The current Act prevents consumer harm by requiring any person who intends to engage in a quasi-investment advisory business to file a report with the Financial Services Commission, and by allowing the Governor of the Financial Supervisory Service to conduct an inspection in the event that a quasi-investment advisory business entity fails to comply with a request from the Financial Services Commission to submit information.
However, there has been a yearly increase in the number of cases where an investor terminating an agreement with a quasi-investment advisory business entity is charged excessive penalties by the quasi-investment advisory business entity, and investors are not receiving appropriate compensations.
Accordingly, the Amendment requires any person who has filed a report to engage in a quasi-investment advisory business to purchase surety insurance, prescribes refund criteria for cases where an agreement between a quasi-investment advisory business and an investor is terminated early, and imposes an administrative fine for non-compliance, thereby aiming to provide greater protection for investors (Article 101-2 and Article 101-3 newly inserted, etc.).

Reporting on quasi-investment advisory business (Article 101), investment advice liability insurance (Article 101-2), effect of contract cancellation or termination and penalties (Article 101-3)