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Article 18-2
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In any of the following circumstances, the FSC may reject an application from a financial institution for a permit for concurrent operation of securities business:<br/>1. Any of the circumstances in Article 53 of the Act applies with respect to a director, supervisor, or managerial officer.<br/>2. Any misrepresentation or falsehood is found in any content or information in the application documents.<br/>3. The business plan or the internal control system is not concrete enough, or cannot be implemented effectively.<br/>4. Other circumstances under which denial of permission is considered necessary to protect the public interest.<br/>If the application documents submitted under this Chapter are incomplete or otherwise contain incomplete information, and the situation is not corrected within a time limit designated by the FSC, the application documents will be returned.
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