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ENFORCEMENT DECREE OF THE ACT ON SPECIAL MEASURES FOR THE PROMOTION OF VENTURE BUSINESSES

Presidential Decree No. 15499, Oct. 25, 1997

Amended by Presidential Decree No. 18039, jun. 30, 2003

Presidential Decree No. 25050, Dec. 30, 2013

Presidential Decree No. 25272, Mar. 24, 2014

Presidential Decree No. 25426, jun. 30, 2014

Presidential Decree No. 25945, Dec. 30, 2014

Presidential Decree No. 26023, Jan. 6, 2015

Presidential Decree No. 26248, May 26, 2015

Presidential Decree No. 26369, jun. 30, 2015

Presidential Decree No. 26600, Oct. 23, 2015

Presidential Decree No. 26648, Nov. 18, 2015

Presidential Decree No. 26804, Dec. 30, 2015

Presidential Decree No. 27205, May 31, 2016

Presidential Decree No. 27472, Aug. 31, 2016

Presidential Decree No. 27506, Sep. 22, 2016

Presidential Decree No. 27534, Sep. 29, 2016

Presidential Decree No. 27663, Dec. 5, 2016

Presidential Decree No. 27751, Dec. 30, 2016

Presidential Decree No. 28213, Jul. 26, 2017

Presidential Decree No. 28926, May 29, 2018

Presidential Decree No. 29216, Oct. 2, 2018

Presidential Decree No. 29419, Dec. 24, 2018

Presidential Decree No. 29421, Dec. 24, 2018

 Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Act on Special Measures for the Promotion of Venture Businesses and matters necessary for enforcing said Act.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 2 (Scope of Supporting Institutions)
"Supporting institutions prescribed by Presidential Decree" in Article 2 (4) of the Act on Special Measures for the Promotion of Venture Businesses (hereinafter referred to as the "Act") means facilities built and managed by any of the following persons for facilitating the activities of venture businesses: <Amended by Presidential Decree No. 21480. May 6, 2009; Presidential Decree No. 21835, Nov. 20, 2009; Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 22977, Jun. 24, 2011; Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 27205, May 31, 2016; Presidential Decree No. 27506, Sep. 22, 2016; Presidential Decree No. 27534, Sep. 29, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Small or medium business start-up investment companies referred to in subparagraph 4 of Article 2 of the Support for Small and Medium Enterprise Establishment Act (hereinafter referred to as “small or medium business start-up investment company”);
2. Small and medium enterprise consulting companies referred to in subparagraph 6 of Article 2 of the Support for Small and Medium Enterprise Establishment Act;
3. Persons who establish and run business incubators referred to in Article 6 (1) of the Support for Small and Medium Enterprise Establishment Act, other than each subparagraph;
4. Banks referred to in Article 2 (1) 2 of the Banking Act (including branch offices, agents, or offices of foreign banks, which are located in Korea and authorized by the Financial Services Commission under Article 58 (1) of the same Act);
5. New technology venture capitalists referred to in the Specialized Credit Finance Business Act;
6. The Korea Credit Guarantee Fund established under the Korea Credit Guarantee Fund Act;
7. The Korea Technology Finance Corporation incorporated under the Korea Technology Finance Corporation Act (hereinafter referred to as the "Korea Technology Finance Corporation");
8. Research institutes annexed to enterprises referred to in Article 14-2 (1) of the Basic Research Promotion and Technology Development Support Act;
9. The Small and Medium Business Corporation referred to in Article 68 of the Small and Medium Enterprises Promotion Act (hereinafter referred to as the "Small and Medium Business Corporation");
10. The Korea Industrial Complex Corporation referred to in Article 45-9 of the Industrial Cluster Development and Factory Establishment Act;
11. Corporate restructuring companies registered under Article 14 of the Industrial Development Act (referring to the Act before the wholly amended Industrial Development Act (Act No. 9584)) (hereinafter referred to as "corporate restructuring company");
12. Regional credit guarantee foundations under the Regional Credit Guarantee Foundation Act;
13. Investment traders and investment brokers referred to in Article 8 (2) and (3) of the Financial Investment Services and Capital Markets Act;
15. Technology evaluation institutions referred to in Article 35 of the Technology Transfer and Commercialization Promotion Act;
16. The National Information Technology Promotion Agency referred to in Article 26 of the Information and Communications Technology Industry Promotion Act;
17. The Korea Federation of Small and Medium Enterprises referred to in Article 3 (1) 4 of the Small and Medium Enterprise Cooperatives Act;
18. The Korea Standards Association referred to in Article 32 of the Industrial Standardization Act;
19. Any of the following persons:
(a) Attorneys-at-law whose practices are reported under Article 15 of the Attorney-at-Law Act;
(b) Certified public accountants whose offices are established under Article 12 of the Certified Public Accountant Act;
(c) Patent attorneys whose practices are reported under Article 6-2 (2) of the Patent Attorney Act;
(d) Business management consultants or technology consultants registered under Article 50 of the Small and Medium Enterprises Promotion Act;
(e) Certified tax accountants whose practices are reported under Article 13 of the Certified Tax Accountant Act;
20. Other persons designated by the Minister of SMEs and Startups, as persons supporting venture businesses.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 2-2 Deleted. <by Presidential Decree No. 19498, Jun. 2, 2006>
 Article 2-3 (Requirements for Venture Businesses)
(1) "Standards prescribed by Presidential Decree" in Article 2-2 (1) 2 (a) (excluding (i) through (viii)) of the Act means that the aggregate investment made by the persons provided for in Article 2-2 (1) 2 (a) (i) through (viii) in the relevant enterprises is at least 50 million won and accounts for at least 10/100 (7/100 if the relevant enterprise is a manufacturer referred to in subparagraph 12 of Article 2 of the Framework Act on the Promotion of Cultural Industries who is a juridical person) of the capital of the enterprises. <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 25426, Jun. 30, 2014>
(2) "Institutions prescribed by Presidential Decree" in Article 2-2 (1) 2 (a) (vii) of the Act means the following institutions: <Amended by Presidential Decree No. 21518, May 29, 2009; Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 26023, Jan. 6, 2015; Presidential Decree No. 26600, Oct. 23, 2015; Presidential Decree No. 28213, Jul. 26, 2017>
1. Private investment associations referred to in Article 13 (2) of the Act;
2. The Korea Development Bank under the Korea Development Bank Act;
2-2. Deleted; <by Presidential Decree No. 25945, Dec. 30, 2014>
3. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;
4. Banks referred to in Article 2 (1) 2 of the Banking Act;
5. Private equity funds referred to in Article 9 (19) 1 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "private equity fund");
6. Foreign investment companies in compliance with the standards determined and publicly notified by the Minister of SMEs and Startups in terms of expertise, international credit rating, etc.
(3) "Individual who meets the standards prescribed by Presidential Decree, such as investment performance, career, qualification requirements, etc." in Article 2-2 (1) 2 (a) (viii) of the Act means an individual who meets all the following standards: <Newly Inserted by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 27472, Aug. 31, 2016; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. The aggregate investment made in the last three years (where a person who falls under any item of subparagraph 2 is the general partner of a private investment association under Article 13 of the Act, including the investment shares out of the amount invested by the relevant association) in stocks or equity which complies with the following requirements shall be at least 100 million won and at least the amount determined and publicly notified by the Minister of SMEs and Startups:
(a) Stocks or equity newly issued by any of the following persons:
(i) Venture businesses;
(ii) Business starters referred to in subparagraph 2 of Article 2 of the Supporting for Small and Medium Enterprise Establishment Act;
(iii) Technology innovation-orientated small and medium enterprises referred to in Article 15 of the Act on the Promotion of Technology Innovation of Small and Medium Enterprises;
(b) Stocks or equity held for at least six months from the date of acquisition;
(c) Stocks or equity not issued by any related person under Article 3 (1) of the Enforcement Decree of the Act on Corporate Governance of Financial Companies (hereinafter referred to as "related person");
2. Any of the following persons:
(a) Founders (limited to persons registered as directors at the time of listing the stocks) of stock-listed corporations referred to in Article 9 (15) 3 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "stock-listed corporation");
(b) Persons who have held office as a director (limited to persons registered) of a stock-listed corporation for at least three years;
(c) Persons who are or were founders of venture businesses, the annual sales of which as at the time they were holding offices were not less than 100 billion won respectively;
(d) Persons who have worked for any of the following companies for at least two years, in charge of investment examination:
(i) Companies specializing in the start-up of new technology-based businesses;
(ii) Limited companies referred to in Article 4-3 (1) 3 of the Act;
(iii) Small or medium business start-up investment companies referred to in subparagraph 4 of Article 2 of the Supporting Small and Medium Enterprise Establishment Act;
(e) Persons qualified as professional engineers under Article 10 of the National Technical Qualifications Act;
(f) Attorneys-at-law registered under Article 7 of the Attorney-at-Law Act;
(g) Certified public accountants registered with the Financial Services Commission under Article 7 of the Certified Public Accountant Act;
(h) Certified tax accountants registered with the Ministry of Economy and Finance under Article 6 of the Certified Tax Accountant Act;
(i) Patent attorneys registered with the Commissioner of the Korean Intellectual Property Office under Article 5 of the Patent Attorney Act;
(j) Business management consultants or technology consultants registered under Article 50 of the Small and Medium Enterprises Promotion Act;
(k) Certified appraisers registered under Article 17 of the Act on Appraisal and Certified Appraisers;
(l) Persons who hold a doctoral degree in science and engineering or economy and administration;
(m) Other persons who meet the standards determined and publicly notified by the Minister of SMEs and Startups in terms of the completion of educational courses, investment-related careers, etc.
(4) To verify whether an individual investor amounts to the persons referred to in Article 2-2 (1) 2 (a) (viii) of the Act, the Minister of SMEs and Startups may have the relevant enterprise or individual investor submit data evidencing that he/she complies with the requirements in the subparagraphs of paragraph (3). In such cases, the Minister of SMEs and Startups shall determine and publicly notify detailed matters, such as methods of submission, validity period, etc. of data. <Newly Inserted by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
(5) "Standards prescribed by Presidential Decree" in Article 2-2 (1) 2 (b) of the Act means the following standards: Provided, That subparagraph 2 shall not apply to enterprises for which three years have not passed since business establishment: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. Annual research and development expenses shall be at least 50 million won;
2. The ratio of the total research and development expenses to the annual sales amount is at least 5/100 and at least the ratio determined and publicly notified by the Minister of SMEs and Startups, for each industry.
(6) Standards for annual research and development expenses and annual sales amounts referred to in paragraph (5) shall be as follows: <Amended by Presidential Decree No. 25426, Jun. 30, 2014>
1. Where any request to verify whether it is a venture business under Article 25 (1) of the Act is made, the research and development expenses and total sales amounts of the four quarters immediately preceding the quarter in which such request is made;
2. Where a confirmation of venture businesses is revoked pursuant to Article 25-2 (1) 2 of the Act, the research and development expenses and total sales amounts of the four quarters immediately preceding the quarter in which the head of the agency for confirming venture businesses has the venture businesses submit data.
(7) "Agencies prescribed by Presidential Decree" in Article 2-2 (1) 2 (b) of the Act means the following agencies: <Amended by Presidential Decree No. 21460, Apr. 30, 2009; Presidential Decree No. 21692, Aug. 18, 2009; Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 27205, May 31, 2016>
1. The Korea Technology Finance Corporation;
2. The Small and Medium Business Corporation;
3. The Korea Institute for Advancement of Technology referred to in Article 38 of the Industrial Technology Innovation Promotion Act (hereinafter referred to as the "Korea Institute for Advancement of Technology);
4. Technology evaluation institutions referred to in Article 35 of the Technology Transfer and Commercialization Promotion Act;
5. The National IT Industry Promotion Agency referred to in Article 26 of the Information and Communications Technology Industry Promotion Act (hereinafter referred to as the "National IT Industry Promotion Agency").
(8) Standards for evaluating commercialization referred to in Article 2-2 (1) 2 (b) of the Act shall be product competitiveness, business promotion capability, market prospects, etc., on condition that the Minister of SMEs and Startups determine and publicly notify specific standards for and methods of evaluation. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(9) "Agencies prescribed by Presidential Decree" in Article 2-2 (1) 2 (c) (i) of the Act means the Small and Medium Business Corporation.
(10) "Standards prescribed by Presidential Decree" in Article 2-2 (1) 2 (c) (ii) of the Act means the following standards: Provided, That the standard prescribed in subparagraph 1 shall be 40 million won for enterprises for which one year has not passed since business establishment and the standard prescribed in subparagraph 2 shall not apply thereto; and the standard prescribed in subparagraph 2 shall not apply to enterprises, the amount of guarantee or loan (including amounts determined to be available for guarantee or loan; hereafter the same shall apply in this paragraph) of which is at least one billion won: <Amended by Presidential Decree No. 22130, Apr. 20, 2010>
1. The amount of guarantee or loan shall be at least 80 million won;
2. The ratio of guarantee or loan to the total asset of an enterprise shall be at least 5/100.
(11) Standards for the evaluation of technology referred to in Article 2-2 (1) 2 (c) (iii) of the Act shall be excellence of technology, degree of usage of technology, etc., on condition that the Minister of SMEs and Startups shall determine and publicly notify specific standards and methods of evaluation. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 2-4 (Business Types Excluded from Venture Business)
"Businesses prescribed by Presidential Decree" in Article 3 of the Act means business types specified in attached Table 1.
[This Article Newly Inserted by Presidential Decree No. 26648, Nov. 18, 2015]
 Article 3 (Investment of Funds in Venture Businesses)
(1) "Funds prescribed by Presidential Decree" in Article 4 (1) of the Act means the funds prescribed in attached Table 1-2. <Amended by Presidential Decree No. 26648, Nov. 18, 2015>
(2) If necessary for creating financial resources to be invested in venture businesses, the Minister of SMEs and Startups may recommend fund administrators referred to in Article 4 (1) of the Act (hereinafter referred to as "fund administrator") to invest in the small or medium enterprise establishment investment association referred to in subparagraph 5 of Article 2 of the Supporting Small and Medium Enterprise Establishment Act (hereinafter referred to as "small and medium business start-up investment association") or in the Korea Venture Fund referred to in Article 4-3 (1) of the Act (hereinafter referred to as the "Korea Venture Fund"). <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) "Fund within the ratio prescribed by Presidential Decree" in Article 4 (1) of the Act shall be funds which account for not more than 10/100 of the operating funds of the relevant fund.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-2 (Designation of Institutions Specializing in Management of Investments)
(1) "Investment management organizations prescribed by Presidential Decree" in Article 4-2 (1) of the Act means the following institutions or organizations: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. The Small and Medium Business Corporation;
2. Institutions or organizations that meet the standards determined and publicly notified by the Minister of SMEs and Startups in terms of professional workforce, facilities, etc. necessary for the operation of a fund of funds for investment in small and medium enterprises referred to in Article 4-2 (1) of the Act (hereinafter referred to as "Fund of Funds"), etc.
(2) If there is any change in professional workforce, facilities, etc. necessary for the operation of the Fund of Funds under Article 4-2 (4) of the Act, each organization specializing in the management of investments referred to in Article 4-2 (1) of the Act (hereinafter referred to as "organization specializing in the management of investments") shall report thereon to the Minister of SMEs and Startups. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) Each organization specializing in the management of investments shall submit a settlement statement to the Minister of SMEs and Startups pursuant to Article 4-2 (4) of the Act, accompanied with an audit report of an accounting firm, within four months after each business year. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) The Minister of SMEs and Startups shall determine other matters necessary for the management of organizations specializing in the management of investments. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-3 Deleted. <by Presidential Decree No. 21460, Apr. 30, 2009>
 Article 3-4 (Duration of Fund of Funds)
"Period prescribed by Presidential Decree" in Article 4-2 (9) of the Act means 30 years.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-5 (Management of Fund of Funds)
(1) The Minister of SMEs and Startups shall prepare a proposed guidelines for operating the Fund of Funds of the following year, including the following matters, by December 31 each year, under Article 4-2 (9) of the Act. In such cases, the Minister of SMEs and Startups may listen to the opinions of persons who invest in the Fund of Funds under Article 4-2 (1) of the Act, if necessary for the preparation of the proposed guidelines for operating the Fund of Funds: <Amended by Presidential Decree No. 21460, Apr. 30, 2009; Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
1. Standards for distributing assets of the Fund of Funds;
2. Limitation on investment of the Fund of Funds in the partnerships or companies in the subparagraphs of Article 4-2 (3) of the Act;
3. Limitation of payment of performance awards to employees and executive officers of organizations specializing in the management of investments;
4. Major matters to be included in plans for operating the Fund of Funds.
(2) Each organization specializing in the management of investments shall submit a plan for operating the Fund of Funds by January 31 each year and submit the records of operation of the Fund of Funds of the preceding year to the Minister of SMEs and Startups by April 30. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-6 (Establishment of Korea Venture Fund)
(1) Where a person who falls under any of the subparagraphs of Article 4-3 (1) of the Act intends to establish the Korea Venture Fund, he/she shall submit an organization plan including the following matters, to the Minister of SMEs and Startups: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. An outline of business;
2. The aggregate investment, amount per investment account, and time and method of investment;
3. A plan for inviting members with limited liabilities referred to in Article 4-3 (2) of the Act (hereinafter referred to as "members with limited liabilities");
4. A plan for operating assets of the Korea Venture Fund and a plan for the distribution thereof;
5. Personal information of professional staff fully in charge of investment examination of the Korea Venture Fund (referring to names, resident registration numbers, personal history, careers in investment, etc.; hereinafter the same shall apply).
(2) "Professional human resources in conformity with the standards prescribed by Presidential Decree" in Article 4-3 (1) 3 (b) of the Act means any of the following human resources: <Amended by Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 28213, Jul. 26, 2017>
1. At least one person who has at least five years’ work experience in investment affairs and at least two persons who have at least three years’ work experience in investment affairs at institutions recognized by the Minister of SMEs and Startups, such as small or medium business start-up investment companies;
2. At least two persons who have at least five years' work experience in investment affairs at institutions recognized by the Minister of SMEs and Startups, such as small or medium business start-up investment companies.
(3) Deleted. <by Presidential Decree No. 25272, Mar. 24, 2014>
(4) Persons who intend to establish the Korea Venture Fund pursuant to Article 4-3 (1) of the Act shall fulfill all of the following requirements: <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 27663, Dec. 5, 2016>
1. The aggregate investment shall be at least three billion won: Provided, That if the investment is made in installments as prescribed by the rules of the Fund, the first installment shall be at least one billion won;
2. The amount per investment account shall be at least one million won;
3. The number of members with limited liabilities shall not exceed 49 persons. In such cases, if the collective investment scheme under Article 9 (18) of the Financial Investment Services and Capital Markets Act is in the form of an association and if less than ten percent is invested in the relevant Korea Venture Fund, the collective investment scheme shall be counted as one member with limited liability; and if not less than ten percent is invested, each member of the collective investment scheme shall be respectively counted as one member with limited liability;
4. The equity of investment of the general partner referred to in Article 4-3 (3) of the Act (hereinafter referred to as "general partner") shall be at least 1/100 of the aggregate investment;
5. The period of existence shall be at least five years.
(5) The general partner shall, when completing the establishment of the Korea Venture Fund, file a report with the Minister of SMEs and Startups, accompanied with the following documents, pursuant to Article 4-3 (2) of the Act within seven days from the date of a general meeting of partners: <Amended by Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Rules of the Korea Venture Fund;
2. The register of partners;
3. Documents evidencing the amounts and performance of investment of partners;
4. Personal information of professional human resources in full charge of investment examination of the Korea Venture Fund.
(6) Where any of the following matters is changed among the matters reported pursuant to paragraph (5), the general partner shall file a report of change with the Minister of SMEs and Startups, accompanied with documents evidencing such fact, within seven days: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. Name and location of office of the Korea Venture Fund;
2. Name and address of the general partner;
3. Investment amounts and number of investment accounts by partner;
4. The period of existence of the relevant fund;
5. Personal information of professional human resources in full charge of investment examination of the Korea Venture Fund.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-7 Deleted. <by Presidential Decree No. 20029, Apr. 26, 2007>
 Article 3-8 (Methods of Calculation of Return on Investment)
(1) For the payment of remuneration referred to in Article 4-3 (8) of the Act, return on investment shall be calculated by subtracting the investment amounts, and operating expenses determined by the Minister of SMEs and Startups, from the appraised amount of assets of the Korea Venture Fund. <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
(2) The general partner remunerated according to return on investment under Article 4-3 (8) of the Act may render performance awards to employees and executive officers who contribute to creating returns on investment, within the scope of the remuneration paid to him/her. <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 27663, Dec. 5, 2016>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-9 (Execution of Business of Korea Venture Fund)
(1) "Financial institutions prescribed by Presidential Decree" in Article 4-4 (2) 4 of the Act means the following institutions or organizations: <Amended by Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 26600, Oct. 23, 2015; Presidential Decree No. 29419, Dec. 24, 2018>
1. Financial companies, etc. in subparagraph 1 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality: Provided, That this shall not apply to financial companies, etc. operating types of business under Article 4 (1) of the Enforcement Decree of the Support for Small and Medium Enterprise Establishment Act;
2. Corporate restructuring companies, corporate restructuring funds registered under Article 15 of the Industrial Development Act (referring to the Act preceding the wholly amended Industrial Development Act (Act No. 9584)), or private equity funds for improving corporate structure referred to in Article 20 of the Industrial Development Act.
(2) "Real estate used for the business, the scope of which is prescribed by Presidential Decree" in the main sentence of Article 4-4 (2) 5 of the Act means the following real estate: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. Business incubators in subparagraph 7 of Article 2 of the Support for Small and Medium Enterprise Establishment Act (limited to those established directly by the relevant Korea Venture Fund);
2. Offices complying with the standards determined by the Minister of SMEs and Startups, such as space available exclusively for investment consulting.
(3) "Acts prescribed by Presidential Decree" in Article 4-4 (2) 6 of the Act means the following: <Amended by Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 26600, Oct. 23, 2015; Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 27534, Sep. 29, 2016; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Transactions with any of the following persons:
(a) The Korea Venture Fund organized by the relevant general partner: Provided, That transactions in which the general partner is involved due to the dissolution of the Korea Venture Fund or other inevitable causes recognized by the Minister of SMEs and Startups shall be excluded;
(b) Related persons of the relevant general partner;
(c) Major stockholders (referring to the stockholders who hold at least 10/100 of the total number of outstanding voting stocks, regardless of whose name the account stands in or exercise de facto influence in major matters of management of the relevant general partner, such as appointing or dismissing executive officers, etc.; hereinafter in this item the same shall apply) of the relevant general partner and related persons thereof: Provided, That any person who fulfills all of the following requirements among persons related to a major shareholder shall be excluded herefrom:
(i) It shall be any of the following subsidiary of a major stockholder or company in which a major stockholder has invested (referring to a person prescribed as a subsidiary or a company in which investment is made in the relevant statutes or regulations):
a. A company specializing in the start-up of new technology-based businesses;
(ii) It shall not be a subsidiary of a person related to a person who exercises de facto governance on the important matters of management of any major stockholder who falls under subitem (i) a. through c. or a company in which investment is made by such person;
(iii) It shall not be a subsidiary of a person related to a major stockholder other than persons falling under any subitem (i) a. through c. or a company in which investments are made by such person;
(d) Major investors of the Korea Venture Fund organized by the relevant general partner (referring to investors who hold the investment equity in a ratio of at least 10/100 of the aggregate investment; hereafter the same shall apply in this item) and related persons thereof: Provided, That any of the following cases shall be excluded:
(i) Where the general partner purchases stocks or other assets from small or medium business start-up investment companies or the small and the medium business start-up investment association that are related persons of the major investor of the relevant Korea Venture Fund (limited to partnerships organized for purchasing stocks and other assets held by small or medium business start-up investment companies or the small and medium business start-up investment association);
(ii) Where the relevant general partner makes transactions with any other small and medium business start-up investment association or the Korea Venture Fund that is a related person of any of the following persons among major investors of the Korea Venture Fund organized by the relevant general partner:
a. A fund of funds;
b. A fund managing entity in Article 8 (1) of the National Finance Act;
c. A bank established under the Banking Act;
d. The Korea Development Bank established under the Korea Development Bank Act;
e. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;
f. The National Agricultural Cooperatives Federation or the Nonghyup Bank established under the Agricultural Cooperatives Act;
g. A mutual savings bank established under the Mutual Savings Banks Act;
h. An insurance company established under the Insurance Business Act;
i. A communications agency prescribed in the Postal Savings and Insurance Act;
j. A person who performs mutual aid business under any other statute;
(iii) Where a general partner makes transactions with a person who meets all the following requirements among related persons of the major investors of the Korea Venture Fund organized by the general partner:
a. It shall be any of the following subsidiary of a major stockholder or company in which a major stockholder has invested (referring to a person prescribed as a subsidiary or a company in which investment is made in the relevant statutes or regulations):
i. A company specializing in the start-up of new technology-based businesses;
b. It shall not be a subsidiary of a person related to a person who exercises de facto governance on the important matters of management of any major stockholder who falls under a. i. through iii. or a company in which investment is made by such person;
c. It shall not be a subsidiary of a person related to a major investor other than persons falling under a. i. through iii. or a company in which investment is made by such person;
2. Where the Korea Venture Fund organized by the relevant general partner engages in transactions with any of the following partnerships or companies: Provided, That it shall be limited to where the relevant general partner engages in transactions with partnerships or companies that are general partners or managing members:
(a) The Korea Venture Fund;
(b) Small or medium enterprise establishment investment association;
(c) New technology business investment association under the Specialized Credit Finance Business Act;
(d) Corporate restructuring partnerships or private equity funds for improving corporate structure, referred to in Article 20 of the Industrial Development Act;
(e) Private equity funds;
3. Acquisition of stocks or brokerage of funds for a third person in the name of the Korea Venture Fund;
4. Making conditional investments in addition to the matters stipulated in deeds of contract concerning investment;
5. Receiving funds through transactions other than ordinary transactions following investment, such as borrowing from companies invested in by the Korea Venture Fund organized by the relevant general partner or disposal of assets.
(4) "Transaction" in paragraph (3) 1 and 2 means any of the following activities: <Newly Inserted by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
1. Investing in any of the persons prescribed in paragraph (3) 1 and 2 or holding securities issued by such persons (referring to securities referred to in Article 4 (1) of the Financial Investment Services and Capital Markets Act; hereinafter in this paragraph the same shall apply);
2. Credit offering to any of the persons prescribed in paragraph (3) 1 and 2 (referring to lending property with economic value, such as cash and securities, and purchasing securities of the nature of financial support);
3. Any other activity similar to those prescribed in subparagraphs 1 and 2, likely to impair the sound asset management of the Korea Venture Fund, determined and publicly notified by the Minister of SMEs and Startups as direct or indirect transactions from which credit risk may arise.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 3-10 (Dissolution of Korea Venture Fund)
(1) "Cases prescribed by Presidential Decree" in Article 4-7 (1) 4 of the Act means any of the following cases: <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 27663, Dec. 5, 2016>
1. Where all partners agree that the objectives of establishment of the Korea Venture Fund are accomplished;
2. Where at least 2/3 of equity of partners and at least 1/3 of total equity of partnership approve among partners who hold a majority of total equity of partnership and are present at a general meeting of partners for dissolution under the circumstance that the value of assets of the Korea Venture Fund decreases below the aggregate investment or it is difficult for the Korea Venture Fund to continue to conduct business due to other causes.
(2) Any person who intends to continue to operate the Korea Venture Fund by making general partners join under Article 4-7 (2) of the Act shall prepare a report which includes the following matters and submit such report to the Minister of SMEs and Startups, accompanied with a written statement explaining the reason to keep on with the partnership and letters of consent of all members with limited liabilities: <Amended by Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Name and location of office of the Korea Venture Fund;
2. Names and locations of new general partners, and names of representatives;
3. Investment amounts and number of investment accounts by partner.
(3) Where a report is submitted under paragraph (2), a report of change referred to in Article 3-6 (6) shall be deemed filed.
(4) The general partner of the Korea Venture Fund shall inform the Minister of SMEs and Startups of the dissolution of the Korea Venture Fund within seven days from the date of dissolution. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 4 (Technology Appraisal Institutions)
"Technology appraisal institutions prescribed by Presidential Decree" in Article 6 (2) of the Act means the following institutions: <Amended by Presidential Decree No. 21460, Apr. 30, 2009; Presidential Decree No. 21692, Aug. 18, 2009; Presidential Decree No. 21904, Dec. 24, 2009; Presidential Decree No. 23267, Oct. 28, 2011; Presidential Decree No. 24955, Dec. 11, 2013; Presidential Decree No. 27205, May 31, 2016>
1. The Korea Institute for Advancement of Technology;
2. The Korea Technology Finance Corporation;
3. The Korea Evaluation Institute of Industrial Technology referred to in Article 39 of the Industrial Technology Innovation Promotion Act;
4. The Korea Environment Corporation prescribed in the Korea Environment Corporation Act (limited to evaluation of technology related to environmental technology referred to in subparagraph 1 of Article 2 of the Environmental Technology and Industry Support Act);
5. The Korea Agency for Technology and Standards;
6. The Korea Institute of Science and Technology and the Korea Institute of Science and Technology Information prescribed in the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes;
7. The National IT Industry Promotion Agency.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 4-2 (Incorporation of Companies Specializing in Start-Up of New Technology-Based Business)
(1) "Institutes prescribed by Presidential Decree" in Article 11-2 (1) 4 of the Act means the following institutes:
1. Research institutes specializing in manufacturing technology referred to in Article 42 of the Industrial Technology Innovation Promotion Act (hereinafter referred to as "research institute specializing in manufacturing technology");
2. Research institutes in the areas of science and industrial technology, which are non-profit corporations incorporated under Article 32 of the Civil Act.
(2) Any university or research institute which intends to be registered as a company specializing in start-up of new technology-based business under Article 11-2 (2) of the Act shall submit a written application for registration prescribed by Ordinance of the Ministry of SMEs and Startups to the Minister of SMEs and Startups, accompanied with the following documents. In such cases, the Minister of SMEs and Startups upon receipt of an application shall verify the transcript of the corporate register by sharing administrative information referred to in Article 36 (1) of the Electronic Government Act: <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 22151, May 4, 2010; Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. The articles of association;
2. Business plans (including matters concerning the ratio of investment, details of investment, human resource and facilities held);
3. Resumes of executive officers.
(3) Each company specializing in start-up of new technology-based business shall submit a written application for registration of change prescribed by Ordinance of the Ministry of SMEs and Startups to the Minister of SMEs and Startups, accompanied with documents evidencing change, within seven days from the date any of the following matters is changed: <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Trade name;
2. Location of the main office;
3. Executive officers;
4. Human resource held;
5. Facilities held;
6. Stockholders who hold at least 30/100 of the total number of outstanding voting stocks.
(4) "Standards prescribed by Presidential Decree" in Article 11-2 (3) 3 of the Act means the following: <Amended by Presidential Decree No. 27663, Dec. 5, 2016>
1. At least one permanent professional staff member in the area of business administration or technology listed in attached Table 2;
2. Independent space exclusively used to conduct business of a company specializing in start-up of new technology-based business.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 4-3 (Restricted Acts of Companies Specializing in Start-up of New Technology-Based Business)
(1) "Business relations prescribed by Presidential Decree" in Article 11-6 (1) 2 of the Act means business relations between a company specializing in start-up of new technology-based business and subsidiaries established by the relevant company specializing in start-up of new technology-based business, which fall under the following: Provided, That business relations with justifiable purposes, such as acquisitions and mergers, shall be excluded: <Amended by Presidential Decree No. 27663, Dec. 5, 2016>
1. Guarantee of debts;
2. Provision of security.
(2) "Purposes prescribed by Presidential Decree, such as the proper purpose business or research and development, industry-university cooperation, etc. of the universities or research institutes" in Article 11-6 (3) of the Act means the following purposes: <Amended by Presidential Decree No. 27663, Dec. 5, 2016>
1. Appropriate purpose business of universities or research institutes;
2. Expenses incurred in research and development, and industry-university cooperation activities;
3. Re-investment in the relevant company specializing in start-up of new technology-based business;
4. Compensation to personnel and divisions that contribute to development and commercialization of technology.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 5 (Requirements and Procedures for Registration of Private Investment Association)
(1) "Persons who fulfill the criteria prescribed by Presidential Decree, such as the purpose and scale of investment" in Article 13 (1) 2 of the Act means persons who fulfill all of the following criteria: <Newly Inserted by Presidential Decree No. 26648, Nov. 18, 2015>
1. Their business line shall include investment in venture businesses or their founders, or associations making investment therein;
2. Their respective investment amount shall be at least one million won.
(2) Each private investment association referred to in Article 13 of the Act (hereinafter referred to as "private investment association") shall comply with the following requirements: <Amended by Presidential Decree No. 25426, Jun. 30, 2014>
1. The aggregate investment shall be at least 100 million won;
2. The amount per investment account shall be at least one million won;
3. The number of partners shall not exceed 49 persons;
4. The equity of investment of the general partner shall be at least 5/100 of the aggregate investment;
5. The period of existence shall be at least five years.
(3) Any person who intends to establish, and be registered as, a private investment association under Article 13 (1) of the Act shall submit an establishment plan including a plan for inviting partners, investment plan, etc. to the Minister of SMEs and Startups in advance. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) The general partner of each private investment association, the establishment of which is completed by following establishment plans referred to in paragraph (3) shall submit a written application for registration prescribed by Ordinance of the Ministry of SMEs and Startups to the Minister of SMEs and Startups, accompanied with the following documents, within five days from the date the general meeting for inauguration is held: <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 28213, Jul. 26, 2017>
1. The rules of the association;
2. The register of partners;
3. Documents evidencing the amounts and performance of investment of partners.
(5) Unless an application for registration referred to in paragraph (4) falls under any of the following cases, the Minister of SMEs and Startups shall accept the application for registration: <Newly Inserted by Presidential Decree No. 23413, Dec. 28, 2011; Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 28213, Jul. 26, 2017>
1. Where an application for registration fails to comply with the requirements for registration referred to in paragraph (1);
2. Where an application for registration violates restrictions referred to in the Act, this Decree, or other statutes or regulations.
(6) Where any registered matter is changed, the general partner of each private investment association registered under paragraph (4) shall file an application for registration of change within five days. <Amended by Presidential Decree No. 24413, Dec. 28, 2011; Presidential Decree No. 26648, Nov. 18, 2015>
(7) Where a private investment association files a registration, the Minister of SMEs and Startups shall prepare and manage an original register stating the following matters: <Amended by Presidential Decree No. 24413, Dec. 28, 2011; Presidential Decree No. 28213, Jul. 26, 2017>
1. Name and location of office of the association;
2. Name and address of the general partner;
3. Investment amounts and number of investment accounts by partner;
4. Duration of the relevant partnership.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 5-2 (Grounds for Dissolution)
"Reasons prescribed by Presidential Decree" in Article 13 (9) 4 of the Act means any of the following cases: <Amended by Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Where all partners agree that the objectives of organization of the private investment association are accomplished;
2. Where a majority of all partners and total equity of partnership approves under the circumstance that the Minister of SMEs and Startups deems it necessary to protect partners due to the suspension of business of the association, etc. caused by conflict of interests between partners.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 5-3 (Business Execution and Operation of Private Investment Associations)
(1) Where Article 3-9 is applied mutatis mutandis to the general partner's business execution of a private investment association pursuant to Article 13-2 (1) of the Act, "related persons of the relevant general partner" in paragraph (3) 1 (b) of the same Article shall be deemed related persons of the general partner excluding persons who meet all of the following requirements: <Newly Inserted by Presidential Decree No. 27663, Dec. 5, 2016>
1. They shall be any of the following subsidiaries of the general partner or company in which the general partner has invested (referring to persons prescribed as subsidiaries or companies in which investments has been made in the relevant statutes or regulations):
(a) Companies specializing in the start-up of new technology-based businesses;
2. They shall not be subsidiaries of a person related to a person who exercises de facto governance on the important matters of the management performed by a general partner who falls under any item of subparagraph 1 or companies in which investments have been made by such person;
3. They shall not be subsidiaries of a person related to the general partner other than persons who fall under any item of subparagraph 1 or companies in which investments have been made by such person.
(2) For the efficient operation of private investment associations, the Minister of SMEs and Startups may determine standard rules of private investment associations. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 19101, Oct. 26, 2005]
 Article 6 (Objects of Investment for Tax Reduction and Exemption)
(1) Objects of investment referred to in Article 14 (2) of the Act shall be venture businesses incorporated not more than seven years ago or enterprises converted to venture business not more than seven years ago.
(2) Any individual and general partner of each private investment association who intends to receive reduction and exemption of income tax, etc. under Article 14 (2) of the Act may request the Minister of SMEs and Startups to verify investment records. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) When the Minister of SMEs and Startups receives a request to verify investment records referred to in paragraph (2), he/she shall issue a written verification of investment records after verifying the investment records. In such cases, if necessary for verifying investment records, he/she may request the venture businesses in which the individual or private investment partnership invested to submit data. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) Where the Minister of SMEs and Startups confirms the fact that an individual or private investment association, the investment records of which are verified under paragraph (3), has recovered or transferred the equity of investment within five years from the date of investment, he/she shall notify persons obliged to withhold income tax, etc., tax associations (referring to tax associations referred to in Article 149 of the Income Tax Act; hereinafter in Article 6-2 (3) the same shall apply) or the heads of tax offices of such fact without delay. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(5) The Minister of SMEs and Startups shall determine and publicly notify matters concerning procedures for verification, etc. of investment records, in addition to those provided for in paragraphs (2) through (4). <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 6-2 (Verification of Stock Exchange Eligible for Tax Favors)
(1) Any person who intends to receive tax favors for stock exchange referred to in Article 15 of the Act or Article 15-4 of the Act under the latter part of Article 14 (3) of the Act may file an application for confirmation of stock exchange eligible for tax favors with the Minister of SMEs and Startups, accompanied with relevant data. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(2) Where the Minister of SMEs and Startups receives an application for confirmation of stock exchange under paragraph (1), he/she shall issue written verification of stock exchange if such stock exchange falls into the stock exchange referred to in Article 15 of the Act or Article 15-4 of the Act. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups confirms the fact that a person whose stock exchange is confirmed to be eligible for tax favors under paragraph (2) transfers such stock to a third person within one year from the date of stock exchange, he/she shall inform persons obliged to withhold income tax, etc., tax associations or the heads of tax offices of such fact without delay. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) The Minister of SMEs and Startups shall determine and publicly notify matters concerning methods, procedures, etc. of stock exchange eligible for tax favors. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 6-3 (Certified Assessment Agencies)
"Certified assessment Agency prescribed by Presidential Decree" in the former part of Article 15-4 (3) of the Act means the following institutions: <Amended by Presidential Decree No. 21460, Apr. 30, 2009; Presidential Decree No. 24697, Aug. 27, 2013; Presidential Decree No. 27205, May 31, 2016>
1. Investment traders and investment brokers referred to in the Financial Investment Services and Capital Markets Act (limited to persons authorized for the acquisition, brokerage, and arrangement of securities or acting as an agent);
2. Credit rating agencies authorized for credit rating business under Article 335-3 of the Financial Investment Services and Capital Markets Act;
3. Accounting corporations prescribed in the Certified Public Accountant Act, which have at least 100 affiliated certified public accountants;
4. The Korea Institute for Advancement of Technology;
5. The Korea Technology Finance Corporation.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 7 (Standards for Designation of Centers for Supporting Merger and Acquisition between Small and Medium Venture Businesses)
(1) Any institution or organization which intends to be designated as a center for supporting merger and acquisition between small and medium venture businesses under Article 15-13 (1) of the Act (hereinafter referred to as "support center") shall comply with the following requirements: <Amended by Presidential Decree No. 21835, Nov. 20, 2009; Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
1. It shall be a corporation;
2. Affairs concerning the mergers and acquisitions between small and medium venture businesses shall be included among business matters;
3. It shall have a dedicated organization that can support merger and acquisition between small and medium venture businesses;
4. It shall have at least three professional staff members falling under any of the following:
(a) A person who has at least three years’ experience in corporate mergers and acquisitions as a certified public accountant under the Certified Public Accountant Act, attorney-at-law under the Attorney-at-Law Act, or certified tax account under the Certified Tax Accountant Act;
(b) A person who has at least three years’ experience in corporate mergers and acquisitions as a business management consultant referred to in Article 46 of the Small and Medium Enterprises Promotion Act;
(c) A person who has at least three years’ experience in corporate mergers and acquisitions at financial companies, etc. referred to in subparagraph 1 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality or at corporate restructuring companies;
(d) A person recognized by the Minister of SMEs and Startups as having qualifications equivalent to those of the persons provided for in (a) through (c).
(2) Any institution or organization related to supporting small and medium enterprises which intends to be designated as a support center under Article 15-13 of the Act shall file an application for designation with the Minister of SMEs and Startups as determined and publicly notified by the Minister of SMEs and Startups. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups designates a support center, he/she shall publicly notify the same. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) Any institution or organization which is designated as a support center shall submit the business plan of the relevant year and business promotion records of the preceding year to the Minister of SMEs and Startups by January 31 each year. <Amended by Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Newly Inserted by Presidential Decree No. 21460, Apr. 30, 2009]
 Article 8 (Cancellation of Designation of Support Centers)
Where the Minister of SMEs and Startups cancels the designation of a support center under Article 15-14 of the Act, he/she shall publicly notify the same. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Newly Inserted by Presidential Decree No. 21460, Apr. 30, 2009]
 Articles 9 through 11 Deleted. <by Presidential Decree No. 17413, Nov. 22, 2001>
 Article 11-2 (Scope of Research Institutes in Which Researchers Are Permitted to Hold Concurrent Offices or Positions)
"Government-funded research institutes prescribed by Presidential Decree" in the main sentence of Article 16-2 (1) of the Act means the following research institutes:
1. Research institutes established under the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes or the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes;
2. The Korea Institute of Radiological and Medical Sciences referred to in Article 13-2 of the Radiation and Radioisotope Use Promotion Act;
3. The Korea Institute of Nuclear Safety under the Korea Institute of Nuclear Safety Act;
4. The Korea Institute for S&T Evaluation and Planning referred to in Article 20 of the Framework Act on Science and Technology.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-3 (Methods of Granting Stock Options)
(1) Stock options referred to in Article 16-3 (1) of the Act shall be granted by any of the following methods:
1. Giving new stocks by issuing them at the price at which the stock options are exercised or giving treasury stocks;
2. Paying the balance (referring to the balance when the price at which they are exercised is lower than the market price) between the price at which the stock options are exercised and the market price in cash or through treasury stocks.
(2) The price at which the stock options are exercised referred to in the subparagraphs of paragraph (1) (the same shall also apply to the adjustment of the price of exercise after granting the stock options) shall exceed the following values, and the market price referred to in paragraph (1) 2 shall be the market price of the relevant stock evaluated by applying mutatis mutandis Article 54 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act as at the date the stock options are exercised: <Amended by Presidential Decree No. 27663, Dec. 5, 2016>
1. Where a stock option is granted by issuing new stocks, the larger amount among the following value amounts:
(a) The market price of the relevant stock evaluated by applying mutatis mutandis Article 54 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act as at the date the stock option is granted (hereinafter in this Article referred to as "market price as at the date the stock option is granted");
(b) The face value of the relevant stock;
2. Where a stock option is granted in cash or through treasury stocks, the market price as at the date the stock option is granted.
(3) Where a stock option is granted by issuing new stocks at the exercise price of the stock option, if all of the following requirements are fulfilled, the price at which the stock option is to be exercised may be set at a price lower than the market price as at the date the stock option is granted, notwithstanding paragraph (2) 1: <Newly Inserted by Presidential Decree No. 27663, Dec. 5, 2016>
1. The exercise price of the stock option shall not be less than the face value of the relevant stocks;
2. The sum of the amount calculated according to the following formula for the stock option granted or to be granted at exercise price lower than the market price as at the date the stock option is granted, shall be less than 500 million won per person:
(Market price as at the date stock option is granted - Exercise price) x Number of stocks subject to the exercise of stock option
(4) "Persons prescribed by Presidential Decree" in Article 16-3 (1) 1 of the Act means the persons provided for in Article 30 (2) of the Enforcement Decree of the Commercial Act. <Amended by Presidential Decree No. 21288, Feb. 3, 2009; Presidential Decree No. 23720, Apr. 10, 2012>
(5) "Persons prescribed by Presidential Decree" in Article 16-3 (1) 2 of the Act means the following persons: <Amended by Presidential Decree No. 21835, Nov. 20, 2009; Presidential Decree No. 25426, Jun. 30, 2014>
1. Persons falling under Article 16 (1) 1 or 2 of the Act;
2. Researchers of the research institutes referred to in the subparagraphs of Article 11-2;
3. Attorneys-at-law whose practices are reported under Article 15 of the Attorney-at-Law Act;
4. Certified public accountants whose offices are established under Article 12 of the Certified Public Accountant Act;
5. Patent attorneys whose practices are reported under Article 6-2 (2) of the Patent Attorney Act;
6. Business management consultants or technology consultants registered under Article 50 of the Small and Medium Enterprises Promotion Act;
7. Certified tax accountants whose practices are reported under Article 13 of the Certified Tax Accountant Act;
8. Researchers at research institutes in the areas of science or industrial technology that are non-profit corporations incorporated under the Civil Act;
9. Executive officers or employees of foreign corporations which are the largest investors and whose investments account for at least 30/100 of capital;
10. Researchers at foreign research institutes which conduct research and development activities for technical innovation of corporations, which are the largest investors, and whose investments account for at least 30/100 of capital or total investment;
11. Physicians, dentists, or oriental medical doctors prescribed in Article 5 of the Medical Service Act;
12. Pharmacists or oriental medicine pharmacists prescribed in Article 3 or 4 of the Pharmaceutical Affairs Act;
13. Persons who acquire a professional engineer's license under Article 10 of the National Technical Qualifications Act.
(6) “Research institutes prescribed by Presidential Decree" in Article 16-3 (1) 3 of the Act means the following research institutes:
1. National or public research institutes (including the Korea Advanced Institute of Science and Technology established under the Korea Advanced Institute of Science and Technology Act; and the Gwangju Institute of Science and Technology established under the Gwangju Institute of Science and Technology Act);
2. Research institutes referred to in the subparagraphs of Article 11-2;
3. Research institutes specializing in manufacturing technology;
4. Research institutes in the area of science and industrial technology which are non-profit corporations incorporated under the Civil Act.
(7) The maximum stocks to which stock options may be granted shall be 50/100 of the total stocks issued by the relevant venture business.
(8) Each venture business intending to grant stock options, which files a report referred to in Article 16-3 (5) of the Act, shall file it with minutes of general meetings of stockholders, minutes of meetings of board of directors (limited to where the board of directors has determined matters concerning granting of stock options under Article 16-3 (4) of the Act).
(9) Where a venture business which granted stock options cancels the stock options granted, Article 30 (6) of the Enforcement Decree of the Commercial Act shall apply thereto mutatis mutandis. <Amended by Presidential Decree No. 21288, Feb. 3, 2009; Presidential Decree No. 23720, Apr. 10, 2012>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-4 (Designation of Areas for Clustering New Technology-Based Businesses)
(1) "Matters prescribed by Presidential Decree, such as the name, area designated, etc. for the clustering area" in Article 17-2 (2) of the Act shall be as follows:
1. Names, locations and designated sizes of areas for clustering new technology-based businesses (hereinafter referred to as "clustering area");
2. Sites of schools held by the relevant institution or total floor area of such sites;
3. Plans for placement of major facilities.
(2) Where the Minister of SMEs and Startups intends to designate an area as a clustering area under Article 17-2 (3) of the Act, he/she shall consult with the head of the relevant Si/Gun/Gu (referring to the head of the autonomous Gus; hereinafter the same shall apply). <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(3) Where the Minister of SMEs and Startups designates an area as a clustering area under Article 17-2 (3) of the Act, he/she shall give public notice of the name, location, designated size, etc. of such clustering area in the Official Gazette. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(4) "Area prescribed by Presidential Decree" in Article 17-2 (4) of the Act means 10,000 square meters.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-5 (Ratio of Designated Areas in Clustering Areas)
"Ratio prescribed by Presidential Decree" in subparagraph 1 of Article 17-3 of the Act means 30/100.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-6 (Areas Excluded from Designation of Clustering Areas)
(1) "Areas prescribed by Presidential Decree" in Article 17-4 (1) of the Act means the following areas: <Amended by Presidential Decree No. 21460, Apr. 30, 2009>
1. Preservation and management areas, agricultural and forest areas, and natural environmental preservation areas among the special-purpose areas referred to in Article 36 (1) of the National Land Planning and Utilization Act;
2. Class I exclusive residential areas, class II exclusive residential areas, distribution and commercial areas, and preserved greenbelt areas among the special purpose areas referred to in Article 30 of the Enforcement Decree of the National Land Planning and Utilization Act.
(2) "Urban-type factories prescribed by Presidential Decree" in the former part of Article 17-4 (2) of the Act means factories referred to in subparagraph 1 of Article 34 of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act.
(3) The Minister of SMEs and Startups may formulate and publicly notify guidelines necessary for handling affairs concerning approval of urban-type factories referred to in the former part of Article 17-4 (2) of the Act. <Newly Inserted by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-7 (Rental Fee for Clustering Areas)
(1) Article 13 (1) and (2) shall apply mutatis mutandis to the rental fee referred to in Article 17-4 (7) of the Act.
(2) Article 13 (3) and (4) shall apply mutatis mutandis to the lease period referred to in Article 17-4 (7) of the Act.
[This Article Newly Inserted by Presidential Decree No. 20029, Apr. 26, 2007]
 Article 11-8 (Requirements for Designation of Facilities for Clustering Venture Businesses)
(1) "Total floor area prescribed by Presidential Decree" in the former part of Article 18 (1) of the Act means that the total floor area (referring to exclusive-use areas; hereafter the same shall apply in this Article) of a building is at least 600 square meters: Provided, That where it is intended to obtain designation for part of a building, at least 50/100 of total floor area of each floor shall be included in the area subject to be designation. <Amended by Presidential Decree No. 26648, Nov. 18, 2015>
(2) "Businesses prescribed by Presidential Decree, such as venture businesses" in Article 18 (2) 1 of the Act means any of the following enterprises: <Amended by Presidential Decree No. 25272, Mar. 24, 2014; Presidential Decree No. 26648, Nov. 18, 2015>
1. Enterprises that continue to locate under Article 24 (2) of the Act;
2. Enterprises verified as venture businesses under Article 25 of the Act;
3. Small and medium enterprises engaging in knowledge-based business referred to in Article 6 (6) of the Enforcement Decree of the Restriction of Special Taxation Act;
4. Small and medium enterprises engaging in the knowledge industry referred to in Article 6 (2) of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act or small and medium enterprises engaging in the information and communications industry referred to in paragraph (3) of the same Article;
5. Small and medium enterprises relocated into business incubators for at least three years.
(3) "Enterprises prescribed by Presidential Decree" in Article 18 (2) 2 of the Act means enterprises falling under the subparagraphs of paragraph (2).
(4) "Facilities prescribed by Presidential Decree, such as facilities for clustering venture businesses" in Article 18 (2) 3 of the Act means the following facilities:
1. Support facilities referred to in Article 2;
2. Facilities related to business activities of enterprises referred to in paragraph (2), such as common-use conference rooms, equipment rooms for common use and exhibition halls;
3. Health and welfare facilities for employees of enterprises referred to in paragraph (2), such as lounges, cafeterias and fitness centers.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-9 (Application for Designation of Facilities for Clustering Venture Business)
(1) Any person who intends to have a facility designated as a facility for clustering venture businesses under Article 18 (1) of the Act shall file an application for designation of facilities for clustering venture businesses, with the Special Metropolitan City Mayor, Metropolitan City Mayor, Do Governor and Jeju Special Self-Governing Province Governor (hereinafter referred to as “Mayor/Do Governor”), as prescribed by Ordinance of the Ministry of SMEs and Starts on which the designation is to be obtained. <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 28213, Jul. 26, 2017>
(2) Where a building for which an application for designation of facilities for clustering venture businesses is filed under paragraph (1) complies with the requirements in Article 11-8 (1), the Mayor/Do Governor shall designate such building as a facility for clustering venture businesses and issue a letter of designation of facilities for clustering venture businesses as prescribed by Ordinance of the Ministry of SMEs and Startups. <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-10 (Installation of Laboratory Factories)
(1) Any person who intends to install a laboratory factory under the former part of Article 18-2 (1) of the Act shall file an application for approval with the head of the institution to which he/she belongs, accompanied by the documents prescribed by Ordinance of the Ministry of SMEs and Startups. The same shall apply to changes to any approved matters. <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 28213, Jul. 26, 2017>
(2) Where a student referred to in Article 18-2 (1) 1 of the Act files an application for approval under paragraph (1), he/she shall obtain consent on the installation from the person responsible for the management of the laboratories, etc. in which the laboratory factory is to be installed. <Newly Inserted by Presidential Decree No. 22130, Apr. 20, 2010>
(3) "Institutes prescribed by Presidential Decree" in Article 18-2 (1) 3 of the Act means the following research institutes: <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 23993, Jul. 26, 2012>
1. Research institutes specializing in manufacturing technology;
2. Institutes which are relocated into special research and development zones referred to in subparagraph 1 of Article 2 of the Special Act on Promotion of Special Research and Development Zones.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 11-11 (Installation of Factories of Venture Business or Founder Moved into Business Incubator)
The Minister of SMEs and Startups may formulate and publicly notify guidelines necessary for handling affairs concerning approval of urban-type factories referred to in the former part of Article 18-3 (1) of the Act. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Newly Inserted by Presidential Decree No. 22130, Apr. 20, 2010]
 Article 11-12 (Designation of Venture Business Development and Promotion Zones)
(1) Each venture business development and promotion zone referred to in Article 18-4 of the Act (hereinafter referred to as "promotion zone") shall comply with all of the following requirements: <Amended by Presidential Decree No. 26248, May 26, 2015>
1. The number of venture businesses in the relevant area shall be at least 10/100 of the total number of small and medium enterprises referred to in Article 2 of the Framework Act on Small and Medium Enterprises (excluding micro enterprises under the Act on the Protection of and Support for Micro Enterprises);
2. A university or research institute shall be located in the relevant area;
3. The relevant area shall be furnished with infrastructure, such as facilities for transport, communication and finance.
(2) Where a Mayor/Do Governor applies for designation of a promotion zone under Article 18-4 (1) of the Act, he/she shall submit a written application for designation and a plan for developing the promotion zone to the Minister of SMEs and Startups as prescribed by Ordinance of the Ministry of SMEs and Startups. <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 28213, Jul. 26, 2017>
(3) The Minister of SMEs and Startups shall designate promotion zones in consultation with the heads of the relevant central administrative agencies, and when completing designation of a promotion zone, shall publicly notify the following matters under Article 18-4 (2) of the Act: <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
1. Name of the promotion zone;
2. Location and area of the promotion zone;
3. The outline of the plan for the development of the promotion zone.
(4) The Minister of SMEs and Startups shall determine and publicly notify matters for the designation of promotion zones, in addition to those provided for in this Decree. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 12 (Disposal of State Property)
Selling prices of State property referred to in Article 19 (2) of the Act shall be the average of values appraised by at least two appraisal business entities (referring to appraisal business entities defined in subparagraph 4 of Article 2 of the Act on Appraisal and Certified Appraisers). <Amended by Presidential Decree No. 27472, Aug. 31, 2016; Presidential Decree No. 27663, Dec. 5, 2016>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 13 (Lease of State Property)
(1) Annual rental fee on State property referred to in Article 19 (1) of the Act shall, notwithstanding Article 29 (1) of the Enforcement Decree of the State Property Act, be computed by multiplying the amounts calculated under paragraph (2) of the same Article by at least 10/1,000, on condition that such rental fee may be paid in monthly installments. <Amended by Presidential Decree No. 21641, Jul. 27, 2009>
(2) Where the annual rental fee on State property calculated under paragraph (1) rises by at least 10/100 of the charge in the preceding year under the circumstance that the state property is leased for at least two consecutive years, the amount calculated under Article 31 of the Enforcement Decree of the State Property Act shall become the rental fee for the lease thereof. <Amended by Presidential Decree No. 21641, Jul. 27, 2009>
(3) The term of lease of state property referred to in Article 19 (1) of the Act shall deemed not to exceed 20 years.
(4) Terms of lease referred to in paragraph (3) may be renewed. In such cases, no term renewed shall exceed the period referred to in paragraph (3) upon renewal.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 14 (Areas Excluded from Building Permission)
(1) “Areas prescribed by Presidential Decree, such as green belt areas” in Article 21 (2) of the Act means exclusive residential areas, class I general residential areas, and green belt zones, among the areas referred to in Article 30 of the Enforcement Decree of the National Land Planning and Utilization Act.
(2) “Factories prescribed by Presidential Decree" in the former part of Article 21 (3) of the Act means urban-type factories, the factory building area (referring to the sum of floor areas of each floor of building and horizontally projected areas of outdoor structures) of which does not exceed 2,000 square meters among urban-type factories in subparagraph 1 of Article 34 of the Enforcement Decree of the Industrial Cluster Development and Factory Establishment Act.
(3) Where a person who moves into a facility for clustering venture businesses constructs a factory in the facility for clustering venture businesses under Article 21 (3) of the Act (excluding where the superimposed load of the factory intended to be constructed does not exceed the superimposed load of the building designated as a facility for clustering venture businesses), the person who constructs and operates the facility for clustering venture businesses shall obtain verification as to the structural safety of the relevant building from the head of the Si/Gun/Gu in advance. In such cases, the head of the Si/Gun/Gu may, if necessary, have certified architects referred to in subparagraph 1 of Article 2 of the Certified Architects Act or professional engineers of building structure under the National Technical Qualifications Act review matters concerning structural safety. <Amended by Presidential Decree No. 25272, Mar. 24, 2014>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Articles 15 through 18-2 Deleted. <by Presidential Decree No. 20728, Feb. 29, 2008>
 Article 18-3 (Institutions Confirming Venture Businesses)
“Institutions or organizations prescribed by Presidential Decree, such as the Korea Technology Finance Corporation" in Article 25 (1) of the Act means the following institutions or organizations: <Amended by Presidential Decree No. 27205, May 31, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. The Korea Technology Finance Corporation;
2. The Small and Medium Business Corporation;
3. The Korean Venture Capital Association incorporated with approval from the Minister of SMEs and Startups under Article 32 of the Civil Act (hereinafter referred to as the "Korean Venture Capital Association").
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 18-4 (Valid Period of Certificate of Venture Businesses)
The valid period of certificate of venture businesses referred to in the latter part of Article 25 (2) of the Act shall be two years from the date of verification.
[This Article Wholly Amended by Presidential Decree No. 22130, Apr. 20, 2010]
 Article 18-5 (Publication on Venture Businesses)
(1) When verifying a venture business under Article 25 (2) of the Act, the head of each institution confirming venture businesses shall make public the following information on such venture business within 15 days from the date the certificate of venture businesses is issued pursuant to Article 25 (3) of the Act: <Amended by Presidential Decree No. 22130, Apr. 20, 2010; Presidential Decree No. 25426, Jun. 30, 2014>
1. General information: Trade names, business types, and corporate registration numbers, addresses, telephone numbers, and major products recorded in the register, and matters concerning changing the same;
2. Financial information: Balance sheets and statements of profit and loss;
3. Information on investment: In cases of venture businesses referred to in Article 2-2 (1) 2 (a) of the Act, the amount and timing of investment made by the persons provided for in subitems (i) through (viii) of the same item and matters concerning changing the same;
4. Information on guarantee or loans: In cases of venture businesses referred to in Article 2-2 (1) 2 (c) of the Act, the amount and timing of guarantee or loans provided by the persons provided for in subitem (i) of the same item (including amounts determined to be available for guarantee or amounts available for lending) and matters concerning the change thereof;
5. Letters of confirmation of venture businesses: Dates of issuance, validity period and matters concerning the change thereof.
(2) The Minister of SMEs and Startups shall determine and publicly notify detailed methods of publication referred to in paragraph (1). <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 18-6 (Requirements for Cancellation of Confirmation of Venture Businesses)
(1) "Period prescribed by Presidential Decree" in Article 25-2 (1) 3 of the Act means six months. <Amended by Presidential Decree No. 25272, Mar. 24, 2014>
(2) "Cases prescribed by Presidential Decree, such as causing loss to stockholders, members, or interested parties in connection with the business management" in Article 25-2 (1) 4 of the Act means where a corporation incorporated with approval from the Minister of SMEs and Startups under Article 32 of the Civil Act and whose members are venture businesses requests the head of the institution confirming venture businesses to cancel the confirmation of venture businesses under the circumstance that the representative, largest stockholders, largest investing members, etc. of the enterprise inflict damage to the stockholders, members or interested persons in connection with the business management by misappropriating or concealing the business property. <Amended by Presidential Decree No. 24432, Mar. 23, 2013; Presidential Decree No. 28213, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 19 (Delegation or Entrustment of Authority)
(1) The Minister of SMEs and Startups shall delegate his/her authority over the following matters to the heads of regional SMEs and Startups offices: <Amended by Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Provision of information, etc. on investment values of venture businesses referred to in Article 16-4 (3) of the Act;
2. Reporting, issuance of written verification of investment records, notification of investment records, etc. and submission of data referred to in Article 26 (3) of the Act and Article 6 (2) through (4) of this Decree;
3. Matters concerning inspection referred to in Article 26 (4) of the Act.
(2) The Minister of SMEs and Startups shall entrust the following affairs (excluding affairs related to the preservation and management of the relevant data) to the Korean Venture Capital Association under Article 27 of the Act: <Amended by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Receipt of reports on establishment of the Korea Venture Fund and reports on modification of reported matters, and verification of reported matters under Article 4-3 of the Act;
2. Matters concerning receipt of reports (limited to reports on investment records of small or medium business start-up investment companies, small and medium business start-up investment associations and the Korea Venture Fund) and ascertainment of investment records under Article 26 (1) of the Act;
3. Matters concerning the submission of data under Article 26 (2) of the Act;
4. Receipt of reports on settlement of accounts of the Korea Venture Fund and reports on results of liquidation under Articles 23 and 26 of the Support for Small and Medium Enterprise Establishment Act that apply mutatis mutandis pursuant to Article 31 of the Act, and ascertainment of reported matters;
5. Receipt of a report on dissolution of the Korea Venture Fund and the ascertainment of the reported matters under Article 3-10 (4).
(3) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall delegate his/her authority over the following matters to dedicated companies, the purpose of which is to facilitate investment, etc. for the development and advancement of small and medium enterprises and venture businesses established under Article 4-9 (1) of the Act: <Newly Inserted by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Matters concerning the receipt of data submitted to obtain verification as to whether a person amounts to individuals referred to in Article 2-2 (1) 2 (a) (viii) of the Act under Article 2-3 (4);
2. Management of data related to professional human resources referred to in Article 4-3 (1) 3 (b) of the Act;
3. Management of data related to registration of private investment associations and registration of altered matters thereof under Article 13 (1) of the Act;
4. Management of data related to dissolution of private investment associations under Article 13 (9) of the Act;
5. Management of data related to settlement statements of private investment associations under Article 13-2 (5) of the Act;
6. Management of data related to disciplinary measures, such as revocation of private investment associations, under Article 13-3 of the Act;
7. Matters concerning the receipt of reports (limited to reports on investment records of individuals referred to in Article 2-2 (1) (a) 2 (a) (viii) of the Act) and ascertainment of investment records under Article 26 (1) of the Act;
8. Management of data related to administrative dispositions against the Korea Venture Fund under Article 28 of the Act;
9. Management of data related to hearings under subparagraph 1 of Article 29 of the Act;
10. Preservation and management of data related to the affairs referred to in subparagraphs of paragraph (2).
(4) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall entrust the affairs concerning the receipt of reports and verification of reported matters under Article 25 (4) of the Act to the Korea Venture Business Association established with the approval of the Minister of SMEs and Startups under Article 32 of the Civil Act (hereinafter referred to as the "Korea Venture Business Association"). <Newly Inserted by Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
(5) Pursuant to Article 27 of the Act, the Minister of SMEs and Startups shall entrust the following affairs to the Korea Business Angels Association established with the approval of the Minister of SMEs and Startups under Article 32 of the Civil Act (hereinafter referred to as the "Korea Business Angels Association"): <Newly Inserted by Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
1. Receipt of settlement statements of private investment associations under Article 13-2 (5) of the Act;
2. Receipt of reports on actual results of investment, etc. under Article 26 (3) of the Act.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 20 (Adjustment Following Entrustment of Affairs)
(1) The Minister of SMEs and Startups may request the Korean Venture Capital Association to submit data concerning the duties in the subparagraphs of Article 19 (2). <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
(2) The Minister of SMEs and Startups may request the Korea Venture Business Association to submit data related to the affairs referred to in Article 19 (4). <Newly Inserted by Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 28213, Jul. 26, 2017>
(3) The Minister of SMEs and Startups may request the Korea Business Angels Association to submit data related to the affairs referred to in Article 19 (5). <Newly Inserted by Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017>
(4) The Korean Venture Capital Association, the Korea Venture Business Association, and the Korea Business Angels Association shall neither compel affiliation with the association nor engage in any unfair transaction in the course of conducting its duties prescribed in the subparagraphs of Article 19 (2) or paragraph (4) or (5) of the same Article. <Newly Inserted by Presidential Decree No. 26648, Nov. 18, 2015; Presidential Decree No. 27663, Dec. 5, 2016>
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
 Article 20-2 (Handling of Personally Identifiable Information)
The Minister of SMEs and Startups (including persons to whom the authority of the Minister of SMEs and Startups is entrusted under Article 27 of the Act) may handle data including resident registration numbers referred to in subparagraph 1 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if inevitable to handle the following administrative affairs: <Amended by Presidential Decree No. 25426, Jun. 30, 2014; Presidential Decree No. 28213, Jul. 26, 2017>
1. Where receiving reports referred to in Article 26 (1) of the Act (limited to reports on investment records of individuals referred to in Article 2-2 (1) 2 (a) (viii) of the Act), administrative affairs concerning the verification of investment records, etc.;
2. Administrative affairs concerning the establishment, etc. of the Korea Venture Fund referred to in Article 4-3 of the Act;
3. Administrative affairs concerning the establishment, etc. of private investment associations referred to in Article 13 of the Act.
[This Article Newly Inserted by Presidential Decree No. 24317, Jan. 16, 2013]
 Article 20-3 (Re-Examination of Regulation)
The Minister of SMEs and Startups shall examine the appropriateness of the following matters every three years, counting from each base date specified in the following (referring to the period that ends on the day before the base date of every third year) and shall take measures, such as making improvements: <Amended by Presidential Decree No. 26804, Dec. 30, 2015; Presidential Decree No. 27663, Dec. 5, 2016; Presidential Decree No. 28213, Jul. 26, 2017; Presidential Decree No. 29216, Oct. 2, 2018>
1. Requirements for venture businesses referred to in Article 2-3: January 1, 2014;
1-2. Business types excluded from venture business under Article 2-4: January 1, 2019;
2. Procedures for establishment of the Korea Venture Fund referred to in Article 3-6, and requirements and procedures for reporting: January 1, 2014;
2-2. Deleted; <by Presidential Decree No. 29421, Dec. 24, 2018>
3. Institutions eligible to establish companies specializing in start-up of new technology-based business referred to in Article 4-2 and Attached Table 2 and requirements and procedures for the registration thereof: January 1, 2014;
3-2. Restriction on acts of companies specializing in start-up of new technology-based business and restriction on purpose of use of dividend, etc. of universities or research institutes under Article 4-3: January 1, 2016;
4. Requirements and procedures for registration of private investment associations referred to in Article 5: January 1, 2014;
5. Standards and procedures for designation of centers for supporting the acquisition of and merger between small and medium venture businesses referred to in Article 7 (1), (2), and (4): January 1, 2014;
6. Deleted; <by Presidential Decree No. 27751, Dec. 30, 2016>
6-2. Ratio of designated sizes of clustering areas under Article 11-5: January 1, 2016;
6-3. Areas excluded from designation of clustering areas, scope of urban-type factories that can be established in clustering areas, and the guidelines necessary for handing affairs concerning the approval thereof under Article 11-6: January 1, 2016;
7. Requirements for designating facilities for clustering venture businesses referred to in Article 11-8: January 1, 2014;
8. Scope of institutions eligible to construct laboratory factories referred to in Article 11-10, and procedures for application for approval of laboratory factories: January 1, 2014.
[This Article Newly Inserted by Presidential Decree No. 25050, Dec. 30, 2013]
 Article 21 (Imposition of Administrative Fines)
Standards for imposing administrative fines referred to in Article 32 (1) of the Act are as set out prescribed in attached Table 3.
[This Article Wholly Amended by Presidential Decree No. 21100, Nov. 4, 2008]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 15729, Feb. 28, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 15838, Jul. 16, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16093, Jan. 29, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16131, Feb. 26, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 16277, Apr. 30, 1999>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 2 (3) 1 and 8-2 shall enter into force on May 9, 1999.
ADDENDA <Presidential Decree No. 16351, May 24, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 16771, Apr. 1, 2000>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) Omitted.
ADDENDA <Presidential Decree No. 16842, Jun. 19, 2000>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Applicability to Change of Requirements for Private Investment Association) The amended provisions of Articles 5 (1) and 6 (1) shall begin to apply, from the first private investment association which submits documents under Article 6 (2) after this Decree enters into force.
ADDENDA <Presidential Decree No. 16913, Jul. 27, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 16991, Oct. 23, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 17115, Jan. 29, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 17175, Mar. 27, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 17217, Apr. 30, 2001>
This Decree shall enter into force on May 1, 2001.
ADDENDA <Presidential Decree No. 17303, Jul. 16, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 17, 2001.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 17305, Jul. 16, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 17, 2001.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 17413, Nov. 22, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 25, 2001.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 17735, Sep. 11, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 17780, Nov. 14, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Venture Business Evaluation Instructions)
Any institution recognized as a venture business evaluation institution under the previous provisions as at the time this Decree enters into force shall be deemed recognized as a venture business evaluation institution under the amended provisions of Article 2-2.
Article 3 (Transitional Measures concerning Facilities for Clustering Venture Businesses)
(1) Any person designated as a facility for clustering venture businesses as at the time this Decree enters into force shall be deemed designated as a facility for clustering venture businesses under the amended provisions of Article 11-4.
(2) Any enterprise which has moved into a facility for clustering venture businesses at the this Decree enters into force shall be deemed an enterprise under the amended provisions of Article 11-4 (2) for one year from the date this Decree enters into force.
ADDENDA <Presidential Decree No. 17816, Dec. 26, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2003.
Articles 2 through 17 Omitted.
ADDENDA <Presidential Decree No. 18039, Jun. 30, 2003>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2003.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 18367, Apr. 19, 2004>
This Decree shall enter into force on April 21, 2004.
ADDENDA <Presidential Decree No. 18594, Dec. 3, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 18767, Mar. 31, 2005>
(1) (Enforcement Date) This Decree shall enter into force on April 1, 2005.
(2) (Applicability to Requirements for Designation of Venture Business Development and Promotion Zones) The amended provisions of Article 11-7 (1) 1 shall begin to apply, from the first venture business development and promotion zone designated after this Decree enters into force.
(3) Omitted.
ADDENDA <Presidential Decree No. 18969, Jul. 27, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 28, 2005.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 19101, Oct. 26, 2005>
This Decree shall enter into force on October 30, 2005.
ADDENDUM <Presidential Decree No. 19395, Mar. 23, 2006>
This Decree shall enter into force on March 24, 2006.
ADDENDA <Presidential Decree No. 19498, Jun. 2, 2006>
(1) (Enforcement Date) This Decree shall enter into force on June 4, 2006.
(2) (Applicability to Validity Period of Written Verification of Venture Businesses) The amended provisions of Article 18-4 shall begin to apply, from the first enterprise verified as a venture business after this Act enters into force.
ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2006.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19929, Mar. 16, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 27, 2007.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19939, Mar. 22, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 20029, Apr. 26, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 27, 2007.
Articles 2 (Applicability to Requirements for Reports of Korea Venture Fund)
The amended provisions of Article 3-6 (4) 3 shall begin to apply, from the Korea Venture Fund reporting after this Decree enters into force.
Article 3 (Transitional Measures concerning Application for Registration of Korea Venture Fund)
Any application for registration of the Korea Venture Fund submitted under previous Article 3-6 (5) before this Decree enters into force shall be deemed reports under the amended provisions of Article 3-6 (5).
Article 4 (Transitional Measures concerning Validity Period of Written Verification of Venture Businesses)
In cases of venture businesses referred to in Article 2-2 (1) 3 (b) of the Act the validity period of the relevant written verification of venture businesses which has not expired as at the time this Decree enters into force, the validity period of such written verification shall be two years from the date of verification.
Article 5 Omitted.
ADDENDA <Presidential Decree No. 20137, Jun. 29, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 20261, Sep. 10, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 20728, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Presidential Decree No. 21100, Nov. 4, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 13 of Articles 2, Articles 2-3 (2) 5, 3-9 (3) 1 (b), and subparagraph 1 of Article 6-3 shall enter into force on February 4, 2009.
Articles 2 (Transitional Measures Following Enforcement Date)
(1) Until subparagraph 13 of Article 2 enters into force under the proviso to Article 1 of the Addenda, the same subparagraph shall be deemed to provide as follows:
13. Securities companies referred to in Article 2 (9) of the Securities and Exchange Act.
(2) Until Article 2-3 (2) 5 enters into force under the proviso to Article 1 of the Addenda, the same subparagraph shall be considered to provide for as follows:
5. Private equity funds referred to in Article 144-2 (2) of the Indirect Investment Asset Management Business Act (hereinafter referred to as "private equity fund").
(3) Until Article 3-9 (3) 1 (b) enters into force under the proviso to Article 1 of the Addenda, the said item (b) shall be deemed to provide as follows:
(b) Specially related persons of the relevant general partner (referring to specially related persons referred to in Article 2-8 of the Enforcement Decree of the Securities and Exchange Act; hereafter the same shall apply in this Article).
Article 3 (Applicability to Requirements for Reports on Korea Venture Fund)
The amended provisions of Article 3-6 (4) 1 shall begin to apply, from the Korea Venture Fund first reported after this Decree enters into force.
Article 4 (Applicability to Restriction on Acts of Korea Venture Fund)
The amended provisions of Article 3-9 (3) 2 shall apply, starting from the first transaction made after this Decree enters into force.
Article 5 (Applicability to Factories Installed in Facilities for Clustering Venture Business)
The amended provisions of Article 14 (2) and (3) shall apply, starting from the first building permit applied after this Decree enters into force.
ADDENDA <Presidential Decree No. 21288, Feb. 3, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21460, Apr. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Articles 2 (Special Cases)
Notwithstanding the amended provisions of Article 7 (4), any person designated as a center for supporting the acquisition of, and merger, between small and medium enterprises in 2009 shall submit a business plan for the year of 2009 to the Administrator of the Small and Medium Business Administration within one month from the date on which he/she obtains such designation.
ADDENDA <Presidential Decree No. 21461, Apr. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 21480, May 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21518, May 29, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2009
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21641, Jul. 27, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009.
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 21692, Aug. 18, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 23, 2009.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 21835, Nov. 20, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 22, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21904, Dec. 24, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2010.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 22130, Apr. 20, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 28, 2010.
Article 2 (Applicability to Dissolution of Korea Venture Fund)
The amended provisions of Article 3-10 (1) 2 shall begin to apply, from dissolution of the Korea Venture Fund on the relevant grounds after this Decree enters into force.
ADDENDA <Presidential Decree No. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22869, Apr. 5, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Administrative Fines)
(1) Application of standards for imposition of administrative fines to offenses committed before this Decree enters into force shall follow the previous provisions, notwithstanding the amended provisions of attached Table 3.
(2) No disposition for imposition of any administrative fine taken against an offense committed before this Decree enters into force shall be included in the number of instances an offense is committed, referred to in the amended provisions of attached Table 3.
ADDENDA <Presidential Decree No. 22977, Jun. 24, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 23267, Oct. 28, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 29, 2011.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 23413, Dec. 28, 2011>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 23644, Feb. 29, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: ... <omitted> ... the amended provisions of Articles 2 and 3 of the Addenda shall enter into force on July 22, 2012.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 23720, Apr. 10, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 15, 2012.
Articles 2 through 9 Omitted.
ADDENDA <Presidential Decree No. 23993, Jul. 26, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 27, 2012.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 24317, Jan. 16, 2013>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 24432, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDA <Presidential Decree No. 24955, Dec. 11, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 12, 2013.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 25050, Dec. 30, 2013>
This Decree shall enter into force on January 1, 2014. (Proviso Omitted.)
ADDENDUM <Presidential Decree No. 25272, Mar. 24, 2014>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 25426, Jun. 30, 2014>
This Decree shall enter into force on July 15, 2014.
ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date the first merger referred to in Article 4 (6) of the Addenda of the wholly amended Korea Development Bank Act (Act No. 12663) is registered.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 26023, Jan. 6, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 26248, May 26, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 28, 2015.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26600, Oct. 23, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 25, 2015. (Proviso Omitted.)
Articles 2 through 9 Omitted.
ADDENDUM <Presidential Decree No. 26648, Nov. 18, 2015>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2-4, 3 (1), and 5 (7), and attached Tables 1 and 1-2 shall enter into force on November 19, 2015.
ADDENDUM <Presidential Decree No. 26804, Dec. 30, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27472, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 27506, Sep. 22, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 23, 2016.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 27534, Sep. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 27663, Dec. 5, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Exercise Price of Stock Options)
The amended provisions of Article 11-3 (3) shall apply where stock options are granted after this Decree enters into force.
ADDENDA <Presidential Decree No. 27751, Dec. 30, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2017. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 28213, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 28926, May 29, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29216, Oct. 2, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29419, Dec. 24, 2018>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 29421, Dec. 24, 2018>
This Decree shall enter into force on January 1, 2019.