ENFORCEMENT DECREE OF THE ASSET-BACKED SECURITIZATION ACT
Presidential Decree No. 16769, Apr. 1, 2000
Amended by Presidential Decree No. 16994, Oct. 31, 2000
Presidential Decree No. 17422, Dec. 15, 2001
Presidential Decree No. 17791, Dec. 5, 2002
Presidential Decree No. 18146, Nov. 29, 2003
Presidential Decree No. 18297, Feb. 28, 2004
Presidential Decree No. 18312, Mar. 17, 2004
Presidential Decree No. 20261, Sep. 10, 2007
Presidential Decree No. 20653, Feb. 29, 2008
Presidential Decree No. 20947, Jul. 29, 2008
Presidential Decree No. 21480, May 6, 2009
Presidential Decree No. 21518, May 29, 2009
Presidential Decree No. 21765, Oct. 1, 2009
Presidential Decree No. 21835, Nov. 20, 2009
Presidential Decree No. 23488, Jan. 6, 2012
Presidential Decree No. 25532, Aug. 6, 2014
Presidential Decree No. 25945, Dec. 30, 2014
Presidential Decree No. 26369, jun. 30, 2015
Presidential Decree No. 27037, Mar. 11, 2016
Presidential Decree No. 27205, May 31, 2016
Presidential Decree No. 27511, Sep. 22, 2016
The term "persons specified by Presidential Decree" in subparagraph 2 (r) of Article 2 of the Asset-Backed Securitization Act (hereinafter referred to as the "Act") means the following entities: <Amended by Presidential Decree No. 16994, Oct. 31, 2000; Presidential Decree No. 17422, Dec. 15, 2001; Presidential Decree No. 17791, Dec. 5, 2002; Presidential Decree No. 18146, Nov. 29, 2003; Presidential Decree No. 18297, Feb. 28, 2004; Presidential Decree No. 20261, Sep. 10, 2007; Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 21518, May 29, 2009; Presidential Decree No. 21835, Nov. 20, 2009; Presidential Decree No. 26369, Jun. 30, 2015; Presidential Decree No. 27037, Mar. 11, 2016; Presidential Decree No. 27205, May 31, 2016; Presidential Decree No. 27511, Sep. 22, 2016> 1. | The Korea Deposit Insurance Corporation or a financial company authorized to perform liquidation under the Depositor Protection Act; |
7. | The Korea Housing and Urban Guarantee Corporation established under the Housing and Urban Fund Act; |
Article 3 (Entries in Asset-backed Securitization Plan) |
The term "other matters prescribed by Presidential Decree" in subparagraph 8 of Article 4 of the Act means the following: 1. | Matters relating to the protection of investors in asset-backed securities; |
2. | In borrowing funds in connection with the asset-backed securitization in question, plans for such borrowing. |
Article 4 (Registration of Transfer, etc. of Assets) |
(1) | If any originator, special purpose company, foreign corporation specializing in the business of asset-backed securitization or trust business entity that registers the transfer, etc. of securitization assets under Article 6 (1) of the Act (hereinafter referred to as the "special purpose company, etc.") makes a request for the issuance of a document verifying such registration, the Financial Services Commission shall, without delay, issue it. <Amended by Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 20947, Jul. 29, 2008> |
(2) | Any special purpose company, etc. shall designate the person responsible for managing a contract for, and a registration completion certificate and registration certificate of, the transfer, etc. of securitization assets and other relevant documentary evidence to preserve and manage them under Article 6 (4) of the Act. |
(3) | In designating the person responsible for the management under paragraph (2), any special purpose company, etc. shall designate a person other than the originator in question: Provided, That this provision shall not apply when the originator in question and a person other than the originator in question preserve and manage the original and a copy (including an electronic record), respectively, which can be made available to the Financial Services Commission or investors. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
The term "person who meets the requirements prescribed by Presidential Decree" in Article 10 (1) 3 of the Act means any corporation which meets the following requirements: <Amended by Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21765, Oct. 1, 2009> 1. | Its capital shall amount to no less than one billion won; |
2. | The number of its managing officers, including five or more of the following experts, is to be twenty or more: |
(a) | Two or more attorneys-at-law, certified public accountants or appraisers; |
(b) | One or more persons who have performed such duties as are determined by the Financial Services Commission, including the management of claims, the issuance of securities, etc.; |
4. | If its largest investor is a foreigner, the foreigner is to specialize in the asset management business or to carry on such business in addition to any other business: Provided, That this provision shall not apply when a corporation whose largest investor is the foreigner (limited to a corporation) carries on the asset management business. |
Article 5-2 (Handling Personal Identification Information) |
[This Article Newly Inserted by Presidential Decree No. 23488, Jan. 6, 2012]
Article 6 (Administrative Fine) |
(1) | The Financial Services Commission shall, when imposing an administrative fine under Article 42 (2) of the Act, give the person subject to such fine a written notice requesting payment which shall specify the fact of violation, the amount of such fine, etc. after investigating and confirming a violation involved. In such cases, the written notice requesting payment shall include the objection method, the objection period, etc. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
(2) | The Financial Services Commission shall, if it intends to impose an administrative fine under paragraph (1), provide any person subject to such fine with an opportunity to present his/her case orally or in writing (including an electronic document) for a period of time of not less than ten days. In such cases, he/she shall be deemed to have no comment if no comment has been made by the designated date. <Amended by Presidential Decree No. 18312, Mar. 17, 2004; Presidential Decree No. 20653, Feb. 29, 2008> |
(3) | The Financial Services Commission shall, in determining the amount of an administrative fine, take into account the motive for a violation involved, the consequences thereof, etc. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 16994, Aug. 31, 2000>
(1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
ADDENDA <Presidential Decree No. 17422, Dec. 15, 2001>
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. 17791, Dec. 5, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 18146, Nov. 29, 2003>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 30, 2003.
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 18297, Feb. 28, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 1, 2004.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20261, Sep. 10, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That of Presidential Decree which is amended under Article 2 of the Addenda, the amended part of Presidential Decree promulgated prior to this Decree enters into force, but its enforcement date has not arrived, shall enter into force on the relevant Presidential Decree respectively.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009.
Articles 2 through 28 Omitted.
ADDENDA <Presidential Decree No. 21480, May 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21518, May 29, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21765, Oct. 1, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 21835, Nov. 20, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 22, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 25532, Aug. 6, 2014>
This Decree shall enter into force on August 7, 2014.
ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of registration of merger as prescribed in Article 4 (6) of Addenda to the whole amendment to the Korea Development Bank Act (Act No. 12663). Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 27037, Mar. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27511, Sep. 22, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 23, 2016.
Articles 2 through 8 Omitted.