|
Article 32-1
|
In any of the following circumstances, the FSC may reject an application from a foreign securities firm for establishment of a branch unit:
- Any of the circumstances in Article 53 of the Act applies with respect to a managerial officer of the branch unit.
- Any misrepresentation or falsehood is found in any content or information in the application documents.
- The business plan or the internal control system is not concrete enough, or cannot be implemented effectively.
- Other circumstances under which denial of permission is considered necessary to protect the public interest.
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.
|