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Article 10-2
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An applicant that has received approval from the FSC to conduct a Financial Technology Innovative Experimentation case may apply to the FSC for a permit to convert into a securities firm if the applicant meets the following conditions:<br/>1. The innovative experiment is innovative and has benefits such as effectively increasing the efficiency of financial services, reducing operational and use costs, or enhancing the interests of financial consumers and enterprises.<br/>2. The applicant shall be a duly incorporated and registered company limited by shares, and may not be a close company.<br/>3. The balance sheet audited and attested by certified public accountants (CPAs) within one month before the application date shows net worth not less than the amount specified in Article 3, and not less than two-thirds of the company's share capital. If among the company's share capital are any shares issued for non-cash capital contributions, the number of such shares may not exceed one-fourth of the total number of the company's issued shares, and the applicant shall submit a statement, reviewed by a CPA, of the estimated value and benefits of the non-cash capital contributions.<br/>4. The applicant does not operate any business that a securities firm is prohibited to handle.<br/>In the case of an applicant that applies to convert into a securities firm under the preceding paragraph, the provisions of Articles 4, 7, and 9 to 10-1 shall apply mutatis mutandis to the applicant's qualifications, the bond the applicant is required to deposit, the permit for conversion, the documentation and procedures for issuance of the business license, and the circumstances in which the FSC may reject an application for a permit. However, in the provisions of Articles 4 and 9 regarding the promoters and the minutes of the promoters' meeting, the promoters and minutes shall respectively be replaced by all of the company's shareholders and the minutes of the shareholders' meeting at which the resolution for conversion was passed.<br/>When the applicant applies to the FSC for conversion into a securities firm, if its financial condition fails to meet requirements of the Regulations Governing Securities Firms, or its operation of securities firm business fails to meet requirements of securities laws or regulations or other relevant laws or regulations, it may submit a plan to make adjustments to achieve compliance with requirements and, after the plan is approved by the FSC, it shall accomplish the adjustments within 6 months from the date of issuance of the permit by the FSC. If the applicant fails to make the adjustments in accordance with the adjustment plan, the FSC may restrict its business operations.
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