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ENFORCEMENT DECREE OF THE OVERSEAS RESOURCES DEVELOPMENT BUSINESS ACT

Wholly Amended by Presidential Decree No. 15671, Feb. 24, 1998

Amended by Presidential Decree No. 16081, Dec. 31, 1998

Presidential Decree No. 16255, Apr. 19, 1999

Presidential Decree No. 18906, jun. 30, 2005

Presidential Decree No. 19463, Apr. 28, 2006

Presidential Decree No. 19733, Nov. 15, 2006

Presidential Decree No. 20587, Jan. 31, 2008

Presidential Decree No. 20678, Feb. 29, 2008

Presidential Decree No. 20947, Jul. 29, 2008

Presidential Decree No. 21214, Dec. 31, 2008

Presidential Decree No. 21565, jun. 26, 2009

Presidential Decree No. 21566, jun. 26, 2009

Presidential Decree No. 22097, Mar. 26, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 23030, Jul. 14, 2011

Presidential Decree No. 23535, Jan. 25, 2012

Presidential Decree No. 24442, Mar. 23, 2013

Presidential Decree No. 25699, Nov. 4, 2014

Presidential Decree No. 25840, Dec. 9, 2014

Presidential Decree No. 26463, Aug. 3, 2015

Presidential Decree No. 27751, Dec. 30, 2016

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Decree is to provide for matters delegated by the Overseas Resources Development Business Act and matters necessary for the enforcement thereof.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 2 (Scope of Corporations under Foreigner’s De Facto Control, etc.)
(1) "Any corporation prescribed by Presidential Decree" in the proviso to subparagraph 1 of Article 2 of the Overseas Resources Development Business Act (hereinafter referred to as the "Act") means a corporation falling under any of the following:
1. A stock company over which a foreigner who holds, independently or jointly with the specially related persons under Article 141 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act, 30/100 or more of the total number of the voting stocks issued by the stock company exercises controlling influence in relation to the stock company’s major decisions or business execution, such as the change of its organization or the investment in a new business, by appointing or dismissing the representative director or appointing a majority of the total directors independently or jointly with the specially related persons;
2. Any corporation, other than a stock company, the majority of directors or employees of which are foreigners.
(2) "Overseas mineral resources prescribed by Presidential Decree" in subparagraph 3 of Article 2 of the Act shall be as listed in attached Table 1. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 3 (Methods of Developing Overseas Resources)
(1) The methods of developing overseas resources listed in Article 3 of the Act shall be as follows:
1. Individual development: A national of the Republic of Korea develops overseas resources by acquiring survey and development rights;
2. Joint venture development: A national of the Republic of Korea develops overseas resources jointly with a foreigner by acquiring survey and development rights;
3. Offer of technical services: A national of the Republic of Korea develops overseas resources through the offer of technical services concerning survey and development to foreigners who have acquired survey and development rights;
4. Financing of development funds: A national of the Republic of Korea develops overseas resources through financing development funds for foreigners who have acquired survey and development rights; the necessity to furnish development funds for the purpose of long-term and stable guarantee of resources, and benefit in return corresponding to the financing of the development funds, shall be recognized.
(2) The methods of importing overseas resources developed in accordance with subparagraph 3 of Article 3 of the Act shall be as follows: <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
1. Importing the developed resources from the developed region;
2. Importing the developed resources in exchange for the same kind of resources produced in another region;
3. Importing overseas resources by a method recognized by the Minister of Trade, Industry and Energy.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 4 (Formulation of Master Plans for Overseas Resources Development)
(1) The Minister of Trade, Industry and Energy shall formulate a master plan for overseas resources development referred to in Article 4 of the Act (hereinafter referred to as "master plan") every five years. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(2) The planned period of a master plan shall be 10 years.
(3) A master plan shall include the calculation of financial resources necessary to implement such plan, and an annual plan for securing such financial resources.
(4) The Minister of Trade, Industry and Energy may modify a master plan when he/she deems it necessary due to changes in economic circumstances, the demand for and supply of resources inside or outside the Republic of Korea, etc. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(5) The Minister of Trade, Industry and Energy shall consult, in advance, with the heads of the related central administrative agencies in formulating a master plan or modifying such plan. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
CHAPTER II REPORT ON PLANS FOR OVERSEAS RESOURCES DEVELOPMENT BUSINESS
 Article 5 (Reports, etc. on Plans for Overseas Resources Development Business)
(1) Any person who intends to conduct overseas resources development business pursuant to Article 5 (1) of the Act (including overseas resources development funds and specialized overseas resources development funds under Article 13 of the Act) shall submit a report and related documents prescribed by Ordinance of the Ministry of Trade, Industry and Energy to the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 25699, Nov. 4, 2014>
(2) "Important matters determined by Presidential Decree" in the latter part of Article 5 (1) of the Act means the following matters:
1. Methods of developing overseas resources pursuant to Article 3 of the Act;
2. Investment scale and investment ratio;
3. Counterpart of the contract on overseas resources development business.
(3) "Related agency prescribed by Presidential Decree" in Article 5 (3) of the Act means the following agencies:
1. The Korea National Oil Corporation pursuant to the Korea National Oil Corporation Act (hereinafter referred to as the "Korea National Oil Corporation");
2. The Korea Resources Corporation pursuant to the Korea Resources Corporation Act (hereinafter referred to as the "Korea Resources Corporation");
4. The Korea Trade-Investment Promotion Agency under the Korea Trade-Investment Promotion Agency Act;
5. The Korea Gas Corporation pursuant to the Korea Gas Corporation Act;
6. and 7. Deleted; <by Presidential Decree No. 25699, Nov. 4, 2014>
8. Other agencies publicly announced by the Minister of Trade, Industry and Energy as a specialized agency for resources development.
(4) Objects of request for investigation under Article 5 (5) of the Act means survey business and development business under attached Table 2.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 6 (Classification of Report on Plans for Overseas Resources Development Business)
The classification of matters to be reported on a plan for overseas resources development business (hereinafter referred to as "business plan") referred to in Article 5 (2) of the Act shall be as listed in attached Table 2.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 7 (Recommendation to Supplement Business Plans)
Where the following matters are not included in a business plan, the Minister of Trade, Industry and Energy may recommend its reporter to supplement it pursuant to Article 5 (4) of the Act: <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
1. Inquiry into the propriety of terms and conditions of the contract;
2. Whether overseas resources development business is under competition;
3. Inquiry into the technical and economic feasibility of overseas resources development business.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 8 Deleted. <by Presidential Decree No. 25699, Nov. 4, 2014>
CHAPTER III ASSISTANCE FOR OVERSEAS RESOURCES DEVELOPMENT BUSINESS
 Article 9 (Public Announcement, etc. of Standards for Granting Subsidies)
(1) Where the Minister of Trade, Industry and Energy intends to subsidize the expenses or costs under Article 10 of the Act, he/she shall, in advance, make public announcement of the execution plan of and standards for granting subsidies. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(2) The execution plan of and standards for granting subsidies referred to in paragraph (1) shall conform to the details of the master plan.
(3) "Expenses prescribed by Presidential Decree" in Article 10 (1) 4 of the Act means:
1. Expenses required to compensate for losses which any financing agency referred to in Article 10 has suffered in relation to financing due to any cause not attributable to it;
2. Deposit for obligation related to funds necessary for overseas resources development business, and expenses required to compensate for losses arising from the performance of surety obligations.
(4) Services of collecting, analyzing and providing information subject to subsidization under Article 10 (2) of the Act shall be as follows:
1. Collection and survey of information and publication of data;
2. Development, construction, maintenance, and management of information systems;
3. Operation of overseas offices;
4. Information services, such as information and communications networks.
(5) "Agencies determined by Presidential Decree" in Article 10 (2) of the Act means the following agencies, by overseas resources, respectively:
1. Petroleum (including natural pitch and inflammable natural gas; hereinafter the same shall apply): The Korea National Oil Corporation;
2. Minerals, other than petroleum: The Korea Mineral Resources Corporation;
3. and 4. Deleted. <by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 10 (Financing Agencies)
The Minister of Trade, Industry and Energy may have public institutions under the Act on the Management of Public Institutions (hereinafter referred to as "public institutions") conduct financing services referred to in Article 11 (1) of the Act (hereinafter referred to as "financing") on his/her behalf. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 11 (Standards for Financing, etc)
(1) "Funds determined by Presidential Decree" in Article 11 (1) 5 of the Act means the following funds:
1. Purchasing funds by domestic users of developed overseas resources;
2. Compensation funds for unexpected disasters or disputes which may occur in conducting overseas resources development business.
(2) The Minister of Trade, Industry and Energy shall determine interest rates arising from financing, in consultation with the Minister of Strategy and Finance. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(3) The funds shall not be used for any purposes, other than those for which they were financed.
(4) The Minister of Trade, Industry and Energy shall make a separate public announcement of necessary matters in relation to financing, such as the size of and standards for financing and shall have the details of the master plan properly reflected in the public announcement. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 11-2 Deleted. <by Presidential Decree No. 26463, Aug. 3, 2015>
 Article 11-3 (Exemption from Principal and Interest of Loan)
(1) The business for which all or part of the principal and interest of a loan may be exempted under Article 11 (3) of the Act shall be the business of developing petroleum, coal, uranium ore, copper ore, iron ore, zinc ore, lead ore, aluminum ore, antimony ore, manganese ore, nickel ore, chromium ore, tungsten ore, cobalt ore, molybdenum ore, rare earth ore, or other overseas resources prescribed by Ordinance of the Ministry of Trade, Industry and Energy and the investment risk guarantee business under Article 13-8 (1) of the Act (hereinafter referred to as "investment risk guarantee business"). <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(2) The exemption from the principal and interest of a loan under Article 11 (3) of the Act shall be limited to cases where overseas resource development business or investment risk guarantee business under paragraph (1) falls under any of the following:
1. Where it terminates without commercializing the developed resources;
2. Where it has commercialized the developed resources, but it is impossible to repay all or part of the principal and interest of a loan due to the reasons not for business operation but for natural disasters or sudden changes, etc. of economic situations inside or outside the Republic of Korea;
3. Where it is impossible to repay all or part of the principal and interest of a loan because the expenses subsidized under Article 13-8 (2) of the Act to perform investment risk guarantee business have been used for the usage of Article 12-7 (5) 3.
(3) The Minister of Trade, Industry and Energy shall determine and publicly announce the matters necessary for the detailed exemption criteria, the amount of exemption, and other matters related to exemption from the principal and interest of a loan under paragraphs (1) and (2). <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(4) Any person intending to obtain exemption from the principal and interest of a loan under Article 11 (3) of the Act shall apply for such exemption, as prescribed by the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12 (Resources subject to Investment)
"Mineral resources prescribed by Presidential Decree, such as petroleum" in Article 13-2 of the Act means petroleum, coal, uranium ore, copper ore, iron ore, zinc ore, aluminium ore, nickel ore, molybdenum ore, rare earth ore, or titanium ore.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-2 (Submission of Business Reports)
(1) With respect to the preparation and submission of business reports on assets of an overseas resources development fund and a specialized overseas resources development fund (hereinafter referred to as "overseas resources development fund, etc.") under Article 13-5 of the Act, Article 90 (1) of the Financial Investment Services and Capital Markets Act and Article 94 (1) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act shall apply mutatis mutandis. In such case, "Association" shall be construed as the "Ministry of Trade, Industry and Energy". <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(2) Where an overseas resources development fund or a similar company has submitted a business report on its assets to the Financial Services Commission under Article 90 of the Financial Investment Services and Capital Markets Act, it shall be deemed to have submitted a business report under Article 13-5 of the Act to the Financial Services Commission.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-3 (Fund Managers of Collective Investment Entities)
(1) A specialized collective investment entity under Article 13-7 (1) of the Act shall employ three or more fund managers for the development of overseas resources, who shall meet any of the following requirements, and two or more fund managers under Article 286 (1) 3 (c) of the Financial Investment Services and Capital Markets Act as full-time executive officers and employees: <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
1. Persons having master's degree or higher in the field of resources development, such as resource engineering, geology, and resource economy, and having two or more years of experience in the duties of fund managers pursuant to Article 286 (1) 3 (c) of the Financial Investment Services and Capital Markets Act, or three or more years of a career in the duties related to the development of resources;
2. Persons having three or more years of a career as a technician in the field of mining resources under the National Technical Qualifications Act, or five or more years of a career as an engineer in the field of resources development;
3. Persons having three or more years of a career as a lawyer or certified public accountant in the duties of resources development at an agency related to the development of resources;
4. Persons having three or more years of a career in the operation duties in the field of resources development at a collective investment entity pursuant to Article 8 of the Financial Investment Services and Capital Markets Act (hereafter referred to as "collective investment business entity" in this paragraph) or at a financial institution pursuant to Article 79 (2) 5 of the Enforcement Decree of the same Act (hereafter referred to as "financial institution" in this paragraph);
5. Persons having bachelor's degree or higher, and having five or more years of a career in the duties related to the development of resources;
6. Attorneys-at-law, certified public accountants or persons having been employed by a collective investment entity or a financial institution, who shall complete a course of study related to the development of resources determined and publicly announced by the Minister of Trade, Industry and Energy.
(2) A general collective investment entity pursuant to Article 13-7 (2) of the Act shall secure three or more fund managers for the development of overseas resources, who shall meet the requirement referred to in any subparagraph of paragraph (1).
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-4 (Business Entrustment by Collective Investment Entities)
A general collective investment business entity to manage assets of an overseas resources development fund under Article 13-7 (3) of the Act may entrust the business, such as the technology, legal systems, analysis of economic feasibility, the purchase, operation, management, sale, etc. of mine lot pursuant to the development of overseas resources, to a person having specialty in overseas resources development business. <Amended by Presidential Decree No. 20947, Jul. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 19733, Nov, 15, 2006]
 Article 12-5 (Provision of Information on Fiduciary Agency of Collective Investment Entities)
The Minister of Trade, Industry and Energy may provide information on persons having speciality in overseas resources development business under Article 13-7 (3) of the Act through the information and communications networks. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-6 (Remuneration for Performance)
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-7 (Operation of Investment Risk Guarantee Business)
(1) "Agency prescribed by Presidential Decree" in Article 13-8 (1) of the Act means an agency that is recognized by the Minister of Trade, Industry and Energy as suitable for requirements and that is determined and publicly announced by the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(2) Expenses incurred in supporting the investment risk guarantee business under Article 13-8 (2) of the Act shall be prescribed by the Minister of Trade, Industry and Energy after consultation with the Minister of Strategy and Finance. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(3) An overseas resources development fund which is not a privately placed fund under Article 9 (19) of the Financial Investment Services and Capital Markets Act shall conclude a contract to promise the compensation for a specific loss and to give and receive the money with an investment risk guarantee agency pursuant to Article 13-8 (3) of the Act.
(4) The financial resources of investment risk guarantee business shall be as follows:
1. Government loan money under Article 11 (1) of the Act;
2. Contribution money of persons, other than the Government.
(5) An investment risk guarantee agency shall open an account of investment risk guaranteeing for investment risk guarantee business, and operate it in the following methods: <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
1. Accounting shall be made by separating from other accounting of the investment risk guarantee agency;
2. Its revenues shall be the funds of each subparagraph of paragraph (4), fees for guaranteeing investment risks, interests, other gains generated by operating the funds and gains, etc. generated in the process of executing the duties for investment risk guarantee business;
3. Its payments shall be the payment money to guarantee the investment risks, operational expenses of the investment risk guarantee agency, and other expenses necessary for operation of the funds, and the expenses, etc. generated in the process of execution of duties for investment risk guarantee business;
4. When any profits have been generated in the settlements, their whole amount shall be reserved;
5. When any losses have been generated in the settlements, they shall be filled in the order of reserve money under subparagraph 4 and the funds of each subparagraph of paragraph (4), and when there exists any amount falling short thereof, it shall be covered by the Government’s loan money under Article 11 (1) of the Act.
(6) An investment risk guarantee agency may operate the funds remaining after using them for investment risk guarantee business by any of the following methods:
1. Deposits to financial institutions;
2. Purchase of national bonds or public bonds.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-8 (Operational Guidelines, etc. of Investment Risk Guarantee Business)
(1) An investment risk guarantee agency shall prepare operational guidelines stating the matters necessary for conducting investment risk guarantee business, such as guaranteeing methods, guaranteeing period and operational multitude of guaranteeing funds and shall submit them to the Minister of Trade, Industry and Energy. The same shall also apply in cases where they are to be altered. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(2) An investment risk guarantee agency shall prepare an annual plan for gross revenues and gross payments of the investment risk guaranteeing account, and submit it to the Minister of Trade, Industry and Energy. The same shall also apply in cases where they are to be altered. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(3) An investment risk guarantee agency shall prepare the documents of closing accounts, balance sheet and income statement in relation to the investment risk guarantee account, within two months after the elapse of each accounting year, and submit them to the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(4) An investment risk guarantee agency may request an overseas resources development fund, etc. subject to a guarantee for investment risks, to submit a business report related to the investment risk guarantee business, and where it is necessary in relation to the investment risk guarantee business, it may request the Minister of Trade, Industry and Energy to take the measures under the former part of Article 13-6 (2) of the Act. <Amended by Presidential Decree No. 24442, Mar. 23, 2013>
(5) An investment risk guarantee agency may request the agencies under each subparagraph of Article 5 (3) to render a business cooperation for an evaluation of the business, etc. subject to a guaranteeing within the scope necessary for an execution of the investment risk guarantee business.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-9 (Method of Managing Assets)
(1) "Ratio prescribed by Presidential Decree" in Article 14-2 (1) 5 of the Act means 10/100.
(2) "Other methods prescribed by Presidential Decree" in Article 14-2 (2) 4 of the Act means the purchase of securities (excluding state bonds and municipal bonds) falling under any of the securities pursuant to Article 4 of the Financial Investment Services and Capital Markets Act: Provided, That Article 81 of the same Act shall govern the management of assets.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-10 (Ratio of Borrowing, etc.)
"Ratio prescribed by Presidential Decree" in Article 14-3 (3) of the Act means 30/100.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-11 (Method of Managing Property)
(1) "Period prescribed by Presidential Decree" and "ratio prescribed by Presidential Decree" in Article 15 (2) of the Act mean two years and 50/100 of the gross amount of financing (where business subject to investment is a mine lot for exploration, it shall be 30/100 of the gross amount of financing), respectively.
(2) "Ratio prescribed by Presidential Decree" in Article 15 (3) 3 of the Act means 5/100.
(3) "Ratio prescribed by Presidential Decree" in Article 15 (3) 4 of the Act means 5/100.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 12-12 (Ratio of Borrowing, etc.)
"Ratio prescribed by Presidential Decree" in Article 15-2 (3) of the Act means 30/100.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
CHAPTER IV DIRECTION AND SUPERVISION
 Article 13 (Competition for Business)
Where the Minister of Trade, Industry and Energy intends to give advice to the competing persons in relation to overseas resources development business pursuant to Article 16 of the Act, he/she shall consider the following matters: <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
1. A career in overseas resources development business;
2. Business ability of an overseas resources developer;
3. Domestic and foreign marketability;
4. Relationship with the counterpart countries for the development of overseas resources.
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 14 (Bringing-In Orders)
(1) Where the Minister of Trade, Industry and Energy issues a bringing-in order under Article 17 (1) of the Act, he/she shall, in advance, consider opinions of overseas resource developers about the conditions of bringing-in, such as the items, quantity, and prices of brought-in resources and the timing of such bringing-in. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(2) After considering the opinions under paragraph (1), the Minister of Trade, Industry and Energy shall notify the relevant overseas resource developer of a bringing-in order stating the items, quantity, and prices of brought-in resources and the deadline of such bringing-in. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 15 (Recovery of Principal and Interests Unredeemed)
(1) Where the Minister of Trade, Industry and Energy intends to recover the principal and interest unredeemed as yet pursuant to Article 17 (3) of the Act, he/she shall, without delay, notify the relevant overseas resource developer to repay such principal and interest. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
(2) A person who has been notified to repay the principal and interest unredeemed as yet pursuant to paragraph (1), shall repay such principal and interest to the Minister of Trade, Industry and Energy within 30 days from the receipt of the notification, and if he/she fails to pay them by such deadline, he/she shall be liable to pay the default interest charged from the following day pursuant to the rate of overdue interest. In such cases, the rate of overdue interest shall be determined by the Minister of Trade, Industry and Energy within the limit of the lowest rate of overdue interest among the interest rates applied to overdue loans by banks under the Banking Act as of January 1 of each year. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 16 (Reporting)
(1) Matters to be reported under Article 19 (1) of the Act shall be as follows:
1. Conclusion and change of a contract;
2. Commencement and termination of business;
3. Status of progress of business;
4. Cancellation or expiration of a contract;
5. Establishment and closure of overseas offices;
6. Change of a representative of the joint reporters who have been reported under Article 6 of the Act.
(2) Status of progress of business referred to in paragraph (1) 3 shall be reported to the Minister of Trade, Industry and Energy within 30 days after the end of each half year, and other matters shall be reported to the Minister of Trade, Industry and Energy within 30 days from the date on which such cause occurs. <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
CHAPTER V SUPPLEMENTARY PROVISIONS
 Article 17 (Entrustment of Authority)
(1) The Minister of Trade, Industry and Energy shall entrust the following authority to the head of the relevant public institution referred to in paragraph (2), pursuant to Article 21 of the Act: <Amended by Presidential Decree No. 25699, Nov. 4, 2014>
1. Feasibility study for the subsidization of expenses incurred in overseas resources development under Article 10 (1) of the Act;
2. Investigation or inspection of matters necessary for the operation of overseas resources development business under Article 19 of the Act.
(2) The heads of public institutions entrusted with authority under paragraph (1) shall be as follows: <Amended by Presidential Decree No. 23535, Jan. 25, 2012; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 25699, Nov. 4, 2014>
1. Petroleum: The President of the Korea National Oil Corporation;
2. Minerals other than petroleum: The Chief Executive Officer of the Korea Resources Corporation and the Chief Executive Officer of the Korea Coal Corporation under the Korea Coal Corporation Act;
3. Deleted. <by Presidential Decree No. 25699, Nov. 4, 2014>
(3) Deleted. <by Presidential Decree No. 25699, Nov. 4, 2014>
[This Article Wholly Amended by Act No. 23030, Jul. 14, 2011]
 Article 17-2 (Preparation of Report on Development of Overseas Resources)
A report referred to in Article 23-2 (1) of the Act shall include the following matters:
1. Energy and resources market trends;
2. Current status of the promotion of overseas resources development;
3. Current status of major projects related to overseas resources development;
4. Other matters concerning the promotion of overseas resources development.
[This Article Newly Inserted by Presidential Decree No. 26463, Aug. 3, 2015]
 Article 17-3 (Re-Examination of Regulation)
The Minister of Trade, Industry and Energy 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. 27751, Dec. 30, 2016>
1. Standards for employing fund managers of specialized collective investment entities and general collective investment entities under Article 12-3: January 1, 2015;
2. Documents to be submitted by an investment risk guarantee agency under Article 12-8: January 1, 2015;
3. Deadline for the repayment of the principal and interest unredeemed under Article 15: January 1, 2015;
4. Matters to be reported and deadline for reporting under Article 16: January 1, 2015.
[This Article Newly Inserted by Presidential Decree No. 25840, Dec. 9, 2014]
 Article 18 (Criteria for Imposition of Administrative Fines)
Criteria for the imposition of administrative fines under Article 25 (1) of the Act shall be listed in attached Table 3.
[This Article Newly Inserted by Act No. 23030, Jul. 14, 2011]
ADDENDA
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Transitional Measures on Business Developing Types of Minerals subject to New Overseas Resources Development) Any enterpriser who, in the process of developing silica, salt (excluding rock salt), natural gypsum, serpentine, ruby, sapphire, or building stones abroad before this Decree enters into force, intends to get assistance, such as financing under this Decree shall make a report on a plan for overseas resources development business to the Minister of Commerce, Industry and Energy not later than June 30, 1998, according to the amendment provisions of Article 6.
ADDENDA <Presidential Decree No. 16081, Dec. 31, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 1999.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 16255, Apr. 19, 1999>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18906, Jun. 30, 2005>
This Decree shall enter into force on July 1, 2005.
ADDENDA <Presidential Decree No. 19463, Apr. 28, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force starting from April 30, 2006.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 19733, Nov. 15, 2006>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20587, Jan. 31, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2008.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 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. 21214, Dec. 31, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 21565, Jun. 26, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 30, 2009. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 21566, Jun. 26, 2009>
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. 22097, Mar. 26, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 31, 2010.
Article 2 (Transitional Measures concerning Persons who have Completed Course of Study Related to Development of Resources)
Any person who has completed a course of study related to the development of resources conducted by an educational institution announced by the Minister of Knowledge Economy, as an attorney-at-law, a certified public accountant or a person having been employed by a collective investment entity pursuant to Article 8 of the Financial Investment Services and Capital Markets Act or a financial institution pursuant to Article 79 (2) 5 of the Enforcement Decree of the same Act, as at the time this Decree enters into force, shall be deemed to have completed a course of study pursuant to the amended provisions of Article 12-3 (1) 6.
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. 23030, Jul. 14, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 (Applicability to Indium)
The parts regarding indium of the amended provisions of subparagraph 1 of attached table 1 shall apply to a person who submits a registration form of a business plan or relevant documents to the Minister of Knowledge and Economy under amended provisions of Article 5 (1) after the date this Decree enters into force.
ADDENDA <Presidential Decree No. 23535, Jan. 25, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 26, 2012.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 24442, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 25699, Nov. 4, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 (Transitional Measures concerning Formulation of Master Plans for Overseas Resources Development)
A master plan for overseas resources development that was formulated pursuant to the previous provisions as at the time this Decree enters into force, shall be deemed to be formulated pursuant to the amended provision of Article 4 (1), and a master plan for overseas resources development shall be formulated every five years from the time such master plan was formulated.
ADDENDA <Presidential Decree No. 25840, Dec. 9, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2015.
Articles 2 through 16 Omitted.
ADDENDUM <Presidential Decree No. 26463, Aug. 3, 2015>
This Decree shall enter into force on August 4, 2015.
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.