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Article 18
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The application by a financial institution for a securities business operation license shall be filed within 6 months from the date of the permit issued by the FSC and all of the following documentation shall be submitted:
- The application (Annex 7).
- The system of internal control for the securities business.
- The list of managerial and associated persons with certification of their qualifications.
- A statement declaring the inapplicability of Article 53 of the Act in respect of its managers (Annex 5) .
- The documentation certifying the compliance with Article 6.
- The documentation certifying the deposit of operation bond.
- The contract affirming the availability to utilize the computer linkage facilities under Article 8.
- Other documents that the FSC may so require.
The permit for the operation of securities business shall be revoked if the said financial institution fails to apply for the license within the duration prescribed in the preceding paragraph. The duration prescribed in the preceding paragraph may be extended, however, should the said financial institution apply to the FSC, with just cause, prior to the expiration of the duration. Such an extension shall not be more than 6 months and may be applied only once.
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