The Lee Jae-myung government plans to strengthen the accountability of financial companies to prevent repetitive financial accidents. The Presidential Committee on Policy Planning reported this content in its 'five-year national management plan' to President Lee on the 13th.
Earlier, President Lee promised, during his presidential campaign, to hold not only the chief executive officer accountable for financial accidents but also executives, stating that punitive penalty surcharges would be imposed on companies in the event of financial security incidents. As a result, domestic financial companies have sought law firms specialized in financial regulatory consulting.
Shin & Kim LLC's 'Financial Regulation Group' is composed of veteran lawyers with over 20 years of experience in financial regulatory consulting, along with more than 50 experts from regulatory agencies such as the Financial Supervisory Service, the Korea Exchange, and the Financial Services Commission. Earlier this year, ahead of the implementation of the Financial Companies Governance Act, it also solely undertook consulting services for IBK Industrial Bank's accountability structure, which clarified executive responsibilities in the event of financial accidents.
The Financial Regulation Group at Shin & Kim has extensive experience responding to inspections from financial authorities related to large-scale embezzlement incidents at domestic commercial banks and imperfect sales of products. Moreover, they provide consulting to ensure that financial companies can launch products and services that previously did not exist without any issues. A representative example is their advisory work for Yeolmae Company on the issuance of investment contract securities for art.
Shin & Kim's work performance stems from its manpower. The Financial Regulation Group is led by lawyer Jeong Seong-gu, who was newly recruited in September of last year. Lawyer Jeong has approximately 29 years of experience providing consulting in financial regulation, capital markets, transaction, data protection, and digital finance at law firms such as Kim & Chang. In 2018, he was awarded a presidential citation as a distinguished contributor to financial innovation.
Lawyer Nam Seong-deok has represented various financial companies and large enterprises in providing consulting related to financial regulation and has conducted lawsuits. Lawyer Hwang Hyeon-il, who has passed the second bar exam and is from the Financial Services Commission, is engaged in advisory work not only in traditional finance but also in digital finance. He has advised on the issuance of the first investment contract securities for artworks in Korea and is also involved in token securities work utilizing blockchain infrastructure.
Another Financial Services Commission alumnus is lawyer Hong Myeong-jong. Lawyer Hong served as the deputy governor of NongHyup for five years after working at the Financial Services Commission. Lawyer Kim Young-jin, who passed the first bar exam, worked in the electronic finance and financial data policy divisions of the Financial Services Commission, and lawyer Kang Ryeon-ho, also a first bar exam passer, previously served as an official at the Financial Services Commission and the Financial Intelligence Unit, as well as a legislative officer at the National Assembly Secretariat. Choi Seong-guk, who passed the third bar exam, worked in consulting for financial companies and large enterprises at PwC Consulting.
Recently, Shin & Kim has recruited advisor Jeong Ji-won, a former chairman of the Korea Exchange, to its Financial Regulation Group. Additionally, they have strengthened their team by acquiring expertise from several specialists, including Jang Jeong-sang, who worked for 29 years at Kyobo Life Insurance and the Financial Supervisory Service, Park Dong-hyun, who served in the joint investigation team for financial and securities crimes, Kim Jong-min, an advisor who was a former vice chairman of the Financial Supervisory Service, Choi Jin-young, a specialist who led the special insurance team at the Financial Supervisory Service, and Lee Sang-rok, who was recruited from the Financial Security Research Institute.
A representative of Shin & Kim noted, "We have carried out numerous consulting tasks regarding the improvement of financial companies' internal control systems and governance structures, management diagnostics, internal regulations and checklist inspections, and obligations under the Financial Consumer Protection Act." He also stated, "We will provide a one-stop service optimized for the ever-changing financial regulatory environment."