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The Civil Liability of Violation of the Suitability Rule in South Korea

Dong Xinyi  
Korean Capital Market Law provides for the first time the principle of financial suitability,before that,Korean courts have begun to judge on the civil liabilities of financial institutes for violating suitability rule since 1990s,setting the standard that illegality does not only base on the violation of the suitability rule solely,but should be affiliated with the obligation to protect and improper recommendation and etc.However,Korean Capital Market Law doesn't regulate the civil liability of the violation of the suitability rule directly,and many courts approve the nature of the violation of suitability is only tort liability and the burden of proof is on the plaintiff.It is helpful to improve our financial exchange laws and trials by adopting the good and abandoning the bad of Korean financial laws.
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