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