Any of the following persons shall be punished by imprisonment with labor for not more than five years or by a fine not exceeding 200 million won: <Amended on Feb. 3, 2009; Apr. 5, 2013; May 28, 2013; Jul. 24, 2015; Mar. 27, 2018; May 19, 2020; Apr. 20, 2021; Jun. 8, 2021>
| 1. | A person who engages in a financial investment business (excluding investment advisory business, discretionary investment business, and general private equity fund business) without obtaining authorization for financial investment business (including authorization for change), in violation of Article 11; |
| 1-2. | A person who arranges or brokers lending a loan to an account, in violation of Article 11-2; |
| 1-3. | A person who engages in investment trading or investment brokerage business without filing for registration of additional business unit, in violation of Article 16-2; |
| 1-4. | A person who files an additional registration of a business unit under Article 16-2 by fraud or other improper means; |
| 2. | A person who obtains authorization for financial investment business (including authorization for changes) under Article 12 by fraud or other improper means; |
| 3. | A person who engages in any of the activities prescribed in subparagraph 1 or 2, in violation of Article 34 (1); |
| 4. | A financial investment business entity that grants credit to a person, in violation of Article 34 (2) or the person receives grants from the financial investment business entity; |
| 5. | A major shareholder (including his or her affiliated persons) who engages in any act prescribed in the subparagraphs of Article 35 (including cases applied mutatis mutandis under Article 350) for the purposes of pursuing his or her own interest, in violation of that Article; |
| 6-2. | A person who uses information subject to the prevention of information exchange under Article 45 (1) or (2) by himself or herself or allows a third party to use such information without good cause, or a person who acquires and uses information subject to the prevention of information exchange, in violation of Article 54 (2) (including cases applied mutatis mutandis pursuant to Article 42 (10), 52 (6), 199 (5), 255, 260, 265, 289, 304, 323-17, 328, or 367); |
| 7. | A person who trades financial investment instruments with the property deposited by investors, in violation of Article 70; |
| 8. | A person who engages in any activity prescribed in any subparagraph of Article 71 (excluding subparagraph 7), 85 (excluding subparagraph 8), 98 (1) (including where such provision shall apply mutatis mutandis under Article 101 (4)), 98 (2) (excluding subparagraph 10), or 108 (excluding subparagraph 9), in violation of any of such provisions; |
| 8-2. | A person who offers credit, in violation of any of Article 77-3 (5) through (7) (excluding the cases falling under Article 77-3 (8)); |
| 8-3. | A person who fails to correct the amount of credit offered to be under the limit within the period prescribed in Article 77-3 (8); |
| 8-4. | A comprehensive financial investment business entity that offers credit, in violation of Article 77-3 (9) and a person who receives credit from the comprehensive financial investment business entity; |
| 9. | A person who engages in any act prescribed in any subparagraph of Article 81 (1) in managing a collective investment property, in violation of Article 81 (1); |
| 10. | A person who makes a transaction with an interested person, in violation of Article 84 (1) in managing a collective investment property; |
| 11. | A person who exercises his or her voting right, in violation of any provision of Article 87 (2) through (5) (including where such provision shall apply mutatis mutandis under Article 186 (2)) or Article 112 (2) through (5); |
| 11-2. | A person who subscribes for any security with an investor's property, in violation of Article 117-7 (6); |
| 11-3. | A person who takes the custody and deposit of an investor's property, in violation of Article 117-8 (1); |
| 12. | A person who publicly offers or sells securities, in violation of Article 119 (excluding paragraph (5)); |
| 13. | A person who makes a false statement or representation of a material fact in any of the following documents or omits to state or represent a material fact; a person who affixes his or her signature to such a document under Article 119 (5) or 159 (7) (including where such provisions shall apply mutatis mutandis under the latter part of Article 160 or the latter part, with the exception of the subparagraphs, of Article 161 (1)), while knowing that there is a false statement or representation of a material fact or an omission of a material fact; and a certified public accountant, appraiser, or an expert in credit rating who affixes his or her signature to such a document to certify that the document is true and correct, knowing that it is not: |
| (a) | A registration statement or supplements to a universal shelf registration statement under Article 119; |
| (b) | A corrective registration statement under Article 122; |
| (c) | An investment prospectus under Article 123 (including a short-form investment prospectus under Article 124 (2) 3 in cases of collective investment securities); |
| (e) | A quarterly or half-yearly report under Article 160; |
| (g) | A business report, etc. submitted in compliance with an order to correct under Article 164 (2); |
| 14. | A person who fails to submit a corrective registration statement, in violation of Article 122 (3); |
| 15. | A person who makes a false statement or representation of a material fact in any of the following public notices or documents, or omits to state or represent a material fact therein: |
| (a) | Public disclosure of tender offer or tender offer statement under Article 134; |
| (b) | A corrective registration statement or public notice under Article 136; |
| 16. | A person who fails to make a public announcement, in violation of Article 134 (1) or 136 (5); |
| 17. | A person who fails to file a tender offer statement, in violation of Article 134 (2); |
| 18. | A person who makes a false statement or representation of a material fact prescribed by Presidential Decree (hereafter in this subparagraph referred to as "material fact") or omits to state or represent a material fact in the documents reported under Article 147 or the corrective registration statement filed under Article 151 (2); |
| 19. | A person who makes a false statement or representation of a fact that may give a significant impact on the judgment on whether a solicited voting right holder shall delegate his or her voting right (hereafter in this subparagraph referred to as "material fact related to delegation of the voting right"), or a person who omits to state or represent a material fact related to delegation of the voting right in a letter of proxy or reference documents under Article 154 or corrected documents under Article 156; |
| 19-2. | A person who makes a transaction, in violation of Article 246 (5) or (6); |
| 19-3. | A person who manages collective investment property, in violation of Article 249-7 (2) (including cases applied mutatis mutandis in Article 249-12); |
| 19-4. | A person who exercises voting rights in violation of Article 249-7 (6); |
| 19-5. | A person who makes a transaction, in violation of Article 249-16 (1); |
| 20. | A person who engages in collective investment business, in violation of Article 250 (1) or 251 (1); |
| 21. | A person who sells foreign collective investment securities in the domestic market without the intermediation of an investment trader or investment broker, in violation of Article 280 (1); |
| 21-2. | A person who engages in central counterparty clearing business without the required authorization (including authorization for changes), in violation of Article 323-2; |
| 21-3. | A person who obtains authorization for central counterparty clearing business under Article 323-3 (including authorization for changes) by fraud or other improper means; |
| 22. | A person who engages in the business prescribed in Article 323-21, 335-2, 355 (1), or 360 (1) without the required authorization, in violation of Article 323-21, 335-2, 355 (1), or 360 (1); |
| 23. | A person who obtains authorization under Article 324 (1), 335-3 (1), 355 (1), or 360 (1) by false or in a fraudulent means; |
| 24. | A person who conducts business although authorization to engage in such business has been revoked under Article 335 (1), 354 (1), 359 (1), or 364 (1); |
| 25. | A merchant bank that grants credit to a person, in violation of Article 343 (1) and the person who receives such credit from the merchant bank; |
| 26. | A person who engages in financial investment business, in violation of Article 357 (1); |
| 27. | A person who establishes or operates a financial investment instruments market without obtaining permission for an exchange (including permission for revision of conditions), in violation of Article 373; |
| 27-2. | A person who obtains permission for an exchange (including permission for revision of conditions) under Article 373-2 by fraud or other improper means; |
| 28. | A person who engages in financial investment business although authorization to engage in such business has been revoked under Article 420 (1); |
| 29. | A person who discloses any confidential information on the identification, etc. of an informant, etc., in violation of Article 435 (4). |