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Article 4
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The promoters of a securities company shall be disqualified should any of the following circumstances apply:
- Where the person is finally convicted of having committed an offense against the internal/external security of the state, or is at large for such offenses pending the closing of the case.
- Where the person has been sentenced to imprisonment for 1 year or more for having committed fraud, breach of trust, misappropriation, or for having violated applicable laws or regulations governing the regulation of business and industry, and 2 years have not elapsed since the completion of the term of such imprisonment.
- Where the person is convicted of having committed embezzlement during his/here years of service as a government employee and 2 years have not elapsed since the completion of the term of imprisonment.
- Where the person is adjudicated bankrupt and his/her civil rights have not been restored; or when acting as a director, supervisor or manager for a juristic person who has been adjudicated bankrupt, and that the termination of bankruptcy proceedings has not exceeded 3 years, or the reconciliation to resolve his/her bankruptcy has not been fulfilled.
- Where there is an event causing serious loss of good credit standing, and time has not been settled or 2 years have not elapsed since the settlement; or in the last 3 years any financial institution has refused to transact with the person or there is a record of loss of good credit standing.
- Where the person has no legal capacity, limited legal capacity, or is placed under assistance by court order.
- Where the person has been punished more severely than a fine under the Act or Futures Trading Act, and that the execution, probation, or pardon of such a judgment has not exceeded 3 years.
- Where 3 years have not elapsed since the person has been dismissed or replaced of his duties by the FSC.
- Where the person has, as supported by facts, engaged in or been involved in other bad faith or inappropriate activities, demonstrating unsuitability to work in the securities industry.
Where the promoter is a juristic person, the provisions of the preceding paragraph shall apply mutatis mutandis to any representative of or any designated individual executing business for the juristic person.
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