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Article 53
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When any of the following circumstances occurs in connection with any investment by a securities firm as approved by the FSC, the securities firm shall report the reasons to the FSC along with relevant documentation:<br/>1. Change in business items or material operating policies.<br/>2. Change in the original shareholding ratio of the securities firm or its overseas subsidiary.<br/>3. Dissolution or suspension of operations.<br/>4. Change in the institution's name.<br/>5. Merger with another financial institution, or assignment to or receipt of assignment from another of all or a major part of assets or operations.<br/>6. Occurrence of reorganization, liquidation, or bankruptcy.<br/>7. Occurrence or foreseeable occurrence of any instance of material loss.<br/>8. Material violation of law or regulation or the voidance or revocation of the business permit by the overseas competent authority.<br/>9. Any other material matter.<br/>For any circumstance under subparagraphs 1 to 6 of the preceding paragraph, unless otherwise provided by the FSC, the securities firm shall report in advance. For any circumstance under subparagraphs 7 to 9 of the preceding paragraph, the securities firm shall report within 3 business days from the day on which it becomes aware of the circumstance or on which the circumstance occurs.
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