If an offshore securities branch commits any of the following acts, the competent authorities may, depending on severity of the offense, impose a warning, order the securities firm to remove its directors, supervisors, or managerial officers from their positions, suspend all or a part of the business operated by the head office or branch office for not longer than 6 months, or void or revoke the business license of the head office or branch office:
1.Conducting any business other than that specified in Article 22-4, paragraph 1.
2.Violating Article 8 or 9 applied mutatis mutandis under Article 22-8.
3.Violating provisions of the regulations adopted under Article 22-6, paragraph 2, concerning finances, businesses, utilization of funds, risk management, time limit on and total balance of interbank call loans or financing obtained from other financial institutions, or the handling of trading across foreign currencies with designated foreign exchange banks, offshore banking branches, or offshore financial institutions.
If any director, supervisor, or employee of a securities firm is found to have committed any act which violates this Act or another related act or regulation, and if such violation may affect the normal operation of offshore securities business, the competent authority, in addition to ordering the said securities firm to suspend business operation of such person for not more than 1 year or discharge such person at any time, may also impose sanctions set out in the preceding paragraph depending on the severity of the violation.