FOREIGN EXCHANGE TRANSACTIONS ACT
Act No. 5550, Sep. 16, 1998
Amended by Act No. 6277, Oct. 23, 2000
Act No. 6316, Dec. 29, 2000
Act No. 7716, Dec. 14, 2005
Act No. 8050, Oct. 4, 2006
Act No. 8266, Jan. 26, 2007
Act No. 8635, Aug. 3, 2007
Act No. 8863, Feb. 29, 2008
Act No. 9351, Jan. 30, 2009
Act No. 9374, Jan. 30, 2009
Act No. 9617, Apr. 1, 2009
Act No. 10618, Apr. 30, 2011
Act No. 11407, Mar. 21, 2012
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to contribute to the sound development of the national economy by striving to facilitate foreign transactions, to maintain equilibrium in the balance of international payments and to stabilize the value of currency by ensuring liberalization of foreign exchange transactions and of other foreign transactions, and by revitalizing market functionality.
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 2 (Objects of Application) |
| (1) | This Act shall apply to any of the following matters: |
| 1. | Foreign exchange in the Republic of Korea, foreign exchange transactions performed therein, or other acts related thereto; |
| 2. | Transactions, payment or receipts between the Republic of Korea and any foreign country, or other acts related thereto (including those which are performed in any foreign country and which have an effect in the Republic of Korea); |
| 3. | Transactions by a private person having a domicile or residence in a foreign country and a juristic person having a main office in a foreign country, which are denominated or payable in the currency of the Republic of Korea, or other acts related thereto; |
| 4. | Acts conducted by a private person having a domicile or residence in the Republic of Korea, or his/her agents, employees or other employed persons in connection with his/her assets or business in a foreign country; |
| 5. | Acts conducted by a representative, agents, employees or other employed persons of a juristic person having its main office in the Republic of Korea in connection with assets or business of the juristic person in a foreign country. |
| (2) | The scope of "other acts related thereto" referred to in paragraph (1) 1 through 3 shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| (1) | The definitions of terms used in this Act shall be as follows: <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | The term "domestic currency" means won currency, which is the legal currency of the Republic of Korea; |
| 2. | The term "foreign currency" means any currency other than domestic currency; |
| 3. | The term "means of payment" means those falling under any of the following items: |
| (a) | Government notes, bank notes, coins, checks, postal money orders, or letters of credit; |
| (b) | Bills of exchange, promissory notes and other payment orders as prescribed by Presidential Decree; |
| (c) | Vouchers, plastic cards or other articles in which asset value is embedded by electronic or magnetic means and which may be used for payment among many unspecified persons in lieu of a currency, which are prescribed by Presidential Decree; |
| 4. | The term "means of foreign payment" means a foreign currency, means of payment denominated in foreign currency, or other means of payment which can be used in a foreign country regardless of currency denomination; |
| 5. | The term "means of domestic payment" means any means of payment other than means of foreign payment; |
| 6. | The term "precious metals" means gold, gold-alloyed ingots, gold coins not in circulation, or other products and processed goods which are mainly made of gold; |
| 8. | The term "foreign currency securities" means securities denominated in a foreign currency, or those payable in a foreign country; |
| 10. | The term "foreign currency derivatives" means derivatives denominated in foreign currency or those which are able to be paid for in a foreign country; |
| 11. | The term "claims" means rights to request for the payment of money, etc. accruing from all kinds of deposits, trusts, guarantees, borrowing and lending, etc. and which do not fall under subparagraphs 1 through 10; |
| 12. | The term "foreign currency claims" means claims denominated in a foreign currency, or those payable in a foreign country; |
| 13. | The term "foreign exchange" means the means of foreign payment, foreign currency securities, foreign currency derivatives and foreign currency claims; |
| 14. | The term "resident" means any private person who has a domicile or residence in the Republic of Korea, and any juristic person whose main office is located in the Republic of Korea; |
| 15. | The term "non-resident" means any private person and any juristic person other than residents: Provided, That branch offices, local offices or other offices of non-residents located in the Republic of Korea, shall be deemed residents regardless of whether such offices, etc. have legal authority to act as an agent thereof; |
| 16. | The term "foreign exchange affairs" means those referred to in any of the following items: |
| (a) | Issuance or dealings of foreign exchange; |
| (b) | Payment, collection and receipt between the Republic of Korea and a foreign country; |
| (c) | Deposits, borrowing and lending of money, or guarantee with residents which is denominated in or paid for in a foreign currency; |
| (d) | Deposits, borrowing and lending of money or guarantee with nonresidents; |
| (e) | Other affairs similar to those provided in items (a) through (d) and which are prescribed by Presidential Decree; |
| 18. | The term "overseas direct investment" means any transactions, acts or payments by residents, which fall under any of the following items: |
| (a) | Transactions or acts performed to establish continuous economic relations with a juristic person organized under the Acts and subordinate statutes of a foreign country (including a juristic person in the process of its incorporation) by acquiring securities issued by such juristic person or lending money to such juristic person, and which are prescribed by Presidential Decree; |
| (b) | Disbursement of funds performed to establish, expand or operate business offices in a foreign country or to conduct overseas business activities, and which is prescribed by Presidential Decree; |
| 19. | The term "capital transactions" means any transactions or acts falling under any of the following items: |
| (a) | Transactions (limited to cases relevant to foreign exchange for a transaction between residents) related to the creation, alteration or extinction of claims due to contracts for deposits, trust, borrowing and lending of money, debt guarantees, or purchase and sale of the means of foreign payment, claims, etc. (excluding transactions as referred to in item (c) ); |
| (b) | Issuance of, subscription to securities, and acquisition of securities or rights thereto (excluding cases falling under item (c), and limited to cases relevant to foreign exchange for a transaction between residents); |
| (c) | Transactions of derivatives (limited to cases relevant to foreign exchange for a transaction of derivatives between residents); |
| (d) | Acquisition of real estate in a foreign country or any rights related thereto by residents, or acquisition of real estate in the Republic of Korea or any rights related thereto by non-residents; |
| (e) | Acts performed between a juristic person??s head office, branch offices, local offices or other offices located in the Republic of Korea (hereafter referred to as the "offices" in this item) and offices located in a foreign country in connection with establishment, expansion, operation, etc of such offices and giving and receiving of funds in relation therewith, with the exception of cases referred to in item (a) (excluding giving and receiving of funds relevant to expenses incurred in maintaining offices and ordinary transactions and which are prescribed by Presidential Decree); |
| (f) | Other transactions or acts similar to those referred to in items (a) through (e), and which are prescribed by Presidential Decree. |
| 20. | The term "non-deposit foreign currency liabilities, etc. " means a financial company, etc. 's liabilities denominated in a foreign currency (excluding deposits denominated in a foreign currency) and others that are similar thereto and prescribed by Presidential Decree. |
| (2) | Where the distinction between a resident and a non-resident referred to in paragraph (1) 14 and 15 is unclear, such distinction shall be as prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 4 (Striving, etc. for Facilitation of Foreign Transactions) |
| (1) | The Minister of Strategy and Finance shall strive to facilitate foreign exchange transactions and other foreign transactions by imposing restrictions under this Act to the minimum necessary extent. |
| (2) | The Minister of Strategy and Finance shall endeavor to create a foundation for stable supply and demand of foreign exchange and to stabilize the foreign exchange market, and shall formulate policies therefor. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 5 (Exchange Rates) |
| (1) | The Minister of Strategy and Finance may determine the basic exchange rate, purchase and sale rate of foreign exchange, and arbitrated rate of exchange (hereinafter referred to as the "basic exchange rate, etc. ") in foreign exchange transactions, if it is necessary for harmonious and orderly foreign exchange transactions. |
| (2) | If the Minister of Strategy and Finance has determined the basic exchange rate, etc. pursuant to paragraph (1), residents and non-residents shall perform transactions in conformity with such basic exchange rate, etc. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 6 (Suspension, etc. of Foreign Exchange Transactions) |
| (1) | The Minister of Strategy and Finance may, pursuant to Presidential Decree, take measures falling under any of the following subparagraphs, if such measures are deemed inevitable due to natural calamities, war, conflicts of arms, grave and sudden changes in domestic and foreign economic conditions, or other situations equivalent thereto: <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | Temporary suspension, in whole or in part, of payment, receipt, or transactions to which this Act applies; |
| 2. | Imposition of obligations to safekeep, deposit or sell means of payment or precious metals in or to the Bank of Korea, government agencies, the foreign exchange equalization fund, or financial companies, etc. |
| (2) | Where it is deemed to fall under any of the following subparagraphs, the Minister of Strategy and Finance may, pursuant to Presidential Decree, take measures to impose on any person intending to perform capital transactions an obligation to obtain permission, or any person performing capital transactions an obligation to deposit part of means of payment acquired in connection with such transactions in the Bank of Korea, the foreign exchange equalization fund or financial companies, etc. : <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | Where international payments and international finance are confronted or are liable to be confronted with serious difficulty; |
| 2. | Where the movement of capital between the Republic of Korea and a foreign country creates or is liable to create serious obstacles in carrying out currency policies, exchange rate policies and other macroeconomic policies. |
| (3) | Measures provided for in paragraphs (1) and (2) may be taken for a period not exceeding six months unless there exist special grounds to the contrary, and if reasons for such measures cease to exist, such measures shall be cancelled without delay. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 7 (Orders to Recover Debts) |
| (1) | The Minister of Strategy and Finance may require resident creditors to collect and recover debts owed by non-resident debtors and to retrieve them to the Republic of Korea for the purpose of ensuring stability in the foreign exchange market and soundness of foreign exchange transactions. |
| (2) | The scope of claims to be collected and the collection deadline under paragraph (1) and other necessary matters shall be determined by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
CHAPTER II FOREIGN EXCHANGE AGENCIES, ETC.
| Article 8 (Registration, etc. of Foreign Exchange Business) |
| (1) | Any person who intends to engage in a foreign exchange business shall prepare capital, facilities and professional human resources sufficient to conduct such business and register such business with the Minister of Strategy and Finance in advance, as prescribed by Presidential Decree: Provided, That this shall not apply to any financial company, etc., for which the Minister of Strategy and Finance deems such registration unnecessary taking into account the details of such business, and which is prescribed by Presidential Decree. <Amended by Act No. 10618, Apr. 30, 2011> |
| (2) | Only financial companies, etc. are entitled to engage in a foreign exchange business, and a financial company, etc. engaging in a foreign exchange business may conduct such foreign exchange business insofar as it is directly related to the business of the financial company, etc., as prescribed by Presidential Decree. <Amended by Act No. 10618, Apr. 30, 2011> |
| (3) | Notwithstanding the provisions of paragraph (1), any person who intends to engage in the business falling under any of the following subparagraphs only (hereinafter referred to as the "money exchange business") among foreign exchange business shall prepare facilities necessary for conducting money exchange business and register such business with the Minister of Strategy and Finance in advance, as prescribed by Presidential Decree: |
| 1. | Purchase and sale of foreign currencies; |
| 2. | Purchase of traveler's checks issued in a foreign country. |
| (4) | If any financial company, etc. which has registered its foreign exchange business pursuant to the main sentence of paragraph (1) and any person who has registered its money exchange business pursuant to paragraph (3) (hereinafter referred to as "money exchanger") intend to modify any of the registered matters prescribed by Presidential Decree or to discontinue the foreign exchange business or the money exchange business, they shall file a prior report thereof with the Minister of Strategy and Finance, as prescribed by Presidential Decree. <Amended by Act No. 10618, Apr. 30, 2011> |
| (5) | Any financial company, etc. which has registered its foreign exchange business pursuant to paragraph (1) (including any financial company, etc. pursuant to the proviso to paragraph (1); hereinafter referred to as "foreign exchange agency"), shall obtain authorization of the Minister of Strategy and Finance in concluding a contract concerning business subject to application of this Act with foreign financial institutions, if such authorization is prescribed by Presidential Decree as it is deemed necessary for the sound development of the national economy and maintenance of international peace and security, etc. <Amended by Act No. 10618, Apr. 30, 2011> |
| (6) | Matters necessary to conduct the business of foreign exchange agency and money exchanger shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 9 (Foreign Exchange Brokerage, etc. ) |
| (1) | Any person who intends to engage in a business in the following subparagraphs (hereinafter referred to as "foreign exchange brokerage") shall prepare capital, facilities and professional human resources as prescribed by Presidential Decree and shall obtain authorization of the Minister of Strategy and Finance. In such cases, when such person intends to modify any important matters determined by Presidential Decree among the authorized matters, he/she shall file a report thereon with the Minister of Strategy and Finance: |
| 1. | Brokerage of purchase, sale, exchange and lending of foreign currencies; |
| 2. | Brokerage of derivative transactions whose underlying assets are foreign currencies; |
| 3. | Other business relating to subparagraphs 1 and 2. |
| (2) | Counterparts with whom the person authorized to conduct foreign exchange brokerage under paragraph (1) (hereinafter referred to as the "foreign exchange brokerage company") may conduct foreign exchange brokerage business shall be a person prescribed by Presidential Decree, such as financial company, etc. and related institutions having expertise in transactions of foreign exchange. <Amended by Act No. 10618, Apr. 30, 2011> |
| (3) | Where a foreign exchange brokerage company intends to conduct any act falling under any of the following subparagraphs, it shall obtain authorization of the Minister of Strategy and Finance according to the classification determined by Presidential Decree or file a report with the Minister of Strategy and Finance: |
| 1. | Merger or dissolution; |
| 2. | Discontinuation, transfer or takeover of all or part of its business. |
| (4) | For the purposes of faithful performance of foreign exchange brokerage business, the Minister of Strategy and Finance may, pursuant to Presidential Decree, require each foreign exchange brokerage company to deposit a bond in an institution designated by him/her. |
| (5) | If foreign exchange brokerage companies intend to conduct foreign exchange brokerage business in a foreign country, they shall obtain authorization of the Minister of Strategy and Finance, as prescribed by Presidential Decree. |
| (6) | The Financial Investment Services and Capital Markets Act shall not apply to foreign exchange brokerage business under this Act: Provided, That Articles 37, 39, 44 and 54 of the same Act and other provisions of the said Act may apply mutatis mutandis as prescribed by Presidential Decree for the protection of investors. In such cases, "financial investment trader" shall be deemed "foreign exchange brokerage company", and "financial investment business" shall be deemed "foreign exchange brokerage". |
| (7) | Matters necessary for foreign exchange brokerage companies to perform their business, other than those provided in paragraphs (1) through (6), shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 10 (Confirmation Obligation in Performing Duties) |
When a foreign exchange agency, a money exchanger, and a foreign exchange brokerage company (hereinafter referred to as the "foreign exchange agency, etc. ") make transactions subject hereto with their customers, it shall confirm whether transactions, payments or receipts of their customers are permitted or reported under this Acts: Provided, That this shall not apply to minor transactions which are determined and announced by the Minister of Strategy and Finance.
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 11 (Supervision of Business and Regulation of Soundness, etc. ) |
| (1) | The Minister of Strategy and Finance may supervise business of a foreign exchange agency, etc. (including its business office located in a foreign country; hereafter the same shall apply in this Article), and may issue orders necessary for such supervision. |
| (2) | Where it is deemed necessary for maintaining stability in the foreign exchange market and soundness of foreign exchange agencies, etc., the Minister of Strategy and Finance may impose necessary restrictions on the raising and operation of foreign currency, such as determining the asset-liability ratio of foreign currency by foreign exchange agencies, etc. In such cases, detailed standards for such restrictions shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 11-2 (Macro-Prudential Stability Levies) |
| (1) | The Minister of Strategy and Finance may impose and collect a macro-prudential instability levy (hereafter referred to as "levies" in this Article and Article 11-3) on/from a financial company, etc. prescribed by Presidential Decree in full consideration of the roles of the financial company, etc. in the financial markets, its foreign exchange affairs, the scale of liabilities denominated in a foreign currency and other related matters in order to minimize instability in the financial markets following sudden inflows and outflows of foreign capital and to ensure the sound development of the national economy. |
| (2) | Levies to be imposed and collected pursuant to paragraph (1) shall be an amount calculated by multiplying the balance of non-deposit foreign currency liabilities, etc. by an imposition rate prescribed by Presidential Decree within the ceiling of 5/1,000 in consideration of the business areas of a financial company, etc., the maturity of non-deposit foreign currency liabilities, etc. and other related matters. |
| (3) | Notwithstanding the provisions of paragraph (2), where the Minister of Strategy and Finance deems that instability in the international financial markets, the sudden inflows of foreign capital, etc., are likely to substantially undermine the stability of the financial markets and the national economy, he/she may impose and collect an amount calculated by applying an imposition rate determined and publicly notified by himself/herself (hereafter referred to as "additional imposition rate" in this paragraph), in addition to the levies under paragraph (2) with regard to an increased in the balance of the non-deposit foreign currency liabilities, etc. for a specified period up to six months. In such cases, the additional imposition rate shall not exceed 10/1000 after summed up the imposition rate under paragraph (2). |
| (4) | Levies collected under paragraph (1) shall revert to the foreign exchange equalization fund pursuant to Article 13 (1). |
| (5) | Methods of calculating the balance of the non-deposit foreign currency liabilities, etc. under paragraph (2) and an increase in the balance of the non-deposit foreign currency liabilities, etc. under paragraph (3), and other necessary matters for the imposition of levies shall be prescribed by Presidential Decree. |
[This Article Newly Inserted by Act No. 10618, Apr. 30, 2011]
| Article 11-3 (Collection of Levies and Filing Objections) |
| (1) | The Minister of Strategy and Finance may permit a financial company, etc. to pay levies it is liable to pay in installments, as prescribed by Presidential Decree. |
| (2) | When a financial company, etc. fails to pay the levies by the payment deadline, the Minister of Strategy and Finance shall issue a reminder specifying a period of at least ten days within ten days after the payment deadline expires. |
| (3) | The Minister of Strategy and Finance may collect a surcharge prescribed by Presidential Decree within the extent of 10/100 of the levies in arrears. |
| (4) | When a financial company, etc. to whom a reminder is issued under paragraph (2) fails to make a payment by the specified deadline, the Minister of Strategy and Finance shall collect the levies and surcharges by referring to the practices of dispositions on default of national taxes. |
| (5) | Where the Minister of Strategy and Finance deems it necessary for imposing and collecting the levies pursuant to Article 11-2, he/she may request the relevant financial company, etc. to submit relevant data. In such cases, the financial company, etc. that is requested to submit data shall comply therewith unless extenuating circumstances exist. |
| (6) | Where a financial company, etc. on whom levies are imposed pursuant to Article 11-2 has an objection about such imposition, it may file an objection with the Minister of Strategy and Finance. |
| (7) | Other necessary matters for the collection of levies, filing objections, etc. shall be prescribed by Presidential Decree. |
[This Article Newly Inserted by Act No. 10618, Apr. 30, 2011]
| Article 12 (Revocation, etc. of Authorization) |
| (1) | Where a foreign exchange agency, etc. falls under any of the following subparagraphs, the Minister of Strategy and Finance may revoke a registration or authorization prescribed in Articles 8 and 9, or may restrict the business of foreign exchange agency, etc. (including their business offices) or may suspend, in whole or in part, business thereof for a period not exceeding six months : |
| 1. | Where the agency, etc. has registered or obtained authorization by fraudulent or other unjust means; |
| 2. | Where the agency, etc. has conducted business during the period wherein its business is restricted or suspended; |
| 3. | Where the agency, etc. has violated the details or terms of registration or authorization; |
| 4. | Where the agency, etc. has conducted foreign exchange business, etc. in violation of Article 8 (2); |
| 5. | Where the agency, etc. has failed to obtain authorization or to file a report or has filed a false report in accordance with Article 8 (4) or 9 (3),; |
| 6. | Where the agency, etc. has conducted a transaction in violation of Article 9 (2) or has not complied with an order to deposit a bond under paragraph (4) of the same Article; |
| 7. | Where the agency, etc. has violated its obligation of confirmation prescribed in Article 10; |
| 8. | Where the agency, etc. has violated a supervisory order prescribed in Article 11 (1) or restrictions on business prescribed in paragraph (2) of the same Article; |
| 9. | Where the agency, etc. has failed to file a report or to submit data or information prescribed in Article 20 (1) or (2), or has filed a false report, or submitted false data or information; |
| 10. | Where the agency, etc. has failed to comply with inspections prescribed in Article 20 (3) or (6) or has refused, obstructed or evaded such inspections; |
| 11. | Where the agency, etc. has refused to submit data prescribed in Article 20 (4) or (6) or has submitted false data; |
| 12. | Where the agency, etc. has not complied with an order of correction under Article 20 (5) or (6); |
| 13. | Where the agency, etc. has failed to give a notice or provide materials in violation of an order of the Minister of Strategy and Finance under Article 21, or has give a false notice or provided false materials; |
| 14. | Where the agency, etc. has failed to make a statement, an application and report, and notification and presentation of materials by means of electronic document in violation of an order of the Minister of Strategy and Finance under Article 24 (2). |
| (2) | Where any foreign exchange agency, etc. have violated paragraph (1) 4 through 9 or 12 by mistake or negligence, the Minister of Strategy and Finance may issue a warning to such agency, etc. |
| (3) | The Minister of Strategy and Finance shall, when he/she intends to revoke any registration or authorization pursuant to paragraph (1), hold a hearing. |
| (4) | Detailed standards for dispositions under paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 12-2 (Penalty Surcharges) |
| (1) | Where the Minister of Strategy and Finance is to limit or suspend all or part of the business of a person who has committed a violation falling under any of the subparagraphs of Article 12 (1), he/she may impose a penalty surchargem in lieu thereof, within the extent of interests gained from the violation. |
| (2) | Where a penalty surcharge is imposed under paragraph (1), matters in the following subparagraphs shall be considered according to the standards prescribed by Presidential Decree: |
| 1. | Details and severity of violation; |
| 2. | Period and frequency of violation; |
| 3. | Scale of interests gained from violation. |
| (3) | Imposition of penalty surcharges, extension of deadline for the payment of penalty surcharges, payments in installments, guarantees, and other matters necessary for the collection of penalty surcharges shall be prescribed by Presidential Decree. |
| (4) | Where a person obliged to pay a penalty surcharge fails to pay it by the payment deadline, the Minister of Strategy and Finance may collect it pursuant to the precedents of disposition of national taxes in arrears. |
[This Article Newly Inserted by Act No. 9351, Jan. 30, 2009]
CHAPTER III FOREIGN EXCHANGE EQUALIZATION FUND
| Article 13 (Foreign Exchange Equalization Fund) |
| (2) | The foreign exchange equalization fund shall be funded with the financial resources listed in the following subparagraphs: <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | Contributions and with holdings from the Government; |
| 2. | Money raised by issuing foreign exchange equalization fund bonds; |
| 3. | Withholdings or temporary loans from any foreign government, any foreign central bank, or other residents or non-residents; |
| 4. | Withholdings under Article 6 (1) 2 and (2); |
| 6. | Other funds prescribed by Presidential Decree including those necessary to facilitate foreign exchange transactions. |
| (3) | The foreign exchange equalization fund shall be operated by the methods listed in the following subparagraphs: Provided, That the foreign exchange equalization fund raised with the macro-prudential stability levies and surcharges under paragraph (2) 5 shall be managed only in the method referred to in subparagraph 2 or for transactions to provide a financial company, etc. with foreign currency liquidity, from among the methods referred to in subparagraph 4: <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | Purchase and sale of foreign exchange; |
| 2. | Deposit in or lending to the Bank of Korea, any foreign government, any foreign central bank, or any domestic or foreign financial company, etc.; |
| 3. | Payment temporarily made on behalf of the State before the State makes payment with reserve funds or revised supplementary budgets for the purpose of the redemption of foreign currency debts of a foreign exchange agency guaranteed by the State; |
| 4. | Other methods deemed necessary for facilitation of foreign exchange transactions and which are prescribed by Presidential Decree. |
| (4) | If debts are paid by the foreign exchange equalization fund on behalf of the State pursuant to paragraph (3) 3, the Government shall take measures to replenish for such payment. |
| (5) | Financing and operation of the foreign exchange equalization fund as provided for in paragraphs (2) and (3), may be made with either the means of domestic payment or the means of foreign payment. |
| (6) | The foreign exchange equalization fund shall be operated and managed by the Minister of Strategy and Finance. |
| (7) | The Minister of Strategy and Finance may issue foreign exchange equalization fund bonds. |
| (8) | Matters concerning for the operation and management of the foreign exchange equalization fund, interest payable on withholdings, issuance of foreign exchange equalization fund bonds, etc., shall be prescribed by Presidential Decree. |
| (9) | The Minister of Strategy and Finance may, as prescribed by Presidential Decree, issue a certificate of deposit for the funds deposited in the foreign exchange equalization fund under paragraph (2). In such cases, the Minister of Strategy and Finance may determine the purpose of use of such certificates of deposit. |
| (11) | Where any change in the issuance amount of foreign exchange equalization fund bonds denominated in a foreign currency exceeds 2/100 of the issuance amount of a foreign exchange equalization fund bonds denominated in a foreign currency according to the operation plan of the foreign exchange equalization fund for the corresponding fiscal year, the Minister of Strategy and Finance shall submit details of such change to the competent Standing Committee and the Special Committee on Budget and Accounts of the National Assembly. In such cases, such details of change shall contain the detail of issuance and redemption of foreign exchange equalization fund bonds, reasons for the change, etc. |
| (12) | The Minister of Strategy and Finance shall keep a separate account of the macro-prudential stability levies and surcharges under paragraph (2) 5 from other financial resources for the foreign exchange equalization fund, as prescribed by Presidential Decree. <Newly Inserted by Act No. 10618, Apr. 30, 2011> |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 14 (Redemption of Principal and Interest of Foreign Exchange Equalization Fund Bonds) |
| (1) | The principal and interest on foreign exchange equalization fund bonds issued may be redeemed with the net surplus budget of the general accounts in accordance with the procedures prescribed in Article 90 (6) of the National Finance Act. |
| (2) | The amount redeemable with the net surplus budget of the general accounts under paragraph (1) shall be an amount calculated by adding or subtracting any profit and loss resulted from operation of the foreign exchange equalization fund, other than interest accruing from foreign exchange equalization fund bonds, to or from such interest. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
CHAPTER IV PAYMENTS AND TRANSACTIONS
| Article 15 (Payment Procedures, etc. ) |
| (1) | The Minister of Strategy and Finance may determine necessary matters such as procedures for money exchange, remittance and transference of property in connection to payments or receipts subject to application of this Act. |
| (2) | Where it is deemed to fall under any of the following subparagraphs, the Minister of Strategy and Finance may require residents and nonresidents who intend to make payment from Korea to a foreign country, or residents who intend to make payment to non-residents or to receive payment from non-residents, obtain permission as prescribed by Presidential Decree when they pay or receive as such: |
| 1. | Where it is inevitable for the faithful fulfillment of treaties concluded by the Republic of Korea, and of generally recognized international laws and regulations; |
| 2. | Where it is necessary for especially contributing to international endeavor for the maintenance of international peace and security. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 16 (Reporting on Methods of Payment or Receipt) |
Where a resident falls under any of the following subparagraphs in settling any claim or liabilities arising from transactions or acts between residents, between a resident and a non-resident or between non-residents (excluding cases where a person who has filed a report under Article 18 pays or receives money in conformity with the method reported), he/she shall report, in advance, on the method of such payment or receipt to the Minister of Strategy and Finance as prescribed by Presidential Decree: Provided, That where the amount is negligible or it is an ordinary transaction which is prescribed by Presidential Decree, an ex post facto report may be made or a report may be omitted: | 1. | Where he/she makes any settlement by extinguishing or offsetting a claim or liabilities by menas of balancing, etc.; |
| 2. | Where he/she makes any settlement after the period set by the Minister of Strategy and Finance; |
| 3. | Where a resident pays or receives money to or from a person who is not a party to the transaction in question, or a resident who is not a party to the transaction in question pays or receives money to or from a non-resident who is a party thereto; |
| 4. | Where a resident pays or receives money without going through a foreign exchange agency. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 17 (Reporting on Export and Import of Means of Payment, etc. ) |
The Minister of Strategy and Finance may require a resident or non-resident who intends to export or import any means of payment or securities to file a report as prescribed by Presidential Decree when he/she exports or imports such means of payment or securities where such report is deemed necessary to ensure effectiveness of this Act, and is prescribed by Presidential Decree to ensure the effectiveness of this Act,
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 18 (Reporting, etc. on Capital Transactions) |
| (1) | Any person who intends to perform capital transactions, shall file a report on such capital transactions with the Minister of Strategy and Finance pursuant to Presidential Decree: Provided, That where it is a trivial or standardized capital transaction prescribed by Presidential Decree, an ex post facto report may be made or a report may be omitted. |
| (2) | The report under paragraph (1) and acceptance of report under paragraph (3) shall be completed before the procedures under Article 15 (1). |
| (3) | With respect to overseas direct investment, acquisition of overseas real estate or any right thereto by a resident from among the matters to be reported under paragraph (1), the Minister of Strategy and Finance may examine the feasibility thereof, such as whether an investor is qualified and the amount of investment is reasonable, and determine whether to accept such report. |
| (4) | With respect to each report under paragraph (3), the Minister of Strategy and Finance shall make a determination falling under any of the following subparagraphs and notify the person who has filed the report of such determination within the processing period prescribed by Presidential Decree: |
| 1. | Acceptance of a report; |
| 2. | Refusal to accept a report; |
| 3. | Recommendation to modify the details of transactions. |
| (5) | Where the Minister of Strategy and Finance has made a determination under paragraph (4) 2, the resident who has filed the relevant report shall not conduct the transaction in question. |
| (6) | Where a person who has received a notice of recommendation under paragraph (4) 3 accepts the recommendation, he/she may conduct the transaction in question as he/she has accepted it, and shall not conduct the transaction in question in cases where he/she has not accepted it. |
| (7) | If no notice is made by the Minister of Strategy and Finance within the processing period under paragraph (4), the report in question shall be deemed to have been accepted on the date on which the period expires. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
CHAPTER V SUPPLEMENTARY PROVISIONS
| Article 19 (Warnings, Suspension of Transactions, etc. ) |
| (1) | In cases where a person who is subject to the application of this Act falls under any of the following subparagraphs, the Minister of Strategy and Finance may issue him/her a warning: |
| 1. | Where he/she has conducted a transaction or an act after the expiration of deadline set in the terms of permission or report in cases where he/she obtained permission or filed a report under the provisions of Articles 15 through 18; |
| 2. | Where he/she has conducted a transaction or an act in violation of obligations to comply with the procedures, or to obtain permission or file a report (hereinafter referred to as "report, etc. ") under the provisions of Articles 15 through 18, which is a transaction or an act with an amount not exceeding the amount (which may be set differently according to the type of transaction or act) prescribed by Presidential Decree. |
| (2) | In cases where any transaction or an act by a person who is subject to the application of this Act has violated the obligations to report, etc. under the provisions of Articles 15 through 18 not less than twice for the latest two years, the Minister of Strategy and Finance may restrict or suspend relevant foreign exchange transactions or act, or revoke permission therefor for a period of not more than one year. |
| (3) | In cases where the Minister of Strategy and Finance takes any measures under paragraph (2), he/she shall hold a hearing. |
| (4) | Matters necessary for measures under paragraph (1) or (2) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 20 (Reporting and Inspections) |
| (1) | The Minister of Strategy and Finance may have a party to a transaction or interested persons make a necessary report to secure effectiveness of this Act, and may have the residents holding claims against non-residents make a report on the status of such claim in possession as prescribed by Presidential Decree. |
| (2) | The Minister of Strategy and Finance may request the heads of relevant agencies to whom this Act is applicable, including the Bank of Korea, the Financial Supervisory Service, a foreign exchange agency, etc., to submit related data or information where it is deemed necessary for the enforcement of this Act. In such cases, the heads of relevant agencies shall comply with such requests unless there exists a special reason to the contrary. |
| (3) | The Minister of Strategy and Finance may have public officials under his/her control inspect business of a foreign exchange agency, etc. and any parties to transactions to which this Act applies or interested persons therein, if it is deemed necessary for the enforcement of this Act. |
| (4) | The Minister of Strategy and Finance may require a foreign exchange agency, etc. and any parties to transactions to which this Act applies or interested persons therein to submit data related to their business and assets, if it is deemed necessary for efficient inspections. |
| (5) | If any illegal act is found as a result of inspections under paragraph (3), the Minister of Strategy and Finance may order correction thereof, or may take other necessary measures. |
| (6) | The Minister of Strategy and Finance may, pursuant to Presidential Decree, entrust the Governor of the Bank of Korea, the Governor of the Financial Supervisory Service or other persons prescribed by Presidential Decree with such business provided for in paragraphs (3) through (5) and have any employees under their control conduct such business, if it is deemed necessary to do so. |
| (7) | Any person who performs inspections under paragraphs (3) through (6), shall carry a certificate indicating his/her authority, and produce it to relevant persons. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 21 (Notification, etc. to Commissioner of National Tax Service, etc. ) |
| (1) | Notwithstanding other Acts, the Minister of Strategy and Finance may directly notify the Commissioner of the National Tax Service, the Commissioner of the Korea Customs Service, the Governor of the Financial Supervisory Service or the President of the Export-Import Bank of Korea of data on transaction, payment, receipt, flow of funds, etc. to which this Act applies, or may have the Governor of the Bank of Korea, heads of foreign exchange agencies, etc., heads of customhouses or other persons prescribed by Presidential Decree notify the Commissioner of the National Tax Service, the Commissioner of the Korea Customs Service, the Governor of the Financial Supervisory Service or the President of the Export-Import Bank of Korea thereof. |
| (2) | The Minister of Strategy and Finance may have persons prescribed by Presidential Decree supply data on the transaction, payment, receipt, flow of funds, etc. to which this Act applies to credit information concentration agencies under Article 25 of the Use and Protection of Credit Information Act. <Amended by Act No. 9617, Apr. 1, 2009> |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 22 (Confidentiality of Foreign Exchange Transactions) |
No person engaged in such business as permission, authorization, registration, report, notification, brokerage, relay, concentration, exchange, etc. prescribed in this Act, shall use any information which he/she has acquired in connection with such business for purposes other than those prescribed in this Act, nor divulge such information to other persons, except as otherwise prescribed in Article 4 of the Act on Real Name Financial Transactions and Confidentiality. [This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 23 (Delegation, Entrustment, etc. of Authority) |
| (1) | The Minister of Strategy and Finance may, pursuant to Presidential Decree, delegate or entrust part of his/her authority under this Act to the Financial Services Commission, the Securities Futures Commission, the heads of the administrative agencies concerned, the Governor of the Bank of Korea, the Governor of the Financial Supervisory Service, the heads of foreign exchange agencies, etc., or other persons prescribed by Presidential Decree. |
| (2) | Any person in charge of the business prescribed in paragraph (1) and Article 20 (6), and any executive or employee under his/her control (excluding a public official, and a person who is deemed to be a public official by other Acts), shall be deemed a public official in the application of the penal provisions under the Criminal Act or other Acts. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 24 (Permission, etc. by Means of Electronic Documents) |
| (1) | The Minister of Strategy and Finance may grant permission and authorization or give notices or notification under this Act by means of electronic documents (including presentation of data by means of computer networks or electronic data processing systems; hereafter the same shall apply in this Article), as prescribed by Presidential Decree. |
| (2) | The Minister of Strategy and Finance may order a foreign exchange agency, etc., other parties to transactions or interested parties to whom this Act applies to file a report, an application or statement or to notify and submit information, by means of electronic documents, if it is deemed necessary for securing effectiveness of this Act. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 25 (Management of Administrative Affairs etc. ) |
| (1) | The Minister of Strategy and Finance may determine procedures for the management of administrative affairs, payments or receipts, and other necessary matters, if it is deemed necessary for ensuring efficient operation and effectiveness of this Act. |
| (2) | The Minister of Strategy and Finance may designate one or more juristic person or organization which is related to or specializes in the foreign exchange business, as an institution to relay, concentrate, exchange or analyze data on foreign exchange transactions, payments or receipts. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 26 (Relationship with other Acts) |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
CHAPTER VI PENAL PROVISIONS
| Article 27 (Penal Provisions) |
| (1) | Any person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than three years or by a fine not exceeding three hundred million won: Provided, That the triple value of the object related to the violation exceeds three hundred million won, the fine shall not be more than the triple value of such object: |
| 1. | Any person who has conducted transactions in non-compliance with the basic exchange rate, etc. in violation of Article 5 (2); |
| 2. | Any person who has paid or received money, or has made transactions in violation of measures prescribed in Article 6 (1) 1; |
| 3. | Any person who has violated obligations of safekeeping, deposit or sale according to measures prescribed in Article 6 (1) 2; |
| 4. | Any person who has conducted capital transactions without obtaining permission according to the measures prescribed in the main sentence of Article 6 (2) or after obtaining permission by fraudulent or other unjust means, or who has violated an obligation of deposit; |
| 5. | Any person who has conducted foreign exchange business without making a registration prescribed in the main sentence of Article 8 (1) or after making such registration by fraudulent or other unjust means (including any person who has conducted foreign exchange business after making a report of discontinuation prescribed in Article 8 (4) fraudulently and a person who has conducted foreign exchange businesses in violation of the disposition taken pursuant to the provisions of Article 12 (1) ); |
| 6. | Any person who has conducted money exchange business without making a registration prescribed in Article 8 (3) or after making such registration by fraudulent or other unjust means (including any person who has conducted money change business after making a report of discontinuation prescribed in Article 8 (4) fraudulently and a person who has conducted money exchange business in violation of the disposition taken pursuant to the provisions of Article 12 (1) ); |
| 7. | Any person who has conducted foreign exchange brokerage business without obtaining authorization prescribed in the former part of Article 9 (1), or Article 9 (3) and (5), or after obtaining such authorization by fraudulent or other unjust means (including any person who has conducted foreign exchange brokerage business after making a report prescribed in Article 9 (3) fraudulently and a person who has conducted foreign exchange brokerage business in violation of the disposition taken pursuant to Article 12 (1) ); |
| 8. | Any person who has paid or received money without obtaining permission prescribed in Article 15 (2) or after obtaining such permission by fraudulent or other unjust means. |
| (2) | Imprisonment and fines prescribed in paragraph (1) may be imposed concurrently. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 28 (Penal Provisions) |
| (1) | Any person who has used information for a use other than those prescribed in this Act, or has divulged it to other persons in violation of Article 22 shall be punished by imprisonment for not more than two years or by a fine not exceeding two hundred million won. |
| (2) | Imprisonment and fines prescribed in paragraph (1) may be imposed concurrently. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 29 (Penal Provisions) |
| (1) | Any person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than one year or by a fine not exceeding one hundred million won: Provided, That the triple value of the object related to the violation exceeds one hundred million won, the fine shall not be more than the triple value of such object: |
| 1. | Any person who has failed to retrieve claims to the Republic of Korea in violation of a recovery order under Article 7; |
| 2. | Any person who has failed to file a report of change under Article 8 (4) or has conducted business of foreign exchange or money exchange after filing a report in falsity; |
| 3. | Any person who has signed a contract without obtaining authorization under Article 8 (5) or after obtaining authorization in falsity or other unjust means; |
| 4. | Any person who has conducted foreign exchange brokerage without filing a report of change under the latter part of Article 9 (1) or after filing a report of change in falsity, or a person who has made a transaction in violation of paragraph (2) of the same Article; |
| 5. | Any person who has failed to confirm in violation of Article 10; |
| 6. | Any person whose amount of violation of an obligation to report under Article 16 or 18 has exceeded the amount prescribed by Presidential Decree within the extent of not less than five hundred million won; |
| 7. | Any person who has exported or imported in means of payment or securities without filing a report under Article 17 or after filing a report in falsity; |
| 8. | Any person who has conducted a transaction or an act in violation of suspension or restriction on transaction or act under Article 19 (2); |
| 9. | Any person who had been issued a disposition of fines for negligence under Article 32 (1) for the recent two years has re-offended against the same paragraph. |
| (2) | Any attempt to commit a violation prescribed in paragraph (1) 7 shall be punished. |
| (3) | Imprisonment and fines prescribed in paragraph (1) may be imposed concurrently. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 30 (Confiscation and Collection in Lieu of Confiscation) |
Foreign exchange and other securities, precious metals, real estate and means of domestic payment acquired by a person who falls under any of the subparagraphs of Article 27 (1) or 29 (1) through such acts as prescribed therein shall be confiscated, and where it is impossible to confiscate them, the value thereof shall be collected in lieu of such confiscation. [This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 31 (Joint Penal Provisions) |
If the representative of a juristic person, or an agent, an employee or other workers of a juristic person or an individual commits a violation falling under any of Articles 27 through 29 in connection with assets or business of the juristic person or an individual, not only shall such offenders be punished but the juristic person or the individual shall also be punished by a fine prescribed in the relevant Article: Provided, That if the juristic person or individual has exercised due diligence and supervision in connection with such assets or business in order to prevent such violation, this shall not apply. [This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
| Article 32 (Fines for Negligence) |
| (1) | Any person who falls under any of the following subparagraphs shall be punished by a fine for negligence not exceeding fifty million won: Provided, That if he/she falls under Article 29, this shall not apply: <Amended by Act No. 10618, Apr. 30, 2011> |
| 1. | A person who has failed to submit data under Article 11-3 (5) or has submitted false data; |
| 2. | Any person who has paid, received or moved funds in violation of the procedures for payment, etc. under Article 15 (1); |
| 3. | Any person who has paid or received funds without filing a report under Article 16 or after filing a false report; |
| 4. | Any person who has transacted capital without filing a report under Article 18 (1) or has filed a false report; |
| 5. | Any person who has transacted capital falling under a report even though the report was not accepted due to violation of Article 18 (5); |
| 6. | Any person who has transacted capital differently from the details of recommendation under Article 18 (4) 3 in violation of paragraph (6) of the same Article. |
| (2) | Any person who falls under any of the following subparagraphs shall be punished by a fine for negligence not exceeding ten million won: |
| 1. | Any person who has failed to submit a report of discontinuation prescribed in Article 8 (4); |
| 2. | Any person who has failed to file a report prescribed in Article 9 (3); |
| 3. | Any person who has failed to file an ex post facto report replacing a report in violation of Article 16 or 18, or has filed an ex post facto report in falsity; |
| 4. | Any person who has committed a violation subject to warning within two years from the date when he/she received a warning under Article 19 (1); |
| 5. | Any person who has failed to submit a report or data in violation of Article 20 (1) or (2), or has submitted a false report or data; |
| 6. | Any person who has failed to comply with inspections prescribed in Article 20 (3) or (6), or has refused, obstructed or evaded such inspections; |
| 7. | Any person who has failed to present data prescribed in Article 20 (4) or (6), or has presented false data; |
| 8. | Any person who has failed to comply with correction orders prescribed in Article 20 (5) or (6); |
| 9. | Any person who has failed to make notification or provide materials in violation of an order of the Minister of Strategy and Finance prescribed in Article 21, or has make notification or provide materials in falsity; |
| 10. | A person who has failed to file a report, apply, statement, notify data or submit data by means of electronic documents in violation of any order of the Minister of Strategy and Finance prescribed in Article 24 (2). |
| (3) | Fines for negligence under paragraphs (1) and (2) shall be imposed and collected by the Minister of Strategy and Finance as prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9351, Jan. 30, 2009]
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on April 1, 1999.
Article 2 (Time Limit for Application of Capital Transaction Permission System, etc. )
The provisions of Article 18 (2) and (3) shall be effective until December 31, 2005. [This Article Wholly Amended by Act No. 6227, Oct. 23, 2000]
Article 3 (Repeal of Act)
Article 4 (Transitional Measures concerning Permission, etc. )
Authorization or permission granted or report or registration made under the former Foreign Exchange Control Act (including any case deemed to obtain authorization) before this Act enters into force, shall be deemed to be authorization or permission granted or a report or registration made under this Act. Article 5 (Transitional Measures concerning Penal Provisions, etc. )
The application of the penal provisions and fines for negligence to any act committed before this Act enters into force, shall conform to the former Foreign Exchange Control Act. Article 6 (Relations to other Acts and Subordinate Statutes)
If the former Foreign Exchange Control Act or its provisions are cited in other Acts and subordinate statutes at the time this Act enters into force and there exist provisions corresponding to the cited provisions in this Act, it shall be deemed that this Act or the corresponding provisions of this Act are cited in lieu of the former provisions. In such cases, foreign exchange banks or institutions designated for foreign exchange businesses, and money exchangers as prescribed in the former Foreign Exchange Control Act, shall be deemed to be foreign exchange agencies and money exchangers, respectively.
ADDENDA<Act No. 6277, Oct. 23, 2000>
| (1) | (Enforcement Date) This Act shall enter into force on January 1, 2001: Provided, That the amended provisions of Article 2 of this Addenda shall enter into force on December 31, 2000. |
| (2) | (Transitional Measures concerning Penal Provisions) The application of the penal provisions to any act committed before this Act enters into force shall be governed by the former provisions. |
ADDENDA<Act No. 6316, Dec. 29, 2000>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 Omitted.
ADDENDUM<Act No. 7716, Dec. 14, 2005>
This Act shall enter into force on the date of its promulgation.
ADDENDA<Act No. 8050, Oct. 4, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007. (Proviso Omitted. )
Articles 2 through 12 Omitted.
ADDENDUM<Act No. 8266, Jan. 26, 2007>
This Act shall enter into force on the date of its promulgation.
ADDENDA<Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted. )
Articles 2 through 44 Omitted.
ADDENDA<Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA<Act No. 9351, Jan. 30, 2009>
| (1) | (Enforcement Date) This Act shall enter into force on February 4, 2009. |
| (2) | (Applicability concerning Imposition of Penalty Surcharges) The amended provisions of Article 12-2 shall apply beginning with the person who performs an act falling under any of the subparagraphs of Article 12 (1) for the first time after this Act enters into force. |
| (3) | (Transitional Measures concerning Penal Provisions, etc. ) Former provisions shall apply to the disposition, penal provisions and fines for negligence to any act performed before this Act enters into force. |
ADDENDA<Act No. 9374, Jan. 30, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted. )
Article 2 Omitted.
ADDENDA<Act No. 9617, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 through 13 Omitted.
ADDENDUM<Act No. 10618, Apr. 30, 2011>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA<Act No. 11407, Mar. 21, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 and 3 Omitted.