The purpose of this Act is to contribute to the development of national financial affairs by establishing a Korea Fiscal Information Service to stably operate and manage the digital budgeting and accounting system and to support the development of national finance-related policies, and to contribute to the financial informatization of the international community by strengthening international cooperation in the field of financial informatization, such as export of digital budgeting and accounting systems.
| Article 2 (Legal personality) |
The Korea Fiscal Information Service shall be a corporation.
| Article 3 (Establishment) |
The Korea Fiscal Information Service shall be established at the time it registers such establishment at the location of its main office.
| Article 4 (Articles of incorporation) |
| (1) | The articles of incorporation of the Korea Fiscal Information Service shall include the following matters: |
| 3. | The location of the main office; |
| 4. | Matters regarding its business; |
| 5. | Matters regarding the board of directors; |
| 6. | Matters regarding executive officers and employees; |
| 7. | Matters regarding property and accounting; |
| 8. | Matters regarding restrictions on the exercise of voting rights and the right of representation by directors; |
| 9. | Matters regarding public announcement; |
| 10. | Matters regarding amendments to articles of incorporation; |
| 11. | Matters regarding the enactment, amendment, or repeal of internal regulations. |
| (2) | When the Korea Fiscal Information Service intends to amend its articles of incorporation, it shall obtain authorization from the Minister of Economy and Finance. |
| (1) | The Korea Fiscal Information Service shall perform the following business: |
| 1. | Operating and managing the digital budgeting and accounting system (referring to information and communications media and programs developed to facilitate finance-related business affairs pursuant to Article 97-2 (1) of the National Finance Act; hereinafter the same shall apply); |
| 2. | Managing statistics related to finance; |
| 3. | Operating the website of the digital budgeting and accounting system for citizens; |
| 4. | International cooperation in the field of financial informatization, such as export of digital budgeting and accounting systems; |
| 5. | Operating and managing of the Security Control Center (referring to an organization capable of detecting and analyzing cyber attack information and taking immediate countermeasures) regarding information and communications networks in the financial field or information systems related thereto; |
| (2) | The Korea Fiscal Information Service may conduct profit-making business to raise funds necessary to achieve the objectives of its establishment, in addition to the business activities under paragraph (1), with approval from the Minister of Economy and Finance. |
| Article 6 (Executive officers) |
| (1) | The Korea Fiscal Information Service shall have up to 7 directors, including 1 president, and 1 auditor as its executive officers. |
| (2) | The President of the Korea Fiscal Information Service (hereinafter referred to as the "president") shall be appointed by the Minister of Economy and Finance from among multiple persons recommended by the Committee for Recommendation of Executive Officers established in the Korea Fiscal Information Service pursuant to Article 29 of the Act on the Management of Public Institutions. |
| (3) | Directors shall be classified into standing and non-standing directors. |
| Article 7 (Duties of executive officers) |
| (1) | The president shall represent the Korea Fiscal Information Service and have general supervision and control of its business affairs, and shall be responsible for the management performance of the Korea Fiscal Information Service during his or her term of office. |
| (2) | The standing directors shall be in charge of the business affairs of the Korea Fiscal Information Service, as prescribed by the articles of incorporation, and if the president is unable to perform his or her duties due to unavoidable reasons, the standing directors shall act on his or her behalf in the order prescribed by the articles of incorporation. |
| (3) | The auditor shall audit the property, accounting, and business affairs of the Korea Fiscal Information Service. |
| Article 8 (Grounds for disqualification of executive officers) |
| (1) | None of the following persons shall become an executive officer of the Korea Fiscal Information Service: |
| 1. | A person who is not a national of the Republic of Korea; |
| (2) | When an executive officer comes to fall under any subparagraph of paragraph (1) or is found to have fallen under any subparagraph of paragraph (1) at the time of his or her appointment, he or she shall retire from office by the law itself. |
| (3) | An act in which an executive officer discharged under paragraph (2) was involved before he or she is discharged shall remain valid and effective. |
| Article 9 (Board of directors) |
| (2) | The board of directors shall be composed of directors including the president. |
| (3) | The president shall convene and chair a meeting of the board of directors. |
| (4) | An auditor may attend the meeting of the board of directors and state his or her opinions. |
| (5) | Except as provided in paragraphs (1) through (4), matters necessary for the board of directors shall be governed by the articles of association. |
| Article 10 (Appointment and dismissal of employees) |
The employees of the Korea Fiscal Information Service shall be appointed and dismissed by the president, as prescribed by the articles of incorporation.
| Article 11 (Contributions) |
| (1) | The Minister of Economy and Finance may provide contributions to the Korea Fiscal Information Service to cover expenses incurred in its facilities, operation, and business. |
| (2) | Matters necessary for the payment, management, and use of contributions under paragraph (1) shall be prescribed by Presidential Decree. |
| Article 12 (Submission of business plans) |
| (1) | The Korea Fiscal Information Service shall prepare a business plan and a budgetary document for the relevant fiscal year and submit it to the Minister of Economy and Finance after resolution by the board of directors before the commencement of the relevant fiscal year. The same shall also apply where it intends to modify the submitted business plan and budgetary document. |
| (2) | The Korea Fiscal Information Service shall submit to the Minister of Economy and Finance the business results and the statement of settlement of accounts for the relevant fiscal year after undergoing an audit by an auditor under Article 43 (1) of the Act on the Management of Public Institutions and a resolution by the board of directors by the end of February of the following fiscal year, and shall finalize the statement of settlement of accounts by obtaining approval by the end of March. |
| Article 13 (Treatment of surplus) |
If there is a surplus according to the results of the settlement of accounts of each fiscal year, the Korea Fiscal Information Service shall use it first to cover the losses carried forward and then carry forward the balance to the following fiscal year.
| Article 14 (Request for provision of data) |
| (1) | The Korea Fiscal Information Service may request relevant administrative agencies, local governments, or public institutions under the Act on the Management of Public Institutions to provide data necessary for performing the business under the subparagraphs of Article 5 (1). |
| (2) | The Korea Fiscal Information Service shall not use the data it has received pursuant to paragraph (1) for any purpose other than the business purpose of the Korea Fiscal Information Service. |
| Article 15 (Inspection and demand for correction) |
| (1) | If necessary, the Minister of Economy and Finance may require public officials under his or her jurisdiction to inspect matters regarding the business affairs, accounting, and property of the Korea Fiscal Information Service or request the Korea Fiscal Information Service to submit necessary data. |
| (2) | If any unlawful or unjust matter is found according to the results of an inspection conducted pursuant to paragraph (1), the Minister of Economy and Finance may order the Korea Fiscal Information Service to take corrective measures or take other necessary measures. |
| Article 16 (Duty of confidentiality) |
No one who is or was an executive officer or employee of the Korea Fiscal Information Service shall divulge any confidential information he or she has learned in the course of performing his or her duties, nor use it for any other purpose.
| Article 17 (Prohibition of use of same title) |
No person, other than the Korea Fiscal Information Service under this Act, shall use the name “Korea Fiscal Information Service”.
| Article 18 (Legal fiction as public officials for purposes of applying penalty provisions) |
| Article 19 (Application mutatis mutandis of the Civil Act) |
| Article 20 (Penalty provisions) |
Any person who divulges any confidential information he or she has learned in the course of performing his or her duties or uses such information for other purposes in violation of Article 16 shall be punished by imprisonment with labor for not more than 2 years or by a fine not exceeding 20 million won. <Amended on Mar. 31, 2020>
| Article 21 (Administrative fines) |
| (1) | Any person who uses the name “Korea Fiscal Information Service” without being the Korea Fiscal Information Service, in violation of Article 17, shall be subject to an administrative fine not exceeding 5 million won. |
| (2) | An administrative fine referred to in paragraph (1) shall be imposed and collected by the Minister of Economy and Finance, as prescribed by Presidential Decree. |
ADDENDA <Act No. 14077, Mar. 22, 2016>
Article 1 (Enforcement date)
This Act shall enter into force 2 months after the date of its promulgation.
Article 2 (Preparation for establishment of the Korea Fiscal Information Service)
| (1) | The Minister of Economy and Finance shall organize and operate a preparatory committee for the establishment of the Korea Fiscal Information Service (hereinafter referred to as the "Preparatory Committee") to handle business affairs regarding the establishment of the Korea Fiscal Information Service before this Act enters into force. |
| (2) | The Preparatory Committee shall be composed of up to 5 members, including the chairperson, and the chairperson and members shall be appointed or commissioned by the Minister of Economy and Finance. |
| (3) | The Preparatory Committee shall prepare the articles of incorporation of the Korea Fiscal Information Service and obtain authorization from the Minister of Economy and Finance. |
| (4) | The Preparatory Committee that has obtained authorization under paragraph (3) shall, without delay, file for registration of the establishment of the Korea Fiscal Information Service under its joint signatures. |
| (5) | The Preparatory Committee, which has completed the registration of incorporation under paragraph (4), shall transfer its business affairs and property to the president of the Korea Fiscal Information Service appointed pursuant to paragraph (8). |
| (6) | The Preparatory Committee shall be dissolved when the transfer of business affairs under paragraph (5) is completed, and the chairperson and members of the Preparatory Committee shall be deemed dismissed or removed from office. |
| (7) | Expenses incurred in establishing the Korea Fiscal Information Service shall be borne by the State. |
| (8) | Notwithstanding Article 6 of this Act and Article 26 of the Act on the Management of Public Institutions, the executive officers of the Korea Fiscal Information Service to be first appointed after this Act enters into force shall be appointed by the Minister of Economy and Finance from among multiple persons recommended by the Preparatory Committee. |
Article 3 (Special cases concerning submission of business plans)
Notwithstanding the former part of Article 12 (1), a business plan and a budgetary document for the fiscal year to which the enforcement date of this Act belongs shall be submitted within 3 months from the date of registration of establishment of the Korea Fiscal Information Service. Article 4 (Transitional measures concerning contracts)
A contract for the business affairs for which the Minister of Economy and Finance has executed a contract with the private sector pursuant to the Act on Contracts to which the State is a Party in relation to the business referred to in the subparagraphs of Article 5 (1) before this Act enters into force shall be deemed executed by the Korea Fiscal Information Service on the date such contract is executed.
ADDENDUM <Act No. 17155, Mar. 31, 2020>
This Act shall enter into force 6 months after the date of its promulgation.