The client is a real estate P2P platform that has completed the registration application for the online investment-linked financial business through Cha & Kwon Law Offices. Recently, an increasing number of online investment-linked financial business entities are applying for concurrent business to expand their businesses.

Since the enforcement of the Act on the Protection of Financial Consumers, whether existing financial companies should separately apply for registration as an online loan solicitation company has been the central issue. However, with the clarification that “existing financial companies may apply for a concurrent business operation rather than a separate registration application to conduct an online loan solicitation business,” more companies are seeking to apply for a concurrent business operation.

Entities that are registered for online investment-linked financial business under the Act on Online Investment-linked Financial Business and Protection of Users must be conducting a business that does not undermine user protection and sound transaction order. They must also report to the Financial Services Commission 7 days before initiating a financial business prescribed by Presidential Decree.

Cha & Kwon Law Offices provides legal services to various FinTech companies. We put our utmost effort to assist companies that have previously received our legal service.