YOON&YANG

Jong Youl Choi Partner

TEL 82 2 6182 8395
FAX 82 2 6003 7030
E-MAIL jychoi@hwawoo.com

Jong Youl Choi is a partner at Yoon & Yang LLC. His main practice area is capital market regulation.
Mr. Choi regularly advises unfair trade investigation and disclosure in respect of domestic and foreign financial companies and listed companies, responds to accounting fraud audits and external audits, and assists with capital market regulation matters such as IPO and listing eligibility reviews, as well as examination sanction matters. Leveraging his extensive capital market regulatory experience gained during his time at the Capital Markets Investigation Department and the Accounting Investigation Department at the Financial Supervisory Service, he provides personalized advice on capital market regulation and accounting regulatory risks.

Experience

2020-present Yoon & Yang LLC
2018-20 Yulchon LLC
2016-18 Accounting Investigation Department, Financial Supervisory Service
2013-16 Capital Markets Investigation Department, Financial Supervisory Service
2012-13 Inclusive Finance Support Department, Financial Supervisory Service
2009-12 DR & AJU LLC

Education

2022 Korea University Graduate School, (LL.D course completion)
2017 Korea University Graduate School of Law, LL.M. in Finance law
2009 Judicial Research and Training Institute
2006 Yonsei University College of Law, LL.B.

Representative Matters

[Response to investigation of unfair trading in the capital market]

Represented a large biopharma on the investigation relating to use of nondisclosed information and market order disruption
Represented an overseas fund on the investigation relating to violation of the Financial Investment Services and Capital Markets Act involving short-selling of domestic shares
Represented a KOSPI-listed company on the investigation relating to false indication and unlawful transaction
Represented a KOSDAQ-listed company and its CEO on the investigation relating to market price manipulation
Represented a listed company on the investigation of market price manipulation through large-scale trading of fractional shares
Represented a listed company on the investigation relating to unlawful transaction during the acquisition process
Handled the investigation on unlawful transaction related to corporate acquisition
Represented a securities firm on the inspection and investigation by the Financial Supervisory Service (FSS) as to market price manipulation and use of nondisclosed information
Represented a listed company on the investigation of market price manipulation and disclosure breach related to management right dispute

[Response to accounting audit of window dressing or accounting error]

Represented a large-sized domestic biopharma on accounting audit related to recognition of profit and development costs
Represented a large-sized domestic construction company on accounting audit related to share valuation of an overseas affiliate
Represented a large-sized domestic construction company on accounting audit related to large-scale overseas project order
Represented a domestic financial company on accounting audit related to embezzlement by an officer
Represented a listed affiliate on accounting audit and investigation due to accounting fraud of a related company
Represented a KOSDAQ-listed company on accounting audit related to recognition of profit generated from an overseas subsidiary
Represented domestic savings banks and securities firms on accounting audit linked to financial institutions’ inspection

[Response to external audit of listed company and investigation of accounting fraud (digital forensic)]

Handled external audit and advised on legal issues for numerous listed domestic companies
Represented a domestic listed company on an external auditor’s investigation of accounting fraud and response to measures taken by the Financial Services Commission (FSC)
Represented a domestic financial company on an external auditor’s investigation of accounting fraud and response to measures taken by the Financial Services Commission (FSC)

[Response to inspections and sanctions against financial companies]

Represented a bank on response to inspections and sanctions by the Financial Supervisory Service (FSS)
Represented a securities firm on response to inspections and sanctions by the FSS
Represented an asset management company on response to inspections and sanctions by the FSS
Represented a savings bank on response to inspections and sanctions by the FSS
Represented a credit card company on response to inspections and sanctions by the FSS

Awards

Award of the Financial Supervisory Service Governor (2015)

Publications

[Books]

Manual for Compliance Assistants, Korean Bar Association (Co-author, 2019)
Analysis of Court Precedents on the Accounting Audit System, Financial Supervisory Service (2017)

[Academic Papers]

Criticism on the Expanded Application of the Prohibition of Unfair Trading in the Capital Markets Act and Proposed Application Standards (Focused on the Lorenzo v. SEC decision of the Supreme Court of the United States and domestic precedents and enforcements), Human Rights and Justice 495, Korean Bar Association (2021)
Practical Issues of General Shareholders’ Meetings upon the Strengthened External Audits (A Focus on the So-Called “Accounting Crisis” of the 2019 General Shareholders’ Meeting Season), BFL 97, Seoul National University Finance Law Center (Co-Author, 2019)
Criticism on Article 443 of the Capital Markets Act, Koryo Jurisprudence 86, Korea University Legal Research Institute (2017)
A Study on the Unfair Gains of Unfair Trade Practices under the Capital Markets Act, Korea University (2016)