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Relevant Laws

Title：Securities and Exchange Act (2023.06.28)
Article 57 (Voidance of Approval)
    The approval to operate the securities business, or the approval to establish branch units by a securities firm may be voided should the said securities firm be found by the Competent Authority to have violated an act or regulation or supplied false information.
Article 59 (Voidance of Approval)
    The approval to operate the securities business or the approval to establish branch unit may be voided should the Competent Authority finds that the securities firm has failed to commence business within three months following the approval was granted to operate the securities business; or that the operation of securities business has been commenced but was subsequently voluntarily suspended for a period of more than three consecutive months.
    Where there are just reasons, the securities firm may apply to the Competent Authority for extending the term referred to in the preceding paragraph.
Article 66 (Sanctions for Legal Violations by Securities Firms)
    Where a securities firm has violated this Act or any order issued hereunder, in addition to being subject to the punishment provided under this Act, the Competent Authority may, depending on the severity of the offense, impose any of the following sanctions, and furthermore may order the securities firm to correct the violation within a prescribed period:
  1. warning.
  2. ordering the securities firm to remove its directors, supervisors, or managerial officers from their office.
  3. suspending the business, in whole or in part, of the company or its branch for a period of not more than six months.
  4. voiding or revoking the business license of the company or its branch.
  5. other necessary measures.