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24-3 · Financial business registration

Quasi-Investment Advisory Business Report

Anyone who, without registering an investment advisory business, wants to receive fees for giving non-individualized investment advice to the general public through periodicals, publications, communications or broadcasts must file a quasi-investment advisory business report with the Financial Services Commission under Article 101 of the Financial Investment Services and Capital Markets Act. Under Appendix 20 of the Enforcement Decree, the Governor of the Financial Supervisory Service receives and accepts these reports on the Commission's behalf, and the individual filer or the corporate representative must complete the Korea Financial Investment Association's in-person training within 1 year before the filing date. A report is valid for 5 years from the date of acceptance, and a report may be rejected if the filer was sentenced to a fine or heavier punishment for violating financial or consumer protection laws and 5 years have not passed, or if 1 year has not passed since the filer reported closing the business. Under Article 7(3) of the Act as amended in 2024, any structure that lets paying customers exchange opinions online is treated as an investment advisory business, so such a service cannot operate on a report alone.

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#Quasi-Investment Advisory Business Report#Official check#24-3
🌐 Quasi-Investment Advisory Business Report in Korea
01

Procedure

Procedure

  1. 01

    Review the business model: Only one-way advice to many people, without assuming any individual investor, counts as a quasi-investment advisory business. If paying members can ask and get answers in a chat room, receive one-to-one consultations or get instructions on specific stocks, the business requires investment advisory registration, so check the channel settings first.

  2. 02

    Check disqualifications: A report may not be accepted from a person sentenced to a fine or heavier punishment under financial laws, the Door-to-Door Sales Act or the E-Commerce Consumer Protection Act until 5 years have passed since the sentence was completed or waived (including officers of a corporation), or within 1 year of reporting closure or 5 years of an ex officio cancellation.

  3. 03

    Complete the KOFIA training: The individual filer or the corporate representative attends the Association's in-person training within 1 year before the planned filing date and receives a certificate showing the completion date. Sessions can fill up early, so apply for training ahead of the planned filing date.

  4. 04

    Prepare the report and attachments: On Form No. 23 of Separate Form Book 1 of the Detailed Enforcement Rules of the Regulation on Financial Investment Services, enter the information service names, delivery channels, service fees and refund terms and staff details, and attach the office contract, business plan, legal compliance pledges and membership agreement.

  5. 05

    File with the FSS and revise advertising: The report is submitted to the Financial Supervisory Service. Advertisements must state that individual consultation and fund management are not available, that principal losses belong to the investor and that the business is not a licensed financial investment firm, and must not promise returns or show unrealized returns.

  6. 06

    Change reports and 5-year renewal: Closure, a change of name or location, or a change of representative or officers must be reported within 2 weeks. To continue after the validity period, submit a renewal report with a copy of the training certificate between 3 months and 1 month before expiry; a closure report to the tax office or cancellation of the business registration can lead to ex officio cancellation of the report.

02

Filing route

Filing route

Financial Supervisory Service (entrusted by the Financial Services Commission to receive and accept reports)

Confirm the current filing office, jurisdiction, and online availability on the official website.

Official check
Actual processing agencyCompetent Korean authority or official service
Statutory and policy authorityCompetent Korean authority or official service
Online routeOfficial check
03

Deadlines & processing notes

Deadlines & processing notes

Check deadlines and next steps against the notice, filing date, and any request for additional documents.Official check
04

Basic documents

Basic documents

Basic documents0 / 8

Keeping a chat room where paying members can exchange questions and answers can be punished as an unregistered investment advisory business with up to 3 years in prison or a fine of up to 100 million won, even after filing the report.

Scope of services

Scope of services

Hwang Yunsang Administrative Agent Office prepares and translates documents for administrative agencies, submits them on your behalf, and guides you through permit, application, and notification procedures. Services that require the principal’s personal appearance, principal’s application, or electronic signature may be limited in delegation.