Tell us who you are and the complete PDF is yours — 36 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 are facing a short-swing profit claim, planning an executive’s share sale that needs an advance-disclosed trading plan, responding to a Securities and Futures Commission investigation, or considering a report of unfair trading and what a reward would be worth — or if you need 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.