The Korea Accounting Standards Board (KASB), an independent private sector organization approved by the Financial Services Commission (FSC), works to establish Korea Accounting Standards (KAS) in line with International Accounting Standards (IAS).

The FSC's accounting regulations are available through the link below. The External Audit Act of Corporations and Korean Generally Accepted Accounting Principles (GAAP). which closely follow the US GAAP, form the basis for these regulations.

The Ministry of Strategy and Finance (MOSF) web site has a section on Korea's financial laws. The corresponding link is provided below.

There are three statutes governing insolvency proceedings in Korea: the Bankruptcy Act, Corporate Reorganization Act, and Composition Act. The Bankruptcy Act is a single code governing the liquidation process. The Corporate Reorganization Act governs the court-supervised procedure for rehabilitation of insolvent companies through debt restructuring. The Composition Act covers procedures for the rehabilitation of insolvent companies where the court mediates in drawing up a consensual composition plan.

These Acts were amended in 1999 and 2000 to assist corporate rehabilitation programs. A new Unified Insolvency Act has been proposed to the National Assembly of Korea to consolidate the three Acts. Full-text English translations of these laws are not currently available. However, several studies are made available for reference and their links are can be found below:

• Insolvency Asia provides a general discussion on claims of creditors, including foreign creditors during insolvency proceedings.
• The Asia-Pacific Restructuring and Insolvency Guide provide explanation of restructuring and insolvency frameworks in Korea.
• The World Bank's Global Insolvency Law Database (GILD) site provides an insolvency overview on Korea.
• World Bank developed its Doing Business indicators to measure the effectiveness and enforcement of business regulations.

The basic laws governing corporate governance are included in the Securities and Exchange Act and External Audit of Stock Companies Act.

Standard and Poor's provides a report on corporate governance developments in Korea.

The Korean Civil Code governs contract law in Korea. Contract relationships between a commercial party and any non-commercial party are governed by the Korean Commercial Code (KCC) statutory scheme. Whenever the KCC is silent regarding a specific issue, the Korean Civil Code applies.

No English language complete translations for the Korean Civil Code and Korean Commercial Code are available.

The Securities and Exchange Act defines proper market practice in Korea. It provides policies on investor protection, prevention of insider trading, and information disclosure in consonance with other laws such as the Futures Trading Act, Collective Investment Scheme Act, and Commercial Code.

The Korea Financial Investment Association (KOFIA) aims to protect investor interests and ensure fair business/trading practices. The KOFIA Regulations on Business Conduct of Securities Companies is linked below.

After the stock exchange, Kosdaq, and futures exchange merged to become the Korea Exchange (KRX), the Market Surveillance and Oversight Commission was re-established and given responsibility over KRX self-regulation. The Commission maintains market order, prevents unfair trading practices, and handles disputes between market participants. Below are links to KRX regulations regarding ethical market practices.