ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE PROMOTION OF GROWTH AND THE STRENGTHENING OF COMPETITIVENESS OF MIDDLE-STANDING ENTERPRISES
Presidential Decree No. 25495, Jul. 21, 2014
Amended by Presidential Decree No. 27467, Aug. 29, 2016
Presidential Decree No. 28094, jun. 2, 2017
Presidential Decree No. 28213, Jul. 26, 2017
Presidential Decree No. 28471, Dec. 12, 2017
Presidential Decree No. 28717, Mar. 27, 2018
Presidential Decree No. 29677, Apr. 2, 2019
Presidential Decree No. 29958, Jul. 9, 2019
| Article 2 (Scope of Middle-Standing Enterprises and Prospective Middle-Standing Enterprises) |
| (2) | “Any other enterprise, the ownership of shares, investment relationship, etc., of which meet the standards prescribed by Presidential Decree” in subparagraph 1 (c) of Article 2 of the Act, means an enterprise that meets all the following requirements: <Amended by Presidential Decree No. 27467, Aug. 29, 2016; Presidential Decree No. 28717, Mar. 27, 2018> |
| 1. | It shall be an enterprise whose actual separation of management and ownership is inapplicable to any of the following: |
| (b) | An enterprise or corporation (including a foreign corporation; hereinafter the same shall apply), with total assets of at least the amount prescribed as the criteria for designating an enterprise group subject to limitations on cross shareholding under Article 21 (2) of the Monopoly Regulation and Fair Trade Act, being the largest investor of the relevant enterprise, directly or indirectly owning at least 30 percent of its stocks (excluding stocks without voting rights referred to in Article 344-3 of the Commercial Act) or investment shares (hereinafter referred to as “stocks, etc.”). In such cases, the largest investor means a corporation or an individual who owns the largest share of the stocks, etc., of the relevant enterprise independently or jointly with any of the following; and Article 2 (2) of the Enforcement Decree of the Adjustment of International Taxes Act shall apply mutatis mutandis to the calculation of the ratio of indirectly owned stocks, etc.: |
| (i) | Where a person who owns stocks, etc. is a corporation: Executive officers of such corporation; |
| (ii) | Where a person who owns stocks, etc. is an individual: Relatives of such individual; |
| (a) | The finance business; |
| (b) | The insurance or pension business; |
| (c) | The finance and insurance-related service business; |
| (3) | Any of the following enterprises shall be excluded from the definition of enterprises falling under paragraph (2) 1 (b): <Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016> |
| (4) | “Enterprise prescribed by Presidential Decree” in subparagraph 2 of Article 2 of the Act means any of the following enterprises: <Amended by Presidential Decree No. 27467, Aug. 29, 2016> |
| 2. | Any of the following enterprises, as a small and medium enterprise whose main business and turnover of the immediately preceding business year meet the standards prescribed in attached Table 1. In such cases, where an enterprise is engaged in at least two different businesses, the type of business that takes up the largest portion of its sales of the immediately preceding business year shall be deemed its main business: |
| (a) | An enterprise whose annual average growth rate of turnover during the immediately preceding three business years, as calculated pursuant to attached Table 2, is at least 15/100; |
| (b) | An enterprise whose average ratio of research and development investment to turnover during the immediately preceding three business years is at least 2/100. |
| (7) | With respect to the calculation of turnover referred to in paragraph (4) 2, Article 7 (1) shall apply mutatis mutandis. <Amended by Presidential Decree No. 27467, Aug. 29, 2016> |
| Article 3 (Procedures for Formulating Master Plans) |
Where the Minister of Trade, Industry and Energy formulates a master plan for promoting the growth of middle-standing enterprises referred to in Article 5 (1) of the Act (hereinafter referred to as “master plan”), he or she shall notify details of such plan to the heads of central administrative agencies related to the business affairs for promoting the growth and strengthening the competitiveness of middle-standing enterprises (hereinafter referred to as “relevant central administrative agencies”) and the heads of local governments; and shall post the same on the website of the Ministry of Trade, Industry and Energy. The same shall apply where major matters of a master plan are amended. <Amended by Presidential Decree No. 28213, Jul. 26, 2017>
| Article 4 (Procedures for Formulating Implementation Plans) |
| (1) | The Minister of Trade, Industry and Energy shall formulate an implementation plan to promote the growth of middle-standing enterprises referred to in Article 6 (1) of the Act (hereinafter referred to as “implementation plan”) by no later than December 31 of each year, and notify details thereof to the heads of the relevant central administrative agencies and the heads of local governments. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (2) | Where it is necessary to formulate an implementation plan or to evaluate the performance and outcome of the implementation plan of the previous year, the Minister of Trade, Industry and Energy may request the heads of the relevant central administrative agencies or the heads of local governments to provide related materials. In such cases, the heads of the relevant central administrative agencies or local governments shall comply therewith, unless there is a compelling reason not to do so. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| Article 4-2 (Members of Middle-Standing Enterprise Policy Committee) |
| (1) | “Vice ministers or vice-ministerial level public officials of relevant central administrative agencies prescribed by Presidential Decree” in Article 6-2 (3) 1 of the Act means the following persons. In such cases, if several Vice Ministers exist in any central administrative agency, the Vice Minister designated by the head of the agency shall serve as a member: |
| 1. | The Vice Minister of Economy and Finance; the Vice Minister of Science and ICT; the Vice Minister of Employment and Labor; the Vice Minister of SMEs and Startups; the Vice Chairperson of the Fair Trade Commission; the Vice Chairperson of the Financial Services Commission; and the Commissioner of the Korean Intellectual Property Office; |
| 2. | The Vice Minister or a vice-ministerial level public official of any relevant central administrative agency who is deemed by the Chairperson (hereinafter referred to as the “Chairperson”) of the Middle-Standing Enterprise Policy Committee established under Article 6-2 (1) of the Act (hereinafter referred to as the “Committee”) necessary to deliberate on agenda items, other than the persons specified in subparagraph 1. |
| (2) | Any member specified in paragraph (1) 2 shall qualify as a member only regarding matters subject to deliberation designated by the Chairperson. |
| (3) | The term of office of each member commissioned pursuant to Article 6-2 (3) 2 of the Act shall be two years; and may be renewed only once. |
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 4-3 (Dismissal of Members) |
| 1. | The member becomes unable to perform his or her duties due to a mental or physical disorder; |
| 2. | The member has engaged in any misconduct regarding his or her duties; |
| 3. | The member is deemed unfit as a member due to neglect of his or her duties, injury to dignity, or any other reason; |
| 4. | The member voluntarily manifests his or her unfitness to perform the duties of his or her office. |
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 4-4 (Operation of Committee) |
| (1) | The Chairperson shall convene and preside over meetings of the Committee. |
| (2) | Where the Chairperson is unable to perform his or her duties due to an accident, the Vice Minister of Trade, Industry and Energy shall act for the Chairperson. |
| (3) | Where the Chairperson intends to convene a meeting, he or she shall notify each member of the Committee of the date, time, venue, and an agenda item subject to deliberation seven days before the meeting: Provided, That this shall not apply in emergencies or in other extenuating circumstances. |
| (4) | A majority of the members of the Committee shall constitute a quorum; and any decision thereof shall require the concurring vote of at least a majority of those present: Provided, That where the contents of an agenda item are minor or where it is necessary to urgently handle an agenda item, the Committee may deliberate and resolve on the agenda item in writing. |
| (5) | Allowances may be paid within budgetary limits to any member who attends a Committee meeting: Provided, That this shall not apply where a member who is a public official attends a Committee meeting in direct relationship with his or her duties. |
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 4-5 (Composition and Operation of Working Committee) |
| (1) | The working committee established under Article 6-2 (5) of the Act (hereinafter referred to as the “working committee”) shall be comprised of not more than 15 working members, including one chairperson. |
| (2) | The chairperson of the working committee shall be appointed by the Minister of Trade, Industry and Energy from among members in general service of the Senior Executive Service who belong to the Ministry of Trade, Industry and Energy; and a working member shall be appointed by the head of the relevant agency, from among public officials of Grade IV or higher in general service of central administrative agencies to which the members specified in the subparagraphs of Article 4-2 (1) belong. |
| (3) | Where necessary, the working committee may have relevant experts, etc. attend any of its meetings to hear their opinions. |
| (4) | Allowances, travel expenses, and other necessary expenses may be paid within budgetary limits to working members, relevant experts, etc. who attend a meeting of the working committee: Provided, That this shall not apply where a working member attends a meeting of the working committee in direct relationship with his or her duties. |
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 4-6 (Detailed Operational Rules) |
Except as provided for in this Decree, matters necessary for operating the Committee and the working committee shall be determined by the Chairperson by a resolution of the Committee.
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 5 (Procedures for Formulating Policies for Middle-Standing Enterprises by Business Category and by Region) |
| (1) | In accordance with Articles 9 and 10 of the Act, the heads of the relevant central administrative agencies may formulate and implement policies for middle-standing enterprises by business category, or policies for middle-standing enterprises by region (hereinafter referred to as “policies for middle-standing enterprises”). In such cases, policies for middle-standing enterprises shall be formulated and implemented, based upon the relevant master plan. |
| (2) | Where necessary to formulate policies for middle-standing enterprises, the head of any relevant central administrative agency may request the heads of any other relevant central administrative agencies or the heads of local governments to provide related materials. |
| (3) | Where the head of any relevant central administrative agency formulates policies for middle-standing enterprises pursuant to paragraph (1), he or she shall notify the details of such policies to the heads of other relevant central administrative agencies and the heads of local governments. |
| Article 6 (Scope of Middle-Standing Enterprises Deemed Commissioned Enterprises) |
“Middle-standing enterprises prescribed by Presidential Decree” in Article 13 of the Act means middle-standing enterprises, the average turnover or annual turnover of which (hereinafter referred to as “average sales, etc.”) is less than 300 billion won.
| Article 7 (Calculation of Average Turnover) |
| (1) | Where the average turnover, etc. are calculated, the amount of turnover shall refer to the turnover presented on an income statement, which shall be prepared in compliance with accounting practices generally deemed fair and appropriate: Provided, That in cases of a business entity that uses operating revenue, etc. which is deemed equivalent to the turnover due to the nature of the business it operates, the turnover shall refer to its operating revenue, etc. <Amended by Presidential Decree No. 27467, Aug. 29, 2016> |
| (2) | The average turnover, etc. shall be calculated using the formulas classified as follows: |
| 1. | When the total period of business of the immediately preceding three business years is 36 months: The amount obtained by dividing the total sales recorded in the immediately preceding three business years by three; |
| 2. | When the total period of business is between 12 months and 36 months as of the last day of the immediately preceeding business year (excluding where a business entity was established, merged, or divided in the immediately preceeding business year, and at least 12 months have elapsed from the date of its establishment, merger, or division): The amount obtained by dividing the total sales recorded for the business years with business period of 12 months by the number of business years whose business period is 12 months; |
| 3. | When a business entity not falling under subparagraph 2, was established, merged, or divided in the immediately preceding business year or the relevant business year: The amount converted into annual sales by any of the following computation: |
| (a) | Where at least 12 months have passed from the date a business entity was established, merged or divided: The aggregate monthly turnover during a period of 12 months, counting retrospectively from the month immediately preceding the month of the calculation base date; |
| (b) | When 12 months have not yet passed from the date a business entity was established, merged or divided: The amount calculated by dividing the aggregate monthly sales during the period, beginning with the month immediately following the month in which a business entity was established, merged or divided falls and ending with the month immediately preceding the month in which the date of calculation falls, by the corresponding number of months, and then multiplying the resulting value by 12: Provided, That where the business entity falls under any of the following cases, the computation shall be conducted by dividing the aggregate sales earned during the period, beginning with the date of establishment, merger or division and ending with the date of computation, by the corresponding number of days, and then multiplying the resulting value by 365: |
| (i) | When the date of calculation falls in the month in which the date of establishment, merger or division falls; |
| (ii) | When the date of calculation falls in the month immediately following the month in which the date of establishment, merger or division falls. |
| Article 8 (Scope of Middle-Standing Enterprises Excluded from E-Learning Business Operators which are Large Enterprises) |
“Middle-standing enterprises prescribed by Presidential Decree” in Article 14 of the Act means a middle-standing enterprise that meets the following requirements: | 1. | Its average sales, etc. shall be less than 150 billion won; |
[This Article Wholly Amended by Presidential Decree No. 27467, Aug. 29, 2016]
| Article 9 (Scope of Middle-Standing Enterprises subject to Special Cases concerning Family Business Succession Support) |
| (1) | “Middle-standing enterprise prescribed by Presidential Decree” in Article 15 of the Act means a middle-standing enterprise, the turnover of which for the immediately preceding business year is less than 300 billion won. |
| (2) | Article 7 (1) shall apply mutatis mutandis to the calculation of turnover referred to in paragraph (1). |
| Article 9-2 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Prestigious Long-Lived Enterprises) |
“Middle-standing enterprise prescribed by Presidential Decree” in Article 15-2 of the Act means a middle-standing enterprise that meets the following requirements: | 1. | Its average sales, etc. shall be less than 300 billion won; |
[This Article Newly Inserted by Presidential Decree No. 28094, Jun. 2, 2017]
[Previous Article 9-2 moved to Article 9-3]
| Article 9-3 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Technology Protection Support) |
“Middle-standing enterprise prescribed by Presidential Decree” in the main sentence of Article 17-2 of the Act means a middle-standing enterprise that meets the following requirements: | 1. | Its average sales, etc. shall be less than 300 billion won; |
[This Article Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016]
[Moved from Article 9-2; Previous Article 9-3 moved to Article 9-4]
| Article 9-4 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Human Resources Support) |
“Middle-standing enterprise prescribed by Presidential Decree” in Article 17-3 of the Act means any middle-standing enterprise. [This Article Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016]
[Moved from Article 9-3; Previous Article 9-4 moved to Article 9-5]
| Article 9-5 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Projects for Supporting Development of Overseas Markets) |
“Middle-standing enterprise prescribed by Presidential Decree” in Article 17-4 of the Act means a middle-standing enterprise that meets the following requirements: | 1. | Its average sales, etc. shall be less than 300 billion won; |
[This Article Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016]
[Moved from Article 9-4; Previous Article 9-5 moved to Article 9-6]
| Article 9-6 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Insurance for Trade Receivables) |
“Middle-standing business entrepreneur prescribed by Presidential Decree” in Article 17-5 of the Act means a person who runs a middle-standing enterprise, the average sales, etc. of which are less than 300 billion won. [This Article Wholly Amended by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 9-7 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Use of Fund for Establishment and Promotion of Small and Medium Enterprises and Startups) |
“Middle-standing enterprise prescribed by Presidential Decree” in Article 17-6 of the Act means any middle-standing enterprise. [This Article Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016]
| Article 9-8 (Scope of Middle-Standing Enterprises Subject to Special Cases concerning Business Conversion) |
“Middle-standing business entrepreneur prescribed by Presidential Decree” in Article 17-5 of the Act means a person who runs a middle-standing enterprise, the average sales, etc. of which are less than 300 billion won. [This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 10 (Nurturing of Globally Promising Middle-Standing Enterprises) |
| (1) | The Minister of Trade, Industry and Energy or the Minister of SMEs and Startups shall select middle-standing enterprises and prospective middle-standing enterprises which have significant influence on the national economy and outstanding innovative capacity and growth potential (hereinafter referred to as “globally promising middle-standing enterprises”), and implement projects for facilitating matters specified in the subparagraphs of Article 18 (1) of the Act. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (2) | In order to select globally promising middle-standing enterprises referred to in paragraph (1), the Minister of Trade, Industry and Energy or the Minister of SMEs and Startups may evaluate enterprises by determining the criteria for evaluation, covering the following matters: <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| 2. | Boldness and creativity of strategies and action plans; |
| 3. | Feasibility of visions and goals; |
| 4. | Other matters deemed necessary for evaluation by the Minister of Trade, Industry and Energy or the Minister of SMEs and Startups in relation to the growth potential and innovative capacity of enterprises. |
| (3) | The Minister of Trade, Industry and Energy or the Minister of SMEs and Startups may identify and support an enterprise with high growth potential as a globally promising middle-standing enterprise, treating it as a globally promising middle-standing enterprise candidate. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (4) | Notwithstanding paragraph (1), where necessary, the heads of the relevant central administrative agencies may separately implement a project to support globally promising middle-standing enterprises by taking into consideration special characteristics, etc. by business category and by region. |
| (5) | Matters necessary for selecting globally promising middle-standing enterprises, operating support projects, etc. pursuant to paragraphs (1) through (3) shall be separately determined and publicly announced by the Minister of Trade, Industry and Energy or the Minister of SMEs and Startups. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| Article 11 (Procedures for Implementing Projects for Supporting Middle-Standing Enterprises) |
Where the head of any relevant central administrative agency intends to conduct any of the following support projects, he or she shall gather consensus from related companies, experts, etc.; and shall consult with the heads of other relevant central administrative agencies:
| 1. | Support projects prescribed in Article 19 (1) of the Act for enhancing the technological competence of middle-standing enterprises and prospective middle-standing enterprises (hereinafter referred to as “middle-standing enterprises, etc.”); |
| 2. | Support projects for securing and attracting human resources for middle-standing enterprises, etc. prescribed in Article 20 (1) of the Act; |
| 3. | Support projects for promoting internationalization of middle-standing enterprises, etc. prescribed in Article 21 (1) of the Act; |
| 4. | Support projects for promoting management innovation of middle-standing enterprises, etc. prescribed in Article 22 (1) of the Act. |
| Article 11-2 (Specialized Institutions for Middle-Standing Enterprises) |
“Institutions prescribed by Presidential Decree, including the Korea Institute for Advancement of Technology established under Article 38 of the Industrial Technology Innovation Promotion Act” in Article 23 (2) of the Act, means the following: <Amended by Presidential Decree No. 29677, Apr. 2, 2019> | 1. | An Association of High Potential Enterprises of Korea (hereinafter referred to as the “Association”) prescribed in Article 27 of the Act; |
[This Article Newly Inserted by Presidential Decree No. 27467, Aug. 29, 2016]
| Article 12 (Methods and Procedures for Conducting Fact-Finding Surveys and Statistical Research) |
| (1) | Any fact-finding survey on middle-standing enterprises prescribed in Article 24 (1) of the Act, shall cover the following matters: <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| 1. | Matters related to funds, workforce, and management status; |
| 2. | Matters related to growth barriers; |
| 3. | Matters related to the status of using government assistance; |
| 4. | Matters related to technological innovation and research and development; |
| 5. | Matters related to entrustment/consignment transactions and mutual growth; |
| 6. | Other matters deemed necessary by the Minister of Trade, Industry and Energy to understand the status of middle-standing enterprises. |
| (2) | Where it is necessary to conduct a fact-finding survey or statistical research (hereinafter referred to as “fact-finding survey, etc.”) referred to in Article 24 (1) of the Act regarding middle-standing enterprises, the Minister of Trade, Industry and Energy may utilize enterprise information in a current information system for small and medium enterprises referred to in Article 79-3 of the Small and Medium Enterprises Promotion Act. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (3) | The Minister of Trade, Industry and Energy may use electronic systems, such as the information and communications network or e-mail, in order to efficiently conduct a fact-finding survey, etc. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (4) | Where the Minister of Trade, Industry and Energy conducts a fact-finding survey, etc., he or she shall post the outcomes thereof on the web-site of the Ministry of Trade, Industry and Energy. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| Article 13 (Management of Personally Identifiable Information) |
| (1) | The Minister of Trade, Industry and Energy (including a person entrusted with his or her duties prescribed in Article 29 (2) of the Act and Article 15 (2) 2 of this Decree) may manage data containing resident registration numbers, passport numbers, or alien registration numbers referred to in subparagraph 1, 2 or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if inevitable to verify whether the relevant enterprise is a middle-standing enterprise prescribed in Article 25 (1) of the Act. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| (2) | Matters necessary for the methods, procedures, etc. for applying for the issuance of a certificate as to whether a certain enterprise is a middle-standing enterprise referred to in Article 25 (1) of the Act shall be separately determined and announced by the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| Article 14 (Operation of and Supervision over Association of High Potential Enterprises of Korea) |
| (1) | The Minister of Trade, Industry and Energy may direct and supervise the business affairs of the Association of High Potential Enterprises of Korea. <Amended by Presidential Decree No. 27467, Aug. 29, 2016; Presidential Decree No. 28213, Jul. 26, 2017> |
| (2) | Where deemed necessary to direct and supervise the business affairs of the Association of High Potential Enterprises of Korea prescribed in paragraph (1), the Minister of Trade, Industry and Energy may require it to submit documents or materials. In such cases, the Association shall comply therewith, unless there is a compelling reason not to do so. <Amended by Presidential Decree No. 28213, Jul. 26, 2017> |
| Article 14-2 (Middle-Standing Enterprise Week) |
| (2) | Any of the following events may be held during Middle-Standing Enterprise Week referred to in paragraph (1): |
| 2. | Celebratory events related to middle-standing enterprises; |
| 3. | Any other events designed to promote the growth of middle-standing enterprises and to strengthen their competitiveness. |
| (3) | Where necessary, the Minister of Trade, Industry and Energy may subsidize the events referred to in paragraph (2) within budgetary limits. |
[This Article Newly Inserted by Presidential Decree No. 29958, Jul. 9, 2019]
| Article 15 (Outsourcing of Duties) |
| (2) | In accordance with Article 29 (2) of the Act, the Minister of Trade, Industry and Energy shall outsource the following duties to the Association: <Amended by Presidential Decree No. 28094, Jun. 2, 2017; Presidential Decree No. 28213, Jul. 26, 2017; Presidential Decree No. 29958, Jul. 9, 2019> |
| 1-2. | Any of the following duties regarding middle-standing business entrepreneurs subject to special cases under Article 17-7 (1) of the Act: |
| 3. | Issuing a certificate as to whether a certain enterprise is a middle-standing enterprise prescribed in Article 25 (1) of the Act; |
| 4. | Establishing and operating the integrated middle-standing enterprise information system prescribed in Article 26 (1) of the Act. |
| Article 16 (Standards for Imposing Administrative Fines) |
The standards for imposing administrative fines provided for in Article 31 (2) of the Act shall be as prescribed in attached Table 3.
| Article 17 Deleted. <by Presidential Decree No. 28471, Dec. 12, 2017> |
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on July 22, 2014.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27467, Aug. 29, 2016>
This Decree shall enter into force on August 30, 2016.
ADDENDUM <Presidential Decree No. 28094, Jun. 2, 2017>
This Decree shall enter into force on June 3, 2017.
ADDENDA <Presidential Decree No. 28213, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 28471, Dec. 12, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2018.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 28717, Mar. 27, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to General Holding Companies)
The amended provisions of Article 2 (2) 2 shall begin to apply from general holding companies as of July 1, 2017.
ADDENDA <Presidential Decree No. 29677, Apr. 2, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 29958, Jul. 9, 2019>
This Decree shall enter into force on July 9, 2019.