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ENFORCEMENT DECREE OF THE ACT ON THE STRUCTURAL IMPROVEMENT OF THE FINANCIAL INDUSTRY

Wholly Amended by Presidential Decree No. 15310, Mar. 22, 1997

Amended by Presidential Decree No. 15569, Dec. 31, 1997

Presidential Decree No. 15754, Apr. 1, 1998

Presidential Decree No. 15894, Sep. 22, 1998

Presidential Decree No. 16234, Apr. 9, 1999

Presidential Decree No. 16829, jun. 7, 2000

Presidential Decree No. 18312, Mar. 17, 2004

Presidential Decree No. 18833, May 26, 2005

Presidential Decree No. 20024, Apr. 26, 2007

Presidential Decree No. 20653, Feb. 29, 2008

Presidential Decree No. 20947, Jul. 29, 2008

Presidential Decree No. 21517, May 29, 2009

Presidential Decree No. 21641, Jul. 27, 2009

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 23488, Jan. 6, 2012

Presidential Decree No. 24317, Jan. 16, 2013

Presidential Decree No. 25532, Aug. 6, 2014

Presidential Decree No. 25945, Dec. 30, 2014

Presidential Decree No. 27037, Mar. 11, 2016

Presidential Decree No. 27533, Sep. 29, 2016

Presidential Decree No. 31380, Jan. 5, 2021

Presidential Decree No. 31861, jun. 29, 2021

 Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Act on the Structural Improvement of the Financial Industry and other matters necessary for its enforcement. <Amended on May 26, 2005>
 Article 2 (Financial Institutions)
"Institutions prescribed by Presidential Decree" in subparagraph 1 (j) of Article 2 of the Act on the Structural Improvement of the Financial Industry (hereinafter referred to as the "Act") means the following: Provided, That institutions falling under subparagraphs 2 and 3 shall only be subject to Articles 9-2 through 9-10, and 14-9 of the Act:
1. A specialized credit financial business company under the Specialized Credit Finance Business Act;
2. The NongHyup Bank under the Agricultural Cooperatives Act;
3. The SuHyup Bank under the Fisheries Cooperatives Act.
[This Article Wholly Amended on Jun. 29, 2021]
 Article 3 Deleted. <Apr. 1, 1998>
 Article 4 (Scope of Undertakers of Financial Institutions)
"Those who hold stocks at a lower percentage than the specific percentage prescribed by Presidential Decree" in subparagraph 3 of Article 2 of the Act means those holding not more than 5/100 (1/100 in the cases of financial institutions under subparagraph 1 (a) and (b) of Article 2 of the Act) of the total number of outstanding voting stocks. <Amended on Sep. 29, 2016>
[Moved from Article 5 <Apr. 26, 2007>]
 Article 5 (Scope of Major Investors)
"Major investors prescribed by Presidential Decree" in Article 4 (3) 8 of the Act means the major investors who are prescribed by Acts and subordinate statues which are applicable to any financial institutions that are newly established by means of merger or conversion pursuant to the Act, any surviving financial institutions, or any post-conversion financial institutions (in cases where any financial institutions that are newly established by means of merger or conversion prescribed in the Act, any surviving financial institutions, or any post-conversion financial institutions are banks provided for in the Banking Act, the major investors mean the persons who hold the shares of the relevant banks pursuant to Articles 15 (3) and 16-2 (2) and (3) of the Banking Act). <Amended on Nov. 15, 2010; Sep. 29, 2016>
[This Article Newly Inserted on Apr. 26, 2007]
[Previous Article 5 moved to Article 4]
 Article 5-2 (Financial Support by Government)
(1) The Government, etc. may provide the financial institutions newly established by merger or surviving financial institutions with the following support under Article 8 (1) of the Act: <Amended on May 26, 2005; Apr. 26, 2007; Jul. 27, 2009; Jun. 29, 2021>
2. Purchase of securities of the Public Capital Management Fund under the Public Capital Management Fund Act (limited to securities under Article 5-8);
3. Contribution in-kind of the State property under the State Property Act.
(2) The entity subsiding funds referred to in paragraph (1) shall, when it provides financial support to any financial institution, consult in advance with the Financial Services Commission about the size of such financial support and the appropriateness of plans for normalizing the management of the financial institution requesting such financial support. <Amended on Feb. 29, 2008>
[This Article Newly Inserted on Jun. 6, 2000]
 Article 5-3 (Scope of Business That is Concurrently Run)
(1) The business that is permitted to be run by any financial institution that is newly established by means of merger or conversion, any surviving financial institution, or any post-conversion financial institution in addition to the business that is run in accordance with Acts and subordinate statutes applicable to such financial institution, etc. under Article 8 (2) of the Act shall be the business categorized as follows: <Amended on May 26, 2005; Apr. 26, 2007; Feb. 29, 2008; Jul. 29, 2008; Nov. 15, 2010>
1. Where a bank under the Banking Act (hereafter in this Article referred to as "bank") and a merchant bank under the Capital Market and Financial Investment Business Act (hereafter in this Article referred to as "merchant bank") are merged into a bank: The businesses prescribed by the Financial Services Commission among the businesses as prescribed in Article 336 (1) 1 of the Capital Market and Financial Investment Business Act and the incidental businesses as prescribed in subparagraph 8 of the same paragraph;
2. Where any investment trader or an investment broker provided for in the Capital Market and Financial Investment Business Act (hereinafter referred to as "investment trader or investment broker") and any merchant bank are merged into an investment trader or investment broker or and any merchant bank is converted into an investment trader or investment broker: The businesses as prescribed in Article 336 (1) 1, 2, 4, and 7 of the Merchant Banks Act and their incidental business and the businesses as prescribed in paragraph (2) 1 through 3, and 5 of the same Article;
3. Where a bank, an investment trader or an investment broker are merged into a bank: The investment trading businesses (including a public offering of outstanding securities or to intermediate or arrange a public offering of new or outstanding securities, or act by proxy for that purpose) as prescribed in the Capital Market and Financial Investment Business Act;
4. Deleted. <Apr. 26, 2007>
(2) The period during which the financial institutions that are established by means of merger or conversion, the surviving financial institutions or the post-conversion financial institutions are allowed to continue running their business as referred to in paragraph (1) under Article 8 (2) of the Act shall be the period set by the Financial Services Commission within 10 years. <Amended on Apr. 26, 2007; Feb. 29, 2008>
[This Article Newly Inserted on Jun. 7, 2000]
[Title Amended on Apr. 26, 2007]
[Moved from Article 5-2; previous Article 5-3 moved to Article 5-4 <Jun. 7, 2020>]
 Article 5-4 (Selection of Systematically Important Financial Institutions)
(1) "Types of financial institutions prescribed by Presidential Decree" in Article 9-2 (1) of the Act means the following:
1. A bank established under the Banking Act;
2. A bank holding company among financial holding companies under the Financial Holding Companies Act;
3. The Nonghyup Bank under the Agricultural Cooperatives Act;
4. The Suhyup Bank under the Fisheries Cooperatives Act.
(2) Detailed criteria for selecting systematically important financial institutions under Article 9-2 (1) of the Act (hereinafter referred to as "systematically important financial institutions") are as follows:
1. Functions of a financial institution: matters concerning the maintenance of financial systems through settlement, customer asset management, and similar work conducted by each financial institution;
2. Size of a financial institution: matters concerning the size of assets, transactions, etc. of each financial institution;
3. Relevance with other financial institutions: matters concerning the possibility that the effect of financial risk or loss borne by a financial institution is transmitted to another financial institution;
4. Impact on the domestic financial markets: matters concerning the impact that a financial institution's household loans, foreign currency borrowing, etc. have on the stability of the financial markets;
[This Article Newly Inserted on Jun. 29, 2021]
[Previous Article 5-4 moved to Article 5-7 <Jun. 29, 2021>]
 Article 5-5 (Formulation and Submission of Self-Normalization Plans of Systematically Important Financial Institutions)
(1) A self-normalization plan under Article 9-3 (1) of the Act (hereinafter referred to as "self-normalization plan") shall contain the following matters:
1. Increase in the capital adequacy and financial soundness;
2. Inspection and improvement of human resources and organizational structure;
3. Evaluation of the project structure and promotion of core projects;
4. Assessment and reorganization of corporate governance;
5. Other matters deemed necessary and publicly notified by the Financial Services Commission to ensure soundness in the management of financial institutions.
(2) Where a systematically important financial institution submits a self-normalization plan to the Governor of the Financial Supervisory Service (hereinafter referred to as the "Governor of the Financial Supervisory Service") under the Act on the Establishment of Financial Services Commission pursuant to Article 9-3 (2) or (3) of the Act, it shall submit the written plan, following a resolution by the board of directors.
(3) Except as provided in paragraphs (1) and (2), details necessary for formulation methods, submission procedures, etc. of self-normalization plans shall be determined and publicly notified by the Financial Services Commission.
[This Article Newly Inserted on Jun. 29, 2021]
[Previous Article 5-5 moved to Article 5-8 <Jun. 29, 2021>]
 Article 5-6 (Establishment and Operation of Deliberation Committee on Self-Normalization Plans and Resolution Plans)
(1) The Deliberation Committee on Self-Normalization Plans and Resolution Plans (hereafter referred to as the "Deliberation Committee") under Article 9-6 (1) of the Act shall be comprised of five members, including one chairperson.
(2) The Chairperson of the Financial Services Commission shall appoint the chairperson of the Deliberation Committee, from among members of the Financial Services Commission, and members of the Deliberation Committee shall be appointed by the Chairperson of the Financial Services Commission from among experts in the financial sector.
(3) The term of office of the Deliberation Committee members shall be two years.
(4) The chairperson of the Deliberation Committee shall represent the Deliberation Committee and exercise overall control over its affairs.
(5) A majority of the members of the Deliberation Committee shall constitute a quorum, and any decision thereof shall require the concurring vote of at least a majority of those present.
(6) If necessary for deliberating on agenda items, the chairperson of the Deliberation Committee may request that relevant institutions, corporations, organizations, or experts attend meetings, submit their opinions, or provide other necessary cooperation.
(7) Except as provided in paragraphs (1) through (6), details necessary for the organization, operation, etc. of the Deliberation Committee shall be prescribed by the Financial Services Commission.
[This Article Newly Inserted on Jun. 29, 2001]
[Previous Article 5-6 moved to Article 5-9 <Jun. 29, 2021>]
 Article 5-7 (Agreement on Business Transfer)
(1) An insolvent financial institution which has been ordered to transfer its business pursuant to Article 11 (1) of the Act shall reach an agreement on the business transfer with the counterpart financial institution designated for the business transfer, if any, or otherwise shall do so with any other financial institution therefor.
(2) Where the Financial Services Commission designates a counterpart financial institution for the business transfer under Article 11 (1) of the Act, it shall immediately notify the relevant financial institution. <Amended on Feb. 29, 2008>
(3) For any agreement under paragraph (1), resolutions under Article 434 of the Commercial Act shall be passed by the competent organs in both financial institutions: Provided, That where any Act enumerated in items of subparagraph 1 of Article 2 of the Act provides for the relevant resolution methods, that Act shall apply to the above stated resolutions. <Amended on May 26, 2005>
(4) Where an agreement under paragraph (1) is reached, both financial institutions shall obtain without delay necessary authorization as prescribed by Acts enumerated in items of subparagraph 1 of Article 2 of the Act.
[This Article Newly Inserted on Apr. 1, 1998]
[Moved from Article 5-4; previous Article 5-7 moved to Article 5-11 <Jun. 29, 2021>]
 Article 5-8 (Purchase of Securities by Government)
“Investor prescribed by Presidential Decree” in Article 12 (1) of the Act means any of the following persons: <Amended on Jul. 29, 2008; Sep. 29, 2016>
1. Government bonds, local government bonds, and bonds whose repayment of principal and interest are guaranteed by the Government, from among the bonds in possession of insolvent financial institutions;
2. Subordinated bonds issued by insolvent financial institutions;
3. Securities recognized by the Financial Services Commission as are equivalent to the securities of subparagraph 1 or 2.
[This Article Newly Inserted on Jun. 7, 2000]
[Moved from Article 5-5; previous Article 5-8 moved to Article 5-12 <Jun. 29, 2021>]
 Article 5-9 (Types of Public Institutions)
"Public institutions prescribed by Presidential Decree" in Article 14-7 (1) of the Act means any of the following: <Amended on May 26, 2005; May 29, 2009; Sep. 29, 2016>
1. Enterprises in which the Government has invested at least 50/100 of their paid-in capital;
2. Corporations established under any special Act;
3. Clearing houses designated under the Bills of Exchange and Promissory Notes Act or the Check Act.
[This Article Newly Inserted on Jun. 27, 2000]
[Moved from Article 5-6; previous Article 5-9 moved to Article 5-13 <Jun. 29, 2021>]
 Article 5-10 (Period of Temporary Suspension)
"Period prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 14-9 (1) of the Act means the period from which a decision on temporary suspension becomes effective until the end of the following business day.
[This Article Newly Inserted on Jun. 29, 2021]
[Previous Article 5-10 moved to Article 5-14 <Jun. 29, 2021>]
 Article 5-11 (Recommendation of Liquidator or Trustee in Bankruptcy)
(1) “The largest creditor prescribed by Presidential Decree” under the latter part, with the exception of the subparagraphs, of Article 15 (1) of the Act shall be the person who is found to be in possession of the credit exceeding 50/100 of the gross amount of the credits (including the credits accruing from the payment of insurance money, the purchase of bonds and financial support, etc. by the Deposit Insurance Corporation or resolution financial companies under the Depositor Protection Act after the date of business suspension or of decision of contract transfer) against the insured financial institution concerned as of the date on which it ceased to do the business or a contract transfer was decided after having been dissolved or gone bankrupt as a result of the investigation of the financial conditions by the manager under Article 14-6 (1) of the Act. <Amended on May 26, 2005; Mar. 11, 2016; Sep. 29, 2016>
(2) "Financial experts prescribed by Presidential Decree" in Article 15 (1) 1 of the Act means any of the following persons: Provided, That the stockholders of any financial institution which selects and appoints any liquidator or any trustee in bankruptcy, any person who has an interest in the credits and debts of the financial institution concerned and any officer of the financial institution concerned who falls under the cause of disqualification, shall be excluded: <Amended on Feb. 29, 2008; Sep. 29, 2016>
1. A person who has worked in a financial institution for not less than five years;
2. A person who has worked in a financial supervisory institution, such as the Financial Services Commission, the Financial Supervisory Service, etc. for not less than five years;
3. A person who has worked in a finance-related organization prescribed by the Financial Services Commission for not less than five years;
4. A person who has been selected or appointed as the manager, liquidator, or trustee in bankruptcy of a financial institution;
5. Other persons recognized by the Financial Services Commission as having ample knowledge and experiences in finance.
[This Article Newly Inserted on Jun. 7, 2000]
[Moved from Article 5-7; previous Article 5-11 moved to Article 5-15 <Jun. 29, 2021>]
 Article 5-12 (Methods of Borrowing)
Where the Korea Development Bank under the Korea Development Bank Act (hereinafter referred to as the "Korea Development Bank") intends to borrow funds pursuant to Article 23-4 (1) of the Act at a charge of the Financial Stabilization Fund under Article 23-2 of the Act (hereinafter referred to as the "Fund"), it shall draw up documents stating the following matters and obtain approval of the Financial Services Commission: <Amended on Dec. 30, 2014>
1. Purposes of the loan;
2. Borrowed amount;
3. Interest rate of the loan, methods of interest payment, and its maturity;
4. Method and time limit for the repayment of borrowed money.
[This Article Newly Inserted on May 29, 2003]
[Moved from Article 5-8; previous Article 5-12 moved to Article 5-16 <Jun. 29, 2021>]
 Article 5-13 (Methods of Issuance of Financial Stabilization Fund Bonds)
The Korea Development Bank may issue bonds for the Financial Stabilization Fund (hereafter referred to as "bonds" to Article 5-21) pursuant to Article 23-5 (1) of the Act by means of issuance at par value, at discounted value or at premium value. <Amended on Dec. 30, 2014; Jun. 29, 2021>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-9; previous Article 5-13 moved to Article 5-17 <Jun. 29, 2021>]
 Article 5-14 (Methods of Issuance of Bonds)
(1) The Policy Banking Corporation shall issue bonds by public offering or by a contract for transfer and takeover of bonds with a specific person.
(2) The issuance of bonds by public offering shall be made by inviting subscription or by competitive bidding or sale.
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-10; previous Article 5-14 moved to Article 5-18 <Jun. 29, 2021>]
 Article 5-15 (Subscription for Bonds)
(1) Any person who intends to subscribe for bonds shall enter the number of bonds he or she intends to underwrite and his or her address in two copies of a written application for bonds, and affix his or her signature and seal to them.
(2) The Chairman and CEO of the Korea Development Bank (hereinafter referred to as the "Chairman & CEO") shall draw up an application for bonds and enter the following matters in the application: <Amended on Dec. 30, 2014>
1. The name of KDB;
2. Total amount of bonds to be issued
3. A nominal value of a bond;
4. Interest rate on bonds;
5. Method of, and deadline for redemption of bonds;
6. Method and timing of paying interest;
7. Issuing price or the minimum price of a bond;
8. Where there exist bonds which are not reimbursed yet, the total amount of such bonds.
(3) Notwithstanding paragraph (2) 4, where the interest rate of bonds has yet to be determined, a subscriber shall enter the subscription rate of interest in the application for bonds.
(4) Notwithstanding paragraph (2) 7, where the issuing price of a bond is not specified or its minimum price is specified, a subscriber shall enter the subscripted price in the application for bonds.
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-11; previous Article 5-15 moved to Article 5-19 <Jun. 29, 2021>]
 Article 5-16 (Total Underwriting of Bonds)
 Article 5-15 shall not apply, where the total amount of bonds is underwritten under a contract. <Amended on Jun. 29, 2021>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-12; previous Article 5-16 moved to Article 5-20 <Jun. 29, 2021>]
 Article 5-17 (Total Amount of Bonds Issued)
Where it is stated in the application for subscription that bonds are validly issued even though the total amount of the subscribed bonds are less than that of bonds to be issued as specified in the application of bonds, the total amount of subscription shall be the total amount of bonds to be issued.
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-13; previous Article 5-17 moved to Article 5-21 <Jun. 29, 2021>]
 Article 5-18 (Payment of Acceptance Price of Bonds)
If subscription of bonds is completed, the Chairman & CEO shall pay the total amount of each bond without delay. <Amended on Dec. 30, 2014>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-14; previous Article 5-18 moved to Article 5-22 <Jun. 29, 2021>]
 Article 5-19 (Time of Issuance of Bonds)
If the total amount of issue price of bonds is not paid, the certificates thereof shall not be issued: Provided, That where bonds are issued pursuant to Article 5-20, this shall not apply. <Amended on Jun. 29, 2021>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-15; previous Article 5-19 moved to Article 5-23 <Jun. 29, 2021>]
 Article 5-20 (Issuance of Bonds by Public Offering)
(1) Where bonds are issued via public offering, the public offering period shall be determined in advance, and such public offering period and matters prescribed in Article 5-15 (2) 1 through 7 shall be publicly announced. <Amended on Jun. 29, 2021>
(2) In cases under paragraph (1), an application for subscription need not be executed.
(3) Bonds issued under paragraph (1) shall include matters prescribed in Article 5-15 (2) 1, and 3 through 6 and their serial number. <Amended on Jun. 29, 2021>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-16; previous Article 5-20 moved to Article 5-24 <Jun. 29, 2021>]
 Article 5-21 (Ledger of Bonds)
(1) The Korea Development Bank shall, in its main office, keep a ledger of bonds in which the following matters are entered: <Amended on Dec. 30, 2014; Jun. 29, 2021>
1. Total number of bonds and the serial number of each bond;
2. The date on which a bond is issued;
3. Matters prescribed in Article 5-15 (2) 2 through 6.
(2) If bonds are issued in the form of registration, the following matters shall be entered in the ledger of bonds in addition to the matters referred to in the subparagraphs of paragraph (1):
1. Address and name of a bondholder;
2. Acquisition date of a bond.
(3) Any creditor of bonds may request for the perusal of the ledger of bonds at any time during business hours of the Korea Development Bank. <Amended on Dec. 30, 2014>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-17; previous Article 5-21 moved to Article 5-25 <Jun. 29, 2021>]
 Article 5-22 (Registered Bonds)
(1) With regard to the transfer of registered bonds, unless and until the name and the address of a bondholder are registered in the ledger of bonds and the said name is entered in the certificate thereof, the bondholder may not prevail, on the ground of the fact, against the Korea Development Bank's or a third party's adverse claim. <Amended on Dec. 30, 2014>
(2) Where registered bonds are the object of pledges, unless and until the name and the address of a pledgee are registered in the ledger of bonds, the pledgee may not prevail, on the ground of the fact, against the Korea Development Bank's or a third party's adverse claim. <Amended on Dec. 30, 2014>
(3) If a pledge is established pursuant to paragraph (2), the Korea Development Bank shall indicate such fact on the relevant bonds. <Amended on Dec. 30, 2014>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-18; previous Article 5-22 moved to Article 5-26 <Jun. 29, 2021>]
 Article 5-23 (Invalidation of Bonds)
The Korea Development Bank may, if it does not hamper the operation, management, and financial support business of the Financial Stabilization Fund under Article 23-3 (1) of the Act, purchase bonds and invalidate them. <Amended on Dec. 30, 2014>
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-19 <Jun. 29, 2021>]
 Article 5-24 (Deficiency in Interest Coupons)
(1) When unregistered bonds are repaid, if any deficient interest coupon exists, an amount equivalent thereto shall be deducted from the repayment amount.
(2) The holder of rights under paragraph (1) may request for the payment of the exempt amount in exchange of the rights at any time.
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-20 <Jun. 29, 2021>]
 Article 5-25 (Notice to Subscribers of Bonds)
(1) Notice or peremptory notice to a subscriber of bonds shall be given at his or her address stated in an application for bonds: Provided, that if any address which has separately been notified to the Korea Development Bank exists, it shall be given at such address. <Amended on Dec. 30, 2014>
(2) Paragraph (1) shall apply to notices or peremptory notices sent to holders of a right of bonds before the bond certificate is issued.
(3) Notice or peremptory notice to a holder of registered bonds shall be given at an address stated in the ledger of bonds. In such cases, the proviso of paragraph (1) shall apply mutatis mutandis.
(4) Notices or peremptory notices to holders of unregistered bonds may be replaced by public notices.
[This Article Newly Inserted on May 29, 2009]
[Moved from Article 5-21 <Jun. 29, 2021>]
 Article 5-26 (Report of Compliance Status of Financial Functions Enhancement Plan)
When a financial institution which has received financial support pursuant to Article 23-6 of the Act (hereinafter referred to as "subsidized institution") reports the compliance status of a financial functions enhancement plan pursuant to Article 23-9 of the Act, it shall draw up documents in which the compliance index of a plan under the items of Article 23-7 (1) 2 as of the end of each quarter or other matters determined and announced by the Financial Services Commission are stated and present them within one month after the end of each quarter. In such cases, the Financial Services Commission may, if it recognizes that any inevitable reason exists, extend the deadline for presentation of such documents.
[This Article Newly Inserted on May 29, 2003]
[Moved from Article 5-22 <Jun. 29, 2021>]
 Article 6 (Standards for Approval of Ownership of other Companies' Stocks)
(1) The standards by which the Financial Services Commission may grant approval for the financial institutions of the same affiliation pursuant to the provisions of Article 24 (1) of the Act shall be the standards provided for in each subparagraph of Article 24 (6) of the Act. <Amended on Apr. 26, 2007; Feb. 29, 2008>
(2) The term "cases as determined by Presidential Decree" in Article 24 (1) 2 through 4 of the Act refers to any of the following cases: <Amended on Sep. 29, 2016>
1. The ratio of stockholding shall rank in the first place;
2. In view of the stock dispersion level, the controlling relations by means of exercising the stockholder's right shall be constituted.
(3) "Inevitable grounds prescribed by Presidential Decree, including the capital reduction of other shareholders" in the former part of Article 24 (4) of the Act means any of the following cases: <Newly Inserted on Apr. 26, 2007; Feb. 29, 2008; Jul. 29, 2008; Sep. 29, 2016>
1. Where the capital of other shareholders is reduced or their shares are disposed of;
2. Where the shares of any other company are owned after the security right is exercised or the payment in substitutes is received;
3. Where the shares of any other company are owned by means of legacy;
4. Where any investment trader or investment broker owns the shares of any other company while running the business of taking over securities pursuant to the provisions of Article 9 (11) of the Financial Investment Services and Capital Markets Act;
5. Where any financial institution of the same affiliation finds it necessary to hastily buy the shares of any other company within the scope of operating its business and assets provided for in Acts and subordinate statutes applicable to such financial institution, all of which are prescribed and published by the Financial Services Commission.
(4) The term "period set by Presidential Decree" in the former part of Article 24 (4) of the Act means until the day before the general meeting of shareholders of the other company is first convened after the date on which the grounds falling under any of subparagraphs of paragraph (3) accrue: Provided, That in cases where the grounds falling under any subparagraph of paragraph (3) accrue during the period falling under any of the following subparagraphs, the period shall be until the day before the general meeting of shareholders of the other company is first convened after the relevant general meeting of shareholders is held: <Newly Inserted on Apr. 26, 2007; Sep. 29, 2016>
1. In cases where the other company suspends changing the entries of the shareholders' list pursuant to the provisions of Article 354 (1) of the Commercial Act in order to decide on persons who exercise their voting rights at the general meeting of shareholders, the suspended period;
2. In cases where the other company sets the base date pursuant to the provisions of Article 354 (1) of the Commercial Act in order to decide on persons who exercise their voting rights at the general meeting of shareholders, the period ranging from the date after the base date to the date before the date on which the general meeting of shareholders is held.
(5) "Period determined by Presidential Decree" in Article 24 (7) of the Act means 30 days from the date on which an application for approval is received. In such cases, the period during which consultations are held with the Fair Trade Commission pursuant to the provisions of Article 24 (3) of the Act, the period during which the contents of the application for approval are supplemented, and the period during which it is impossible to notify the grounds of non-approval due to natural disaster or any other reason shall not be included. <Newly Inserted on Apr. 26, 2007; Sep. 29, 2016>
(6) The Financial Services Commission shall examine every two years on a periodic basis whether the same affiliated financial institution meets the excess ownership requirements after obtaining approval therefor pursuant to the provisions of Article 24 (1), (4) and (5) of the Act: Provided, That in cases where it is deemed necessary to examine whether the same affiliated financial institution meets the excess ownership requirements provided for in each subparagraph of Article 24 (6) of the Act on the grounds of any change in the ratio that is owned by the same affiliated financial institution from among the total number of the voting shares of any other company, the Financial Services Commission may occasionally conduct the examination. <Newly Inserted on Apr. 26, 2007; Feb. 29, 2008>
(7) Specific matters necessary for the methods of and procedures for examining whether the excess ownership requirements under paragraph (6) are met shall be determined and publicly notified by the Financial Services Commission. <Newly Inserted on Apr. 26, 2007; Feb. 29, 2008; Sep. 29, 2016>
[This Article Wholly Amended on Sep. 29, 2016]
 Article 6-2 (Entrustment of Affairs)
(1) The Financial Services Commission shall entrust the following affairs to the Governor of the Financial Supervisory Service pursuant to Articles 10 (5) and 25 of the Act: <Amended on Feb. 29, 2008; May 29, 2009; Sep. 29, 2016; Jan. 5, 2021; Jun. 29, 2021>
1. Matters concerning the inspection of the management state provided for in the former part of subparagraph 2 (a) of Article 2 of the Act and the standards for appraising and calculating assets and liabilities provided for in the latter part of the same item;
1-2. Preliminary examination of details necessary for evaluating self-normalization plans under Article 9-4 (4) of the Act;
1-3. Receipt of self-normalization plans under Article 9-7 (3) of the Act;
1-4. Receipt of the results of implementation under Article 9-9 (3) of the Act;
2. Receipt of the implementation plan provided for in Article 10 (1) of the Act, the receipt of the implementation record and the check of whether the plan is actually implemented;
2-2. Matters referred to in the following items under Article 23-9 of the Act:
(a) Receipt of a report on the compliance status of a financial functions enhancement plan of a subsidized institution under Article 23-9 (1) of the Act;
(b) Monitoring of the compliance status of a financial functions enhancement plan of a subsidized institution under Article 23-9 (2) of the Act;
(c) Inspection and presentation of data on duties and financial standing of a subsidized institution, request for attendance and statement of the persons concerned under Article 23-9 (3) of the Act;
3. Examination and inspection of related documents in the process of examining the requirements provided for in Article 24 (6) or whether the excess ownership requirements provided for in the provisions of Article 24 (8) of the Act are met.
(2) The Financial Services Commission shall entrust the preliminary examination of the details necessary for the formulation, submission, etc. of resolution plans under Article 9-5 (4) of the Act to the President of the Korea Deposit Insurance Corporation established under the Depositor Protection Act, pursuant to Article 25 of the Act. <Newly Inserted on Jun. 29, 2021>
[This Article Newly Inserted on Apr. 26, 2007]
[Title Amended on Jun. 29, 2021]
 Article 7 (Management of Personally Identifiable Information)
(1) The Financial Services Commission (including a person who is entrusted with affairs of the Financial Services Commission under Article 6-2) may manage data that contain resident registration numbers, passport numbers, or alien registration numbers under subparagraph 1, 2, or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, where it is inevitable to conduct the following affairs: <Amended on Jan. 16, 2013; Aug. 6, 2014>
1. Business affairs concerning authorization under Article 4 of the Act;
1-2. Affairs concerning consideration of the same person, receipt of a report submitted by or an approval of the same person in accordance with the proviso of Article 9 (2) of the Act;
2. Affairs concerning the appointment of management supervisors and commission of registration of such supervisors under Articles 10 (1) 4, 14 (1) and (7), and 14-3 (4) of the Act;
2-2. Affairs concerning invalidation or consolidation of stocks owned by specific stockholders in accordance with the former part of Article 12 (3) of the Act;
3. Affairs concerning the recommendation of liquidators or trustees in bankruptcy under Article 15 (1) of the Act;
4. Affairs concerning the inspection; the request for presentation of data and attendance, statement, etc. of the person concerned; the subsequent follow-up measures; etc. under Article 23-9 (3) of the Act;
5. Affairs concerning the implementation of measures necessary for the supervision under subparagraphs 2 through 4 of Article 23-9 (5) of the Act;
6. Affairs concerning the examination of approval requirements under Article 24 (6) of the Act;
7. Affairs concerning the examination of whether the excess ownership requirements are met and the subsequent follow-up measures under Article 24 (8) of the Act;
8. Affairs concerning the measures under subparagraph 3 or 4 of Article 24-2 (1) of the Act.
(2) When inevitable to carry out business related to drawing up a list of depositors under Article 20 of the Act, an authority concerned with bankruptcy may manage data that contain resident registration numbers, passport numbers, or alien registration numbers under subparagraph 1, 2, or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act. <Newly Inserted on Jan. 16, 2013>
[This Article Newly Inserted on Jan. 6, 2012]
ADDENDA <Presidential Decree No. 15310, Mar. 22, 1997>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the provisions of Article 3 shall enter into force on April 1, 1997.
(2) Omitted.
ADDENDA <Presidential Decree No. 15569, Dec. 31, 1997>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 1998.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 15754, Apr. 1, 1998>
(1) (Enforcement Date) This Decree shall enter into force on April 1, 1998: Provided, That the amendments to Articles 5-2 through 5-4 and 6 (1) 1 shall enter into force on the date of its promulgation.
(2) (Applicability to Powers of Managers) The amendments to Articles 5-2 through 5-4 shall apply to managers appointed first after the entry into force of this Decree and an order for business transfer or a decision for contract transfers done first after this Decree enters into force.
ADDENDUM <Presidential Decree No. 15894, Sep. 22, 1998>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 16234, Apr. 9, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 16829, Jun. 7, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18833, May 26, 2005>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20024, Apr. 26, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 27, 2007.
Article 2 (Transitional Measure concerning Ex Post Facto Approval for Acquisition of Shares of other Companies)
(1) The term "grounds of inevitability that are prescribed by Presidential Decree" in Article 2 of the Addenda of the Act on the Structural Improvement of the Financial Industry that is partially amended by Act No. 8265 means the case falling under any of the following subparagraphs:
1. Where the capital of any other shareholders is reduced and their shares are disposed of;
2. Where the shares of any other company are owned after the security right is exercised or the payment in substitutes is received;
3. Where the shares of any other company are owned by means of legacy;
4. Where any securities company owns the shares of any other company while running the business of taking over securities pursuant to the provisions of Article 2 (8) 5 of the Securities and Exchange Act;
5. Where any same affiliated financial institution finds it necessary to hastily own the shares of any other company, which is determined and published by the Financial Services Commission, within the scope of operating its business or assets provided for in Acts and subordinate statutes applicable to the relevant financial institutions.
(2) The term "period that is prescribed by Presidential Decree" in Article 2 and the proviso of Article 6 of the Addenda of the Act on the Structural Improvement of the Financial Industry that is partially amended by Act No. 8265 means until the day before the general meeting of shareholders of the other company, which is first convened after April 27, 2007, is held: Provided, That in cases where the period falling under any of the following subparagraphs starts prior to the enforcement of this Decree and ends after the enforcement of this Decree and the grounds falling under any subparagraph of paragraph (1) accrue from the date on which the period falling under any of the following subparagraphs is reckoned to April 26, 2007, such period means until the day before the general meeting of shareholders of the other company is first convened after the date on which the relevant general meeting of shareholders is held:
1. In cases where the other company suspends changing the entries of the shareholders' list pursuant to the provisions of Article 354 (1) of the Commercial Act in order to decide on persons who exercise their voting rights at the general meeting of shareholders, the suspended period;
2. In cases where the other company sets the base date pursuant to the provisions of Article 354 (1) of the Commercial Act in order to decide on persons who exercise their voting rights at the general meeting of shareholders, the period ranging from the date after the base date to the date before the date on which the general meeting of shareholders is held.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on date of its promulgation. (Proviso Omitted.)
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. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDUM <Presidential Decree No. 21517, May 29, 2009>
This Decree shall enter into force on June 1, 2009.
ADDENDA <Presidential Decree No. 21641, Jul. 27, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009. (Proviso Omitted.)
Articles 2 through 15 Omitted.
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. 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. 24317, Jan. 16, 2013>
This Decree shall enter into force on the date of its promulgation. (Proviso 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 when a merger is registered pursuant to Article 4 (6) of the Addenda of the Korea Development Bank wholly amended by Act No. 12663.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 27037, Mar. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27533, Sep. 29, 2016>
This Decree shall enter into force on Sep. 30, 2016.
ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 31861, Jun. 29, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 30, 2001.
Article 2 Omitted.