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Article 23-1
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To establish a simple branch office, a securities firm shall submit all of the following documentation in an application to the FSC for permission:<br/>1. The application for establishment of a simple branch office (Annex 8-1).<br/>2. Articles of incorporation or document equivalent to articles of incorporation.<br/>3. Business plan: specify the principles of business operation of the simple branch office; internal organization and division of labor; personnel recruitment; overview of the site and facilities; and financial forecast for the next 3 years.<br/>4. Meeting minutes of the board of directors (or board of governors).<br/>5. Internal control system required under Article 11 (including the simple branch office).<br/>6. Other documents as required by the FSC.<br/>For conversion of a branch office into a simple branch office, the provisions of subparagraph 2 and subparagraphs 4 to 6 of the preceding paragraph shall apply, and the securities firm shall submit the following documentation in an application to the FSC for permission:<br/>1. The application for conversion into a simple branch office (Annex 8-2).<br/>2. Conversion business plan: specify the reasons for conversion (including an analysis of the operating condition of the existing branch office(s)), handling of the rights and interests of existing customers or alternative service methods, etc., and the principles of business operation of the simple branch office; internal organization and division of labor; personnel recruitment; overview of the site and facilities; and financial forecasts for the next 3 years.<br/>3. Employee placement plan.
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