| Article 18 |
Within 6 months from the date of the permit issued by the FSC for concurrent operation of securities business by a financial institution, it shall apply to the FSC for issuance of a business license and submit all of the following documentation:<br/>1. The application (Annex 7).<br/>2. Internal control system for the securities business.<br/>3. List of managerial officers and associated persons with certification of their qualifications.<br/>4. Statement declaring that none of the circumstances in Article 53 of the Act exists in respect of its managerial officers (Annex 5) .<br/>5. Documentation certifying compliance with Article 6.<br/>6. Documentation certifying the deposit of the operation bond.<br/>7. Contract affirming the availability to utilize the computer linkage facilities under Article 8.<br/>8. Other documents as required by the FSC.<br/>The permit for the operation of securities business shall be voided if the financial institution fails to apply for the license within the period prescribed in the preceding paragraph. The period prescribed in the preceding paragraph may be extended, however, if the financial institution applies to the FSC, with good cause, prior to the expiration of the period. Such an extension shall not exceed 6 months and may be granted only once. |
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