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Article 7
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After completing company registration procedures in accordance with law, an OTC trading enterprise shall apply to the Competent Authority for the issuance of a business license, attaching the documents listed below:
- Document evidencing company registration.
- Articles of incorporation.
- Shareholders register and shareholders meeting minutes.
- Register of directors, supervisors, and managerial officers, and a written statement declaring that they do not fall into any of the categories specified in Article 53 of the Act.
- Board of directors meeting minutes.
- Register of associated persons, evidentiary documentation of their qualifications, and a written declaration stating that they do not fall into any of the categories specified in Article 54 of the Act.
- Other documentation as required by the Competent Authority.
If an OTC trading enterprise fails to apply for the issuance of a business license within six months after completing business registration, the Competent Authority may revoke its approval, provided that before that six-month period has lapsed and with legitimate reason, the OTC trading enterprise may apply to the Competent Authority to extend its approval; such extension may be granted only once for a period not to exceed six months.
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