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Seong-Koo CHEONG Attorney

T.+82-2-3703-1210 F.+82-2-737-9091/9092
Seong-Koo CHEONG Attorney
Seong-Koo CHEONG Attorney

Seong-Koo CHEONGAttorney

T.+82-2-3703-1210 F.+82-2-737-9091/9092 E.skcheong@kimchang.com

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Bio

S. K. Cheong is an attorney at Kim & Chang. His practice focuses on derivatives, financial regulations, capital market transactions, and data protection. 

Recognized as one of the leading lawyers specialized in derivatives regulations, Mr. Cheong has represented many Korean and foreign financial institutions and finance-related associations in notable projects to reform the Korean regulatory system by introducing new global financial norms such as clearing of OTC Derivatives, title transfer collateral, and electronic securities. Based on his broad expertise and knowledge, he has also been involved in multiple pioneering cases in interdisciplinary areas. For example, he has engaged in various capital market transactions including the first Korean IPO inviting foreign investors, the first carbon fund investing in CDM businesses, and the first E&P fund investing in oil fields, and several M&A transactions where Korean financial institutions were the target primarily because of his familiarity with complex financial regulations. 

Mr. Cheong is actively involved in various legal academic societies in the field of finance and privacy laws. He has participated in extensive research projects with Financial Law Center of Seoul National University on topics such as issuance of DR and listing of foreign securities (2012), electronic securities (2014), and safe custody of securities (2015). Renowned for his expertise in financial regulations, he has been commissioned as a member of the advisory committee for Korea Securities Depositary (since 2010), National Assembly Research Service (since 2014), and Financial Services Commission of Korea (since 2015), and as a non-standing professor in charge of Capital Market Law for the Judicial Research and Training Institute (since 2014). In addition, since he has published several articles regarding data protection, he has become well known as a theorist in data protection laws and acts as a member of the advisory committee for Korea Personal Information Protection Commission. Since 2015, he has been named “Leading Lawyer” in Korea in debt and equity area by Who’s Who Legal. In 2018, he won the Commendation from the President of the Republic of Korea for his outstanding contributions to the innovation of the financial industry.

Mr. Cheong received his bachelor’s degree in law from Seoul National University in 1994 and his master’s degree in law from Columbia Law School in 2004. He graduated from the Judicial Research and Training Institute in 1996, and was admitted to the Korean bar in 1999 as well as the New York bar in 2005.

Profile

Experience

Counsel, Personal Information Protection Commission (2019.3.-Present) 

Member, Audit Advisory Committee, Financial Services Commission (2019.2.-Present) 

Member, Legal Translation Advisory Committee, Korea Legislation Research Institute (2018.12.-Present) 

Member, Council on Legislation of Electronic Securities Regulation (2017.2.-2018.2.) 

Member, Law Evaluation Committee, Korea Personal Information Protection Commission (2016.9.-2018.9.) 

Statutory Auditor, Credit Counseling & Recovery Service of Korea (2016.9.-2019.9.) 

Member, Credit-Information Big Data Council, Korea Credit Information Services (2016.8.-Present) 

Member, Council on Financial Industry Development (2016.1.-Present) 

Member, Law Interpretation Review Committee, Financial Services Commission (2015.1.-Present) 

Member, Research and Analysis Advisor, National Assembly Research Service (2014-Present) 

Non-standing Professor, Judicial Research and Training Institute (2014-2018) 

Member, Derivative Advisory Committee, Korea Securities Depository (2010.7.-Present) 

Member, Council of Securities and Derivatives, Korea Securities Depository (2010.7.-2019.4.) 

Kim & Chang (2005.8.-Present) 

Cleary Gottlieb Steen & Hamilton, Hong Kong (2004.8.-2005.3.) 

Woo Yun Kang Jeong & Han (1999.5.-2005.8.) 

Judge Advocate, Republic of Korea Army (1996.7.-1999.4.)

Representative Mattersshow

Derivatives
 
  • Acted as a Korean counsel for ISDA, FIA, ICMA and ISLA to provide netting and collateral opinions and periodic updates thereof as a Korean counsel for ISDA, FIA, ICMA and ISLA.
  • Acted as a Korean counsel for ISDA to prepare Korean standard credit support documents. 
  • Acted as a counsel for Korea Financial Investment Association (KOFIA) to prepare standard client clearing agreement, standard OTC derivatives agreement, standard prime brokerage agreement, and standard form of CDS confirmation. 
  • Advised KOFIA regarding standard disclosure documents for derivatives-linked securities. 
  • Advised foreign banks group on Korea Exchange’s ESMA recognition and CFTC registration processes. 
  • Advised Korea Securities Depository (KSD) and financial institutions on the introduction of title transfer collateral for OTC derivatives. 
  • Advised financial institutions for various securities financing transaction using repo, securities lending, reverse securities lending, margin loan and more. 
 
Securities, Banking & Capital Markets Transactions
 
  • Advised various issuers and underwriters in IPO projects (including the first Korean IPO inviting foreign investors) and onshore or offshore issuance of debt instruments. 
  • Advised on the establishment of many natural resource funds, including the first overseas natural resource fund (Vietnam 15-1 Oil Fund). 
  • Advised on the establishment of the first carbon fund in Korea. 
 
Financial Regulations
 
  • Assisted financial institutions in amending financial laws and regulations and obtaining government rulings. 
  • Advised financial institutions, rating agencies, credit bureaus, etc. in regular or special audit process. 
  • Advised foreign financial institutions on various issues in cross-border transaction. 
  • Advised Ministry of Justice, Financial Services Commission (FSC) and KSD on improving DR system and introducing an electronic securities system. 
  • Advised FSC on the improvement of a credit rating system in Korea. 
 
Data Protection
 
  • Advised FSC regarding the amendment of the Credit Information Act. 
  • Advised foreign banks group with respect to the implementation of Personal Information Protection Law of Korea. 
  • Assisted financial institutions, credit bureaus, and PCR (Public Credit Registry) on various issues on the use and protection of financial transaction information including big data, data de-identification and more. 
 
Others
 
  • Acted as a purchaser’s or seller’s counsel in many M&A transactions such as a domestic financial group’s acquisition of a domestic bank and a domestic securities company. 
  • Advised major Korean banks on the conversion into financial holding companies. 

Representative Activitiesshow

Awards

  • Distinguished Practitioner, Asialaw Leading Lawyers: Capital Markets (Euromoney, 2020)
  • Leading Lawyer, Who’s Who Legal: Korea, Capital Markets (Who’s Who Legal, 2019) 
  • Leading Lawyer, Asialaw Leading Lawyers: Capital Markets (Euromoney, 2018) 
  • Commendation from the President of the Republic of Korea for contributions to financial innovation (2018) 
  • Leading Lawyer, Who’s Who Legal: Capital Markets – Debt & Equity (Who’s Who Legal, 2015-2018) 
  • Commendation from the President of the Judicial Research and Training Institute for public service work (1996)

Publications/Activities
    • Electronic Securities and Collateral, BFL Vol. 96 (Seoul National University Center for Financial Law, 2019.7.) 
    • Tort Liability for Misstatements in Marketing Materials (including leaflet, etc) for Financial Investment Products, Advertisement Case Law Collection (Korea Advertising Law Association, 2019.7.) 
    • Chambers Global Practice Guide – Structured Finance & Derivatives: Korea chapter - Law & Practice (Co-author, Chambers and Partners, 2019) 
    • Personal Information in the Fourth Industrial Revolution (Co-author, Sechang Publish, 2018.12.) 
    • Set-off Law and Practice (3rd Edition), Korean Law section (Co-author, Oxford University Press, 2018.2.) 
    • Contiguity of Regulation on TRS, Payment Guarantee, Credit Extension and Insurance, BFL Vol. 83 (Seoul National University Center for Financial Law, 2017.7.) 
    • Extraterritoriality of the Capital Markets Act in connection with Cross-border Securities Transactions - Focused on the Entry Regulation on Foreign Brokers and Dealers, Korean Journal of International Trade and Business Law Vol. 25 No. 1 (Korea International Trade Law Association, 2016.7.) 
    • On-line Commentary of Credit Information Act (Co-author, Thompson Reuters LAWnB, 2015.11.) 
    • Regulatory Changes after the Data Leakage Crisis of Korean Credit Card Companies – Focusing on the Amendment to Credit Information Act, BFL Vol. 66 (Co-author, Seoul National University Center for Financial Law, 2014.7.) 
    • Law and Policy of Personal Information Protection (Co-author, Pakyoungsa, 2014) 
    • Practical Issues under Article 120 of the Debtor Rehabilitation and Bankruptcy Act, Korean Journal of Insolvency Law Vol. 4, No.2 (Co-author, Insolvency Law Institute of Korea, 2014) 
    • Introduction Regarding the Clearing of OTC Derivative Products under the Newly Amended Financial Investment Services and Capital Markets Act, BFL No. 60 (Seoul National University Center for Financial Law, 2013.7.) 
    • Analysis on the Insolvency Issues Involving the Central Clearing of the OTC Derivatives, BFL Vol. 53 (Seoul National University Center for Financial Law, 2012.5.) 
    • To list or not to list?, Asian-Counsel Vol. 8 Issue 8 (Co-author, Pacific Business Press, 2010) 
    • Asialaw September 2008 – Special Report: Guide to South Korea (Co-author, Enter the Hedge Funds, 2008) 
    • Recent Changes to the Korean IPO Regulatory Regime, Asian-Counsel Vol. 6 Issue 4 (Pacific Business Press, 2008.5.) 
    • Review of Personal Information Protection System in Consumer Financing, BFL Vol. 26 (Seoul National University Center for Financial Law, 2007.11.) 
    • Recent Developments in Derivative Business Regulations (Co-author, Korea Review, 2007) 
    • Solution for the Problems in the Protection of Personal Information under Credit Information Act (2006) 
    • Legal Issues on Offshore Listing of Shares, BFL Vol. 14 (Seoul National University Center for Financial Law, 2005.11.) 
    • The Status and Issues of the Law Concerning the Utilization and Protection of Credit Information (2001)

Education

    Columbia Law School (LL.M., 2004)

    Judicial Research and Training Institute of the Supreme Court of Korea (1996)

    College of Law, Seoul National University (LL.B., 1994)

Qualifications

    Admitted to bar, Korea, 1999; New York, 2005

Languages

Korean and English

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Seong-Koo CHEONG
Attorney


T. +82-2-3703-1210      
F. +82-2-737-9091/9092
     


  




S. K. Cheong is an attorney at Kim & Chang. His practice focuses on derivatives, financial regulations, capital market transactions, and data protection. 

Recognized as one of the leading lawyers specialized in derivatives regulations, Mr. Cheong has represented many Korean and foreign financial institutions and finance-related associations in notable projects to reform the Korean regulatory system by introducing new global financial norms such as clearing of OTC Derivatives, title transfer collateral, and electronic securities. Based on his broad expertise and knowledge, he has also been involved in multiple pioneering cases in interdisciplinary areas. For example, he has engaged in various capital market transactions including the first Korean IPO inviting foreign investors, the first carbon fund investing in CDM businesses, and the first E&P fund investing in oil fields, and several M&A transactions where Korean financial institutions were the target primarily because of his familiarity with complex financial regulations. 

Mr. Cheong is actively involved in various legal academic societies in the field of finance and privacy laws. He has participated in extensive research projects with Financial Law Center of Seoul National University on topics such as issuance of DR and listing of foreign securities (2012), electronic securities (2014), and safe custody of securities (2015). Renowned for his expertise in financial regulations, he has been commissioned as a member of the advisory committee for Korea Securities Depositary (since 2010), National Assembly Research Service (since 2014), and Financial Services Commission of Korea (since 2015), and as a non-standing professor in charge of Capital Market Law for the Judicial Research and Training Institute (since 2014). In addition, since he has published several articles regarding data protection, he has become well known as a theorist in data protection laws and acts as a member of the advisory committee for Korea Personal Information Protection Commission. Since 2015, he has been named “Leading Lawyer” in Korea in debt and equity area by Who’s Who Legal. In 2018, he won the Commendation from the President of the Republic of Korea for his outstanding contributions to the innovation of the financial industry.

Mr. Cheong received his bachelor’s degree in law from Seoul National University in 1994 and his master’s degree in law from Columbia Law School in 2004. He graduated from the Judicial Research and Training Institute in 1996, and was admitted to the Korean bar in 1999 as well as the New York bar in 2005.






    Counsel, Personal Information Protection Commission (2019.3.-Present) 

    Member, Audit Advisory Committee, Financial Services Commission (2019.2.-Present) 

    Member, Legal Translation Advisory Committee, Korea Legislation Research Institute (2018.12.-Present) 

    Member, Council on Legislation of Electronic Securities Regulation (2017.2.-2018.2.) 

    Member, Law Evaluation Committee, Korea Personal Information Protection Commission (2016.9.-2018.9.) 

    Statutory Auditor, Credit Counseling & Recovery Service of Korea (2016.9.-2019.9.) 

    Member, Credit-Information Big Data Council, Korea Credit Information Services (2016.8.-Present) 

    Member, Council on Financial Industry Development (2016.1.-Present) 

    Member, Law Interpretation Review Committee, Financial Services Commission (2015.1.-Present) 

    Member, Research and Analysis Advisor, National Assembly Research Service (2014-Present) 

    Non-standing Professor, Judicial Research and Training Institute (2014-2018) 

    Member, Derivative Advisory Committee, Korea Securities Depository (2010.7.-Present) 

    Member, Council of Securities and Derivatives, Korea Securities Depository (2010.7.-2019.4.) 

    Kim & Chang (2005.8.-Present) 

    Cleary Gottlieb Steen & Hamilton, Hong Kong (2004.8.-2005.3.) 

    Woo Yun Kang Jeong & Han (1999.5.-2005.8.) 

    Judge Advocate, Republic of Korea Army (1996.7.-1999.4.)






Derivatives
 
  •   Acted as a Korean counsel for ISDA, FIA, ICMA and ISLA to provide netting and collateral opinions and periodic updates thereof as a Korean counsel for ISDA, FIA, ICMA and ISLA.
  •   Acted as a Korean counsel for ISDA to prepare Korean standard credit support documents. 
  •   Acted as a counsel for Korea Financial Investment Association (KOFIA) to prepare standard client clearing agreement, standard OTC derivatives agreement, standard prime brokerage agreement, and standard form of CDS confirmation. 
  •   Advised KOFIA regarding standard disclosure documents for derivatives-linked securities. 
  •   Advised foreign banks group on Korea Exchange’s ESMA recognition and CFTC registration processes. 
  •   Advised Korea Securities Depository (KSD) and financial institutions on the introduction of title transfer collateral for OTC derivatives. 
  •   Advised financial institutions for various securities financing transaction using repo, securities lending, reverse securities lending, margin loan and more. 
 
Securities, Banking & Capital Markets Transactions
 
  •   Advised various issuers and underwriters in IPO projects (including the first Korean IPO inviting foreign investors) and onshore or offshore issuance of debt instruments. 
  •   Advised on the establishment of many natural resource funds, including the first overseas natural resource fund (Vietnam 15-1 Oil Fund). 
  •   Advised on the establishment of the first carbon fund in Korea. 
 
Financial Regulations
 
  •   Assisted financial institutions in amending financial laws and regulations and obtaining government rulings. 
  •   Advised financial institutions, rating agencies, credit bureaus, etc. in regular or special audit process. 
  •   Advised foreign financial institutions on various issues in cross-border transaction. 
  •   Advised Ministry of Justice, Financial Services Commission (FSC) and KSD on improving DR system and introducing an electronic securities system. 
  •   Advised FSC on the improvement of a credit rating system in Korea. 
 
Data Protection
 
  •   Advised FSC regarding the amendment of the Credit Information Act. 
  •   Advised foreign banks group with respect to the implementation of Personal Information Protection Law of Korea. 
  •   Assisted financial institutions, credit bureaus, and PCR (Public Credit Registry) on various issues on the use and protection of financial transaction information including big data, data de-identification and more. 
 
Others
 
  •   Acted as a purchaser’s or seller’s counsel in many M&A transactions such as a domestic financial group’s acquisition of a domestic bank and a domestic securities company. 
  •   Advised major Korean banks on the conversion into financial holding companies. 





Awards

  •   Distinguished Practitioner, Asialaw Leading Lawyers: Capital Markets (Euromoney, 2020)
  •   Leading Lawyer, Who’s Who Legal: Korea, Capital Markets (Who’s Who Legal, 2019) 
  •   Leading Lawyer, Asialaw Leading Lawyers: Capital Markets (Euromoney, 2018) 
  •   Commendation from the President of the Republic of Korea for contributions to financial innovation (2018) 
  •   Leading Lawyer, Who’s Who Legal: Capital Markets – Debt & Equity (Who’s Who Legal, 2015-2018) 
  •   Commendation from the President of the Judicial Research and Training Institute for public service work (1996)

Publications/Activities

  •   Electronic Securities and Collateral, BFL Vol. 96 (Seoul National University Center for Financial Law, 2019.7.) 
  •   Tort Liability for Misstatements in Marketing Materials (including leaflet, etc) for Financial Investment Products, Advertisement Case Law Collection (Korea Advertising Law Association, 2019.7.) 
  •   Chambers Global Practice Guide – Structured Finance & Derivatives: Korea chapter - Law & Practice (Co-author, Chambers and Partners, 2019) 
  •   Personal Information in the Fourth Industrial Revolution (Co-author, Sechang Publish, 2018.12.) 
  •   Set-off Law and Practice (3rd Edition), Korean Law section (Co-author, Oxford University Press, 2018.2.) 
  •   Contiguity of Regulation on TRS, Payment Guarantee, Credit Extension and Insurance, BFL Vol. 83 (Seoul National University Center for Financial Law, 2017.7.) 
  •   Extraterritoriality of the Capital Markets Act in connection with Cross-border Securities Transactions - Focused on the Entry Regulation on Foreign Brokers and Dealers, Korean Journal of International Trade and Business Law Vol. 25 No. 1 (Korea International Trade Law Association, 2016.7.) 
  •   On-line Commentary of Credit Information Act (Co-author, Thompson Reuters LAWnB, 2015.11.) 
  •   Regulatory Changes after the Data Leakage Crisis of Korean Credit Card Companies – Focusing on the Amendment to Credit Information Act, BFL Vol. 66 (Co-author, Seoul National University Center for Financial Law, 2014.7.) 
  •   Law and Policy of Personal Information Protection (Co-author, Pakyoungsa, 2014) 
  •   Practical Issues under Article 120 of the Debtor Rehabilitation and Bankruptcy Act, Korean Journal of Insolvency Law Vol. 4, No.2 (Co-author, Insolvency Law Institute of Korea, 2014) 
  •   Introduction Regarding the Clearing of OTC Derivative Products under the Newly Amended Financial Investment Services and Capital Markets Act, BFL No. 60 (Seoul National University Center for Financial Law, 2013.7.) 
  •   Analysis on the Insolvency Issues Involving the Central Clearing of the OTC Derivatives, BFL Vol. 53 (Seoul National University Center for Financial Law, 2012.5.) 
  •   To list or not to list?, Asian-Counsel Vol. 8 Issue 8 (Co-author, Pacific Business Press, 2010) 
  •   Asialaw September 2008 – Special Report: Guide to South Korea (Co-author, Enter the Hedge Funds, 2008) 
  •   Recent Changes to the Korean IPO Regulatory Regime, Asian-Counsel Vol. 6 Issue 4 (Pacific Business Press, 2008.5.) 
  •   Review of Personal Information Protection System in Consumer Financing, BFL Vol. 26 (Seoul National University Center for Financial Law, 2007.11.) 
  •   Recent Developments in Derivative Business Regulations (Co-author, Korea Review, 2007) 
  •   Solution for the Problems in the Protection of Personal Information under Credit Information Act (2006) 
  •   Legal Issues on Offshore Listing of Shares, BFL Vol. 14 (Seoul National University Center for Financial Law, 2005.11.) 
  •   The Status and Issues of the Law Concerning the Utilization and Protection of Credit Information (2001)





Education

    Columbia Law School (LL.M., 2004)

    Judicial Research and Training Institute of the Supreme Court of Korea (1996)

    College of Law, Seoul National University (LL.B., 1994)


Qualifications

    Admitted to bar, Korea, 1999; New York, 2005


Languages
  •    Korean and English





Derivatives ,  Securities ,  Capital Markets ,  Banking ,  Privacy & Data Security