Capital markets law attorney, can you tell me about the regulatory sandbox application method and procedure?

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I'm doing import-related work for the first time, and people around me said I might receive a customs audit. There haven't been any particular issues, but I'm a bit uneasy. Customs audits don't just happen randomly — I'd like to roughly know on what criteria or in what situations they take place. Please reply quickly.

capital markets law attorney

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作者: 김국일

Regulatory sandbox applications consist of pre-consultation, application, and review stages, and it is important to accurately understand the procedures of each stage.

At the application stage, businesses that have completed consulting apply for special exemptions to the relevant department through specialized agencies for each sector.

Even when the application area is unclear, the receiving agency transfers it to the appropriate department, so the procedural burden is not large.

Received cases are in principle submitted to the Special Exemption Review Committee within 90 days, and a one-time extension is possible if necessary.

At the review stage, the specialized subcommittee coordinates issues between relevant departments, and then the Regulatory Special Exemption Review Committee, in which private experts participate, comprehensively reviews the innovation, user benefits, and risks of the business to determine whether to grant the special exemption.

You should also note that identical or similar tasks are processed quickly through fast-track, and even if rejected, re-review applications are possible within a certain period.

Since the issues to be reviewed may differ depending on regulatory applicability and business structure, it is advisable to combine legal review by a capital markets law attorney.

For specific application eligibility and strategy formulation, please review them in advance through consultation with a capital markets law attorney.