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Article 10-1
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In any of the following circumstances, the FSC may reject an application for a permit to establish a securities firm:<br/>1. Any of the circumstances in Article 4 applies with respect to a promoter.<br/>2. Any of the circumstances in Article 53 of the Act applies with respect to a director, supervisor, or managerial officer.<br/>3. Any misrepresentation or falsehood is found in any content or information in the application documents.<br/>4. The business plan or the internal control system is not concrete enough, or cannot be implemented effectively.<br/>5. Other circumstances under which denial of permission is considered necessary to protect the public interest.<br/>If the application documents submitted under this Chapter are incomplete or otherwise contain incomplete information, and the situation cannot be corrected within a time limit designated by the FSC, the application documents will be returned.
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