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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:<br/>1. 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.<br/>2. 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.<br/>3. 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.<br/>4. 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.<br/>5. 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 blacklisted the person or there is a record of loss of good credit standing.<br/>6. Where the person has no legal capacity, limited legal capacity, or is placed under assistance by a declaration of a court, which has not yet been voided.<br/>7. 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.<br/>8. Where 3 years have not elapsed since the person has been dismissed or replaced of his duties by the FSC.<br/>9. 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.<br/>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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