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Article 93
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Special permission or permission shall be obtained from the Competent Authority before the establishment of a stock exchange is registered. The application procedures and other necessary matters shall be prescribed by an order of the Competent Authority.
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Article 95
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The standards for the establishment of stock exchanges shall be prescribed by the Competent Authority.
Each stock exchange shall be limited to establishing one centralized securities exchange market.
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Article 99
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A stock exchange shall deposit an operation bond with the National Treasury, the amount of which shall be prescribed by an order of the Competent Authority.
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Article 102
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Matters relating to the direction and supervision of the business operation of a stock exchange and the regulation of its responsible persons and associated persons shall be prescribed by an order of the Competent Authority.
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Article 137
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The provisions of Articles 41 and 48, subparagraphs 1 through 4, and subparagraph 6 of Article 53, Articles 58, 59, 115, 117, 119 through 121, and 123 shall apply mutatis mutandis to a company-type stock exchange.
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Article 154
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A stock exchange may set aside a compensation reserve out of its securities transaction fees to cover the payments specified in the preceding Article. The method of setting aside the reserve, the rate at which it is set aside, the conditions for suspension of setting aside the reserve, and the method of custody and utilization of the reserve shall be prescribed by an order of the Competent Authority.
Claimants in cases arising from trading on the centralized securities exchange market shall have the preferential right to the satisfaction of their claims from the settlement and clearing fund specified in Article 108 and Article 132 in the following order of priority:
1. The stock exchange.
2. The principal in a brokerage trade.
3. Securities brokers and securities dealers.
When the settlement and clearing fund is insufficient to satisfy such claims, the unsatisfied portion of the claims may be satisfied in accordance with the provisions of paragraph 2 of Article 55 of this Act.
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