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ENFORCEMENT DECREE OF THE FUTURES TRADING ACT

ENFORCEMENT DECREE OF THE FUTURES TRADING ACT


INTRODUCTION

Details of Enactment and Amendment

- Enactment: This Decree was enacted by the Presidential Decree No. 15083 (Jun. 29, 1996) to prescribe the matters delegated by the Futures Trading Act (Act No. 5041, Dec. 29, 1995) and those necessary for the enforcement thereof following the enactment of the same Act the purpose of which is to effectively manage the danger of price fluctuation as the uncertainty of the said price fluctuation in the spot market is increased due to the opening and self-control of economy.
- Amendment: This Decree has arrived at its present form as a result of being amended 9 times, and the latest amendment was on January 27, 2005.


Main Contents

- This Decree prescribes the limit of necessary capital to establish futures exchange and to have facilities such as computer equipments, etc. necessary to execute futures trade.
- This Decree prescribes the limit of necessary capital to operate futures business and to have specialized manpower, facilities, etc. to execute futures trade duty.
- This Decree prescribes the limit of necessary capital to operate futures investment fund business and to have facility necessary for executing raising and operation business of investment fund.
- This Decree prescribes that the fund raised from investors by the futures investment fund operator may be operated for purchase of securities or foreign currency securities, deposit in the financial institutions, call loan, etc.
- This Decree prescribes that the climate where investment shall be made on one's own judgment and responsibility in consideration of the high-risk high-return characteristics of futures trade shall be created, and that the possibility of occurrence of loss greater than consignment guarantee money shall be informed to the entruster when a contract between futures trade businessman and entruster is concluded.
- This Decree prescribes that the purpose of use, and type, item and line of futures transaction, period of transaction shall be clarified when the Financial Supervisory Commission and the Securities & Futures Commission investigate unfair trading.
- This Decree prescribes that the futures businessman shall keep his own capital above the ratio fixed by the Financial Supervisory Commission in order to enhance the soundness of operation of asset and management, and the futures businessman shall not load money or provide credit to the principal investor.
- This Decree prescribes that the matters to be included in the internal control standard shall be matters regarding division of business and organizational structure, matters regarding risk management occurring in the course of asset management, etc.
- This Decree prescribes that the futures business operator shall accumulate the disposable earned surplus as liability reserve every business year, and the accumulated liability reserve shall be used only to indemnify truster's loss occurred due to futures business operator's responsibility, etc.




ENFORCEMENT DECREE OF THE FUTURES TRADING ACT

Presidential Decree No. 15083, Jun. 29, 1996
Amended by Presidential Decree No. 15759, Apr. 1, 1998
Presidential Decree No. 15941, Dec. 18, 1998
Presidential Decree No. 16287, May 10, 1999
Presidential Decree No. 16323, May 24, 1999
Presidential Decree No. 16709, Feb. 14, 2000
Presidential Decree No. 16896, Jul. 10, 2000
Presidential Decree No. 17031, Dec. 29, 2000
Presidential Decree No. 18312, Mar. 17, 2004
Presidential Decree No. 18688, Jan. 27, 2005



CHAPTER I GENERAL PROVISIONS


Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the Futures Trading Act (hereinafter referred to as the Act ) and matters necessary for its enforcement. <Amended by Presidential Decree No. 18688, Jan. 27, 2005>

Article 2 (Definitions)
The definitions of the terms used in this Decree shall be under those as prescribed by the Act.

Article 2-2 (Overseas Futures Trading)l
The term transaction as prescribed by the Presidential Decree in subparagraph 2 of Article 3 of the Act means the transaction, which is prescribed by the Ordinance of the Ministry of Finance and Economy, and which is effected according to internationally standardized terms or procedures.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]



CHAPTER II FUTURES EXCHANGES


Articles 3 through 5 Deleted.
<by Presidential Decree No. 18688, Jan. 27, 2005>







Articles 5-2 and 6 Deleted.
<by Presidential Decree No. 18688, Jan. 27, 2005>




Article 6-2 (Accumulation of Common Funds)
(1)Total reserve scale, reserve ratio by each member and reserve method of the common funds for compensating for damages as referred to in the provisions of Article 27 (1) of the Act (hereinafter referred to as common funds ) shall be provided by the Korea Securities and Futures Exchange (hereinafter referred to as the Exchange ) established under the Korea Securities and Futures Exchange Act as the Members Management Regulation (hereinafter referred to as Members Management Regulation ) as referred to in Article 16 of the same Act by taking account of the dangers of trade at the futures markets and other conditions. <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
(2) Where the Exchange deems that an amount reserved for common funds is deficient to compensate for damages, it may reserve as common funds such an amount as determined by the Members Management Regulation at a time. <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 6-3 Deleted.
<by Presidential Decree No. 18688, Jan. 27, 2005>

Article 6-4 (Management and Operation of Common Funds)
(1) The Exchange shall manage common funds for each member separately and shall audit them independently of other property.
(2) The Exchange shall operate common funds with the following methods: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.Deposit in banks;
2.Money trust (limited to that compensating for the principal) of them in financial institutions which carry out trust operation;
3.Purchase of government and local bonds and bonds the payment whose principal and interests are guaranteed;
4.Loan to or purchase of bonds issued by a securities finance company under Article 145 of the Securities and Exchange Act; and
5.Purchase of the Bank of Korea monetary stabilization bonds as referred to in Article 69 of the Bank of Korea Act.
(3) The Exchange shall add up the proceeds from operation of common funds under paragraph (2) in the principal of common funds pursuant to the Members Management Regulation. <Newly Inserted by Presidential Decree No. 18688, Jan. 27, 2005>
(4) Matters necessary for the management and operation of common funds other than paragraphs (1) through (3) shall be provided by the Members Management Regulation. <Newly Inserted by Presidential Decree No. 18688, Jan. 27, 2005>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 6-5 (Use of Common Funds)
Where the Exchange uses a common fund to compensate for damages due to default by a member, it shall use preferentially the common fund reserved by the member who has defaulted debts, and where the common fund is deficient to compensate for damages, it shall use another common fund reserved by other members in proportion to their reserved ratios.
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 6-6 (Right to Indemnity and Compensation for Common Funds)
(1) Where the Exchange uses a common fund pursuant to Article 6-5, it shall have the right to indemnity against any defaulted member about the amount used, and interests and required expenses after the date on which the common fund has been used.
(2) Where the Exchange intends to compensate for a common fund with an amount collected by the exercise of the right to indemnity, it shall first compensate for it in proportion to the use of a common fund reserved by other members, and where there is a balance, it shall compensate for the amount used of a common fund reserved by a defaulted member.
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 6-7 (Refund of Common Funds)
The Exchange shall refund the member who withdraws from the Exchange common funds reserved by said member, pursuant to the provisions of Members Management Regulation. <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 6-8 Deleted.
<by Presidential Decree No. 18688, Jan. 27, 2005>

Article 7 (Unfair Trading Practices)
Entrustment or acceptance thereof with respect to trading activities set forth in Article 31 (1) 4 of the Act shall fall under the activities prescribed by the Presidential Decree mentioned in Article 31 (1) 6 of the Act.

Article 8 (Restriction on Transactions, etc.)
The Financial Supervisory Commission may determine the following matters for each type, item, trading month or category pursuant to Article 32 of the Act: <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
1.Maximum limit for futures trading effected by a futures company at its own account;
2.Maximum limit for futures trading which customers are permitted to commission; and
3.The limit of futures trading by every futures company which is a member of the Exchange and the limit of futures trading commissioned by customers to futures companies concerned, within the maximum limit referred to in subparagraphs 1 and 2.
[This Article Wholly Amended by Presidential Decree No. 15759, Apr. 1, 1998]



CHAPTER III FUTURES BUSINESS


Article 9 (Application for Futures Business License)
(1) Any person who intends to get a license pursuant to Article 37 (1) of the Act to run a futures business shall submit to the Financial Supervisory Commission documents falling under each of the following subparagraphs: Provided, That when the information as included in the following documents can be confirmed through joint use of administrative information under Article 21 (1) of the Act on Promotion of the Digitalization of Administrative Affairs, etc. for Creation of Digital Government, such confirmation may be substituted for such documents: <Amended by Presidential Decree No. 15759, Apr. 1, 1998; Presidential Decree No. 16323, May 24, 1999; Presidential Decree No. 16896, Jul. 10, 2000; Presidential Decree No. 18312, Mar. 17, 2004; Presidential Decree No. 18688, Jan. 27, 2005>
1.A written application stating the following items:
(a) Name and location of the principal office;
(b) Name, residence registration number and address of its representative;
(c) Matters concerning capital; and
(d)Details of the futures business intended to run;
2.Articles of incorporation;
3.Names or titles and domiciles of stockholders who are in possession of not less than 1/100 of the total issued stocks as of the date on which an application is filed for a futures business license and a document stating the number of stocks owned by them;
4.A certified copy of corporate registration (except for a juristic person currently in the process of establishment);
5.Business plans and estimated earnings-and-expenses statement for the first two years of operation;
6.Documents stating the present conditions of expert manpower and facilities and equipment; and
7.Other documents, prescribed by the Financial Supervisory Commission, which are necessary to examine the requirements for granting any license under the Act or this Decree.
(2) and (3) Deleted. <by Presidential Decree No. 15759, Apr. 1, 1998>


Article 9-2 Deleted.
<by Presidential Decree No. 16287, May 10, 1999>

Article 9-3 (Application by Foreign Futures Company for Domestic Futures Business License)
(1) Any foreign futures company which intends to obtain a license referred to in Article 37 (3) of the Act to run its futures business in the Republic of Korea shall furnish documents falling under each of the following subparagraphs to the Financial Supervisory Commission: Provided, That when the information as included in the following documents can be confirmed through joint use of administrative information under Article 21 (1) of the Act on Promotion of the Digitalization of Administrative Affairs, etc. for Creation of Digital Government, such confirmation may be substituted for such documents: <Amended by Presidential Decree No. 16287, May 10, 1999; Presidential Decree No. 16323, May 24, 1999; Presidential Decree No. 16896, Jul. 10, 2000; Presidential Decree No. 18312, Mar. 17, 2004; Presidential Decree No. 18688, Jan. 27, 2005>
1.An application for license stating the following items:
(a)Name and seat of its main office;
(b)Names and addresses of representatives (including the representatives of the branches or other business offices);
(c)Matters on capital stock and equity capital;
(d)Contents of futures trading business to be run in the Republic of Korea; and
(e)Name, seat and operating funds (referring to funds provided to the branch or any other business office by the main office to establish the branch or any other business office or carry on business operations; hereinafter the same shall apply) of the branch or any other business office;
2.Articles of incorporation or any its equivalent;
3.Copy of corporate register or any its equivalent;
4.Copy of minutes of the board of directors which resolved to establish the branch or other business offices;
5.Balance sheets, income statements and documents on the statement of retained earnings or disposition of deficit of each business year for recent two years;
6.Prospectus and estimated statements of receipts and disbursements for two years after starting its operations;
7.Documents stating names or titles, addresses and equities of major financial investors;
8.Documents stating the present conditions of expert manpower and equipment; and
9.Other documents proving that it meets the standards listed in any of subparagraphs of Article 10-2.
(2) Deleted. <by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 10 (Detailed Requirements for Futures Business License)
(1) Any person who intends to get a license for his futures business shall meet detailed requirements falling under each of the following subparagraphs for manpower and physical facilities as prescribed in Article 38 (1) 2 of the Act:
1.He is required to secure not less than 3 specialists falling under each of the following items:
(a) Persons who have been engaged in the business of futures trading and overseas futures trading (hereinafter referred to as futures trading, etc. ) for not less than 2 years;
(b) Persons who hold master s degrees or higher in the futures-related field; and
(c) Persons who have completed the prescribed course of study in institutions designated by the Minister of Finance and Economy; and
2.He is required to secure facilities and equipment falling under each of the following items which are necessary to smoothly carry out the business of futures trading, etc. commissioned by customers or the business of intermediating and arranging consignments or acting as agents (hereinafter referred to as brokerage, etc. ):
(a) Office space and equipment which are adequate to perform the business;
(b) The computer system and communications means which are necessary to manage property, handle orders from customers and make settlements, etc.; and
(c) Security devices which are necessary to safely protect physical facilities such as property and computer facilities and equipment.
(2) The business plan under Article 38 (1) 3 of the Act shall meet requirements falling under each of the following subparagraphs:
1.The profitability prospect is required to be appropriate and attainable;
2.The method of securing financial resources necessary to implement the business plan is required to be appropriate;
3.The composition plan for the internal organization is required to be fit for controlling any risk arising from futures trading;
4.The internal control mechanism is required to be in place in order to control any risk arising from futures trading and prevent any financial incident; and
5.The plan for securing the specialists referred to in paragraph (1) 1 is required to be appropriate.
(3) The term major investor prescribed by the Presidential Decree in Article 38 (1) 4 of the Act means the person falling under any of the following subparagraphs: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.As the stockholder of relevant company, and on the basis of the number of stocks with voting rights issued by such company, if the number of stocks owned by the principal and a person related to him in such relations as to fall under any subparagraph of Article 10-3 (2) of the Enforcement Decree of the Securities and Exchange Act (hereinafter referred to as the specially related person ) is the largest, the relevant principal (hereinafter referred to as the largest stockholder );
2.A person specially related to the largest stockholder; and
3.A stockholder (hereinafter referred to as the major stockholder ) who owns not less than 10/100 of the total number of issued stocks with voting rights for his own account whatever the name is or is virtually in control of major management matters of the company concerned such as the appointment and dismissal, etc. of officers.
(4) The major investors shall meet the requirements as prescribed in the attached Table: Provided, That in case where the securities company under the Securities and Exchange Act intends to obtain a license for a futures business in order to concurrently run a futures trade (limited to the futures trade subjected to the stock certificates, and to the indexes based upon them), the Financial Supervisory Commission may differently set the relevant requirements. <Amended by Presidential Decree No. 17031, Dec. 29, 2000; Presidential Decree No. 18688, Jan. 27, 2005>
(5) The Financial Supervisory Commission may set specific standards for the detailed requirements for the business licence under paragraphs (1) through (4).
[This Article Wholly Amended by Presidential Decree No. 16896, Jul. 10, 2000]

Article 10-2 (Requirements for Permitting Establishment of Branch Office and Other Business Offices by Foreign Futures Company)
(1) Detailed requirements for granting permission for any foreign futures company to open its branch office and other business offices in the Republic of Korea under Article 38 (3) of the Act shall be as follows:
1.The home country of such foreign futures company is required to permit any futures company of the Republic of Korea to run its futures business in such country; and
2.The foreign futures company is required to meet the requirements as prescribed in subparagraph 4 (b) through (d) of the attached Table.
(2) The Financial Supervisory Commission may set specific standards for granting the permission referred to in paragraph (1).
[This Article Wholly Amended by Presidential Decree No. 16896, Jul. 10, 2000]

Article 10-3 (Regulatory Ratio of Equity Capital)
(1) Any futures company shall, pursuant to Article 39-2 (1) of the Act, always maintain the ratio (hereinafter referred to as the regulatory ratio of equity capital ), which is derived from dividing the amount computed by subtracting the amount of subparagraph 3 from the total sum of the amounts of subparagraphs 1 and 2, by total risk amount (referring to the total sum obtained by converting risks involved in the assets and liabilities of the futures company or those accompanying in its business, into the amount), higher than 100/100, and also higher than the ratio set by the Financial Supervisory Commission:
1.The amount obtained by subtracting the gross amount of debts from the gross amount of assets;
2.The amount prescribed by the Financial Supervisory Commission such as reserve for bad debts in current assets and low priority borrowings and others corresponding to them; and
3.The amount prescribed by the Financial Supervisory Commission such as the appraised amount of fixed assets, cash in advance and others corresponding to them.
(2) Any futures company shall compute its regulatory ratio of equity capital as of the last day of every quarter (hereafter in this Article referred to as the basic date ) and file a report thereof with the Financial Supervisory Commission within one month from the basic date. It shall also keep and offer such regulatory ratio of equity capital for public perusal in its principal office, branch office or other business office, and the Futures Association established pursuant to Article 75 of the Act (hereinafter referred to as the Futures Association ) for 3 months beginning with the date on which one month has passed since the basic date.
(3) Specific standards for computing the regulatory ratio of equity capital such as the method of computing total risk amount shall be determined by the Financial Supervisory Commission.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]

Article 10-4 (Soundness of Management and Operation of Assets)
Any futures company shall be prohibited from performing the act falling under each of the following subparagraphs under Article 39-2 (1) of the Act except as provided by the Financial Supervisory Commission:
1.The act of possessing securities or bills issued by the major investor of the futures company concerned or acquiring such securities or bills as security;
2.The act of lending money or extending credits to the major investor of the futures company concerned; and
3.Other acts, prescribed by the Financial Supervisory Commission, which are feared to undermine the operation of assets and the soundness of management of any futures company.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]

Article 10-5 (Disqualification Causes, etc. of Officers)
(1) The term Acts and subordinate statutes related to the finance in subparagraph 5 of Article 39-3 of the Act means the falling under each of the following subparagraphs:
1.The Bank of Korea Act;
2.The Banking Act;
3.The Act on Business of Operating Indirect Investment and Assets;
4.The Insurance Business Act;
5.The Merchant Banks Act;
6.The Mutual Savings Banks Act;
7.The Act on Real Name Financial Transactions and Guarantee of Secrecy;
8.The Securities and Exchange Act;
9.The Korea Securities and Futures Exchange Act;
10.The Act on the Establishment, etc. of Financial Supervisory Organizations;
11.The Depositor Protection Act;
12.The Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of the Korea Asset Management Corporation;
13.The Specialized Credit Financial Business Act;
14.The Korea Development Bank Act;
15.The Industrial Bank of Korea Act;
16.The Long-Term Credit Bank Act;
17.The Export-Import Bank of Korea Act;
18.The Credit Unions Act;
19.The Trust Business Act;
20.The Credit Guarantee Fund Act;
21.The Korea Technology Credit Guarantee Fund Act;
22.The Community Credit Cooperatives Act;
23.The Support for Small and Medium Enterprise Establishment Act;
24.The Use and Protection of Credit Information Act;
25.The Foreign Exchange Transactions Act;
26.The Foreign Investment Promotion Act;
27.The Asset-Backed Securitization Act;
28.The Special Purpose Companies for Mortgage-Backed Bonds Act;
29.The Act on the Structural Improvement of the Financial Industry;
30.The Secured Debentures Trust Act;
31.The Financial Holding Companies Act;
32.The Corporate Restructuring Investment Companies Act; and
33.The Korea Housing Finance Corporation Act.
(2)The term persons as prescribed by the Presidential Decree in subparagraph 7 of Article 39-3 of the Act means the officers and staff members at the time of occurrence of causes for cancellation of permission or authorization, etc. for business (in the case of corporation or company whose permission or authorization, etc. has been cancelled as referred to in Article 14 (2) of the Act on the Structural Improvement of the Financial Industry, the officers or staff members at the time of occurrence of causes for the timely correction measures as referred to in Article 10 of the same Act), who falls under anyone of the following subparagraphs:
1.Auditor or the members of audit committee;
2.Officers subject to the warning, caution, censure, suspension from office or request for dismissal by the Financial Supervisory Commission or the Governor of Financial Supervisory Service established under the Act on the Establishment, etc. of Financial Supervisory Organizations (hereinafter referred to as the Governor of Financial Supervisory Service ) due to the illegal or unlawful acts related to occurrence of causes for cancellation of permission or authorization, etc.;
3.Staff members subject to the measures falling under heavier than the request for suspension of office by the Financial Supervisory Commission or the Governor of Financial Supervisory Service due to the illegal or unlawful acts related to occurrence of causes for cancellation of permission or authorization, etc.; and
4.Persons subject to punishment as referred to in the provisions of subparagraph 2 or 3, who have retired or resigned prior to be subject to the said punishment.
[This Article Newly Inserted by Presidential Decree No. 18688, Jan. 27, 2005]


Article 10-6 (Internal Control Standard)
(1) The internal control standards (hereinafter referred to the internal control standards ) under Article 40 of the Act shall include matters falling under each of the following subparagraphs:
1.Matters relating to the division of work and organizational structure;
2.Matters relating to the control of risks arising from the course of operating assets and running the business;
3.Matters relating to procedures for officers and employees to observe when they perform their duties;
4.Matters relating to the building of a system under which information necessary for making decisions with respect to management is efficiently transmitted and an information system;
5.Matters relating to procedures and methods of confirming whether the internal control standards are observed and the handling of any officer or any employee who has violated the internal control standards;
6.Matters relating to the report on details of futures trading by any officer or any employee and procedures or standards for preventing any officer or any employee from being engaged in unfair futures trading;
7.Matters relating to procedures for setting or altering the internal control standards; and
8.Other matters prescribed by the Financial Supervisory Commission as specific standards for the matters of subparagraphs 1 through 7.
(2) The Financial Supervisory Commission may recommend that any futures company, which is found to violate Acts or subordinate statutes as a result of examination by the Financial Supervisory Service under Article 81 (1) of the Act, alter its internal control standards to prevent a second violation of Acts or subordinate statutes.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]


Article 11 (Matters to be Reported)
Any futures company shall, where it falls under any of the following subparagraphs, promptly report the details thereof to the Financial Supervisory Commission under subparagraph 6 of Article 41-2 of the Act: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.Where it files an application for the commencement of reorganization procedures under the Company Reorganization Act or the commencement of composition under the Composition Act;
2.Where it is subjected to a disposition taken by a financial institution to suspend its current account transaction under the Banking Act;
3.Where there is an illegal and unfair act by any officer or any employee such as the embezzlement or the arbitrary or discretionary transaction of company property or customers property;
4.Where there is a resolution of the board of directors for running other business than the futures business;
5.Where the cause of business suspension or the cause of dissolution accrues; and
6.Other cases, prescribed by the Financial Supervisory Commission, which are necessary to protect customers.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]

Article 11-2 (Matters to be Entered in Notification of Risk in Futures Trading)
(1) The following matters shall be entered in a document delivered by a futures company to a customer prior to the conclusion of a contract (meaning the conclusion of account-establishing contract made between a futures company and a customer in connection with futures trading, etc.; hereafter in this Article and Article 11-3, the same shall apply) pursuant to Article 43 (3) of the Act (hereinafter referred to as risk notification in futures trading ): <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
1.Potential loss incurrence above customer margins;
2.Potential additional payment of customer margins;
3.Futures company s revocability of open contract where the additional payment of customer margins are not fulfilled;
4.Possible raise of customer margins according to circumstances in futures markets or overseas futures markets;
5.Difficulty of revoking open contract according to circumstances in futures markets or overseas future markets; and
6.Matters as the Financial Supervisory Commission deems necessary for the protection of customers other than those listed in subparagraphs 1 through 5.
(2) Where any futures company delivers a risk notification in futures trading to a customer, it shall explain such fact in detail and receive a document which states the effect that the customer trades in futures on his own judgement and responsibility and which the customer signs or puts his name to and seals. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 11-3 (Matters to be Entered in Contract Conclusion Documents)
(1) The following matters shall be entered in a document pertaining to contract conclusion delivered by a futures company to a customer pursuant to Article 43 (3) of the Act: <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
1.Matters on a futures company refusal to receive commission;
2.Matters on the collection of customer margins;
3.Matters on the measures in time of failure to pay customer margins and clearing amount;
4.Matters on commission fees or other general expenses; and
5.Matters which are not consistent with the related provisions other than those listed in subparagraphs 1 through 4, which are deemed necessary by a futures company.
(2) A document listed in paragraph (1) shall be signed or sealed by the futures company and the customers, respectively. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 11-4 (Communication, etc. of Account Sale)
(1) Where any futures contract, etc. commissioned by a customer is concluded, a futures company shall notify its contents to the customer. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
(2) Any futures company shall notify the contents and balance status of futures trading, etc. to a customer who has attained results of futures trading, etc. on the basis of the end of every month by the twentieth day of the next month and shall notify the balance status of a quarter to a customer who has not attained results of futures trading, etc. on the basis of the end of every quarter by the twentieth day after the closing of such quarter. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
(3) Where any futures company sends by mail or electronic communication the account sale and balance status of futures trading, etc. referred to in paragraphs (1) and (2) to the address designated by the customer, it shall be deemed to have been notified. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
(4)The necessary details in connection to a futures company notification of the contents and balance status of futures trading, etc. shall be determined by the Financial Supervisory Commission. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 12 (Prohibited Acts of Conduct)
The term acts of conduct prescribed by a Presidential Decree in Article 45 (1) 6 of the Act means as follows:
1.Entrustment of futures trading, etc. or performance of duties of a broker, etc. thereof for the benefit of oneself or a third party on the basis of information obtained during the course of business operations; or
2.Failure to make an application for the pertinent entrustment to the Exchange or foreign futures market or to perform duties of a broker, etc. of such entrustment but instead involving a third party as its counter party and entering into a trade with such third party, in case there was an entrustment of futures trading, etc. or duties of a broker, etc. of such entrustment were given.

Article 13 (Restriction on Trading by Officers and Employees)
(1) The term cases where determined by the Presidential Decree in Article 48 (1) of the Act means as follows: <Amended by Presidential Decree No. 15759, Apr. 1, 1998; Presidential Decree No. 16287, May 10, 1999; Presidential Decree No. 18688, Jan. 27, 2005>
1.Where they entrust overseas futures trading;
2.Where they close futures trading done before becoming officers and employees;
3.Where they acquire beneficiary certificates issued by an asset management company under the Act on Business of Operating Indirect Investment and Assets; and
4.Where they trade money or securities on consignment to a trust company under the Trust Business Act (except where management method of trust property is designated).
(2) Deleted. <by Presidential Decree No. 15179, Apr. 1, 1998>

Article 13-2 (Scope of Customer Deposits)
(1) The scope of customer deposits which a futures company has to deposit in a securities finance company referred to in Article 145 of the Securities and Exchange Act (hereinafter referred to as depository ) shall be an amount which deducts the amount of subparagraph 2 from the amount of subparagraph 1: <Amended by Presidential Decree No. 16896, Jul. 10, 2000; Presidential Decree No. 18688, Jan. 27, 2005>
1.The total amount of:
(a) An amount entrusted by customers for futures trading, etc.;
(b) An amount of profits accrued from futures trading, etc. of customers;
(c) An amount which a futures company has promised to pay to customers such as interest on customer deposits; and
(d) Other amount determined by the Financial Supervisory Commission from among the amount which is entrusted by customers to a futures company or which is to be paid by a futures company to customers; and
2.The total amount of:
(a) An amount which a futures company deposits with a futures exchange or another futures company for customers futures trading;
(b) An amount deposited with an overseas futures market (including its settlement agencies; hereinafter the same shall apply) and a person who carries on the business falling under futures business abroad by a futures company for customers overseas futures trading;
(c) An amount of losses incurred from customers futures trading;
(d) Overall expenses related to customers futures trading such as customer commission, etc.; and
(e) Other amount as determined by the Financial Supervisory Commission among the amount which a futures company is expected to receive from a customer or an amount required for customers futures trading.
(2) The specific standards for calculating amounts referred to in any of subparagraphs of paragraph (1) shall be determined by the Financial Supervisory Commission.
(3) Any futures company shall deposit above the amount calculated pursuant to paragraph (2). In this case, the deposit time shall be determined by the Financial Supervisory Commission, taking into account deposited time of customer deposits and settlement time, etc. pursuant to paying in and withdrawing, and such depositing period shall not be more than seven days. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-3 (Exceptional Assignment of Customer Deposits)
A futures company which has deposited customer deposits (hereinafter referred to as a depository futures company ) may assign part or all of customer deposits with the depository pursuant to Article 49-2 (3) of the Act in any case falling under subparagraphs: <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
1.Where a depository futures company is merged with or consolidated into another company; and
2.Where a depository futures company assigns all or part of futures business.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-4 (Withdrawal of Customer Deposits)
Any depository futures company may withdraw customer deposits deposited with the depository according to the following standards: <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
1.Where customer deposits already deposited are larger than customer deposits to be deposited: the difference between deposited customer deposits and customer deposits to be deposited;
2.Where a cause for preferential payment referred to in Article 49-2 (4) of the Act occurs: deposited customer deposits; and
3.Where the Financial Supervisory Commission approves as necessary such as large-scale request for payment of customer deposits at the same time from customers: approved amount.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-5 (Time for Announcement for Payment of Customer Deposits)
The term period as determined by the Presidential Decree in Article 49-2 (4) of the Act means two months from the date on which a cause of any subparagraphs of paragraph (4) of the said Article occurs: Provided, That where it is impossible to announce within the said period for occurrence of any inevitable cause, such period may be extended within one month upon approval of the Financial Supervisory Commission.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-6 (Operation of Customer Deposits)
(1) Financial institutions referred to in Article 49-2 (6) 2 of the Act means: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.Financial institutions under the Banking Act;
2.The Korea Development Bank under the Korea Development Bank Act;
3.The Industrial Bank of Korea under the Industrial Bank of Korea Act;
4.The Long-term Credit Bank under the Long-term Credit Bank Act;
5.Merchant banks under Merchant Bank Act;
6.Insurers under the Insurance Business Act;
7.The Credit Guarantee Fund under the Credit Guarantee Fund Act; and
8.Securities companies under the Securities and Exchange Act.
(2) The term other methods determined by the Presidential Decree in Article 49-2 (6) 3 of the Act means as follows: <Amended by Presidential Decree No. 16896, Jul. 10, 2000; Presidential Decree No. 18688, Jan. 27, 2005>
1.Loans to a depository futures company secured on securities (including certificates of deposits) referred to in Article 2 (1) of the Securities and Exchange Act;
2.Purchase of the Bank of Korea monetary stabilization bonds under Article 69 of the Bank of Korea Act; and
3.Other methods determined by the Financial Supervisory Commission, deemed capable of safe operation of customer deposits.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-7 (Management of Customer Deposits)
Any depository shall manage deposited customer deposits, in good faith and sincerity, separately from his own property.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-8 (Detailed Matters on Management, etc. of Customer Deposits)
Detailed matters necessary for the deposition, withdrawal, payment and management of customer deposits shall be determined by the Financial Supervisory Commission.
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-9 (Deposition of Securities by Futures Company)
(1) The term bonds or deeds as determined by the Presidential Decree in Article 49-3 (1) of the Act means as follows: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.Certificates of deposits; and
2.Foreign currency bonds referred to in the Foreign Exchange Transactions Act, which the Financial Supervisory Commission may determine.
(2) The term those as determined by the Presidential Decree in Article 49-3 (2) of the Act means any of securities, bonds or deeds: <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
1.Securities (including certificates of deposits) referred to in Article 2 (1) of the Securities and Exchange Act; and
2.Foreign currency bonds referred to in the Foreign Exchange Transactions Act, which the Financial Supervisory Commission may determine.
(3) Where a futures company keeps in custody securities, bonds or deeds other than securities to be deposited referred to in Article 173-7 of the Securities and Exchange Act with the Korea Securities Depository and Settlement by deposition in custody or other methods, it shall be deemed to have deposited pursuant to Article 49-3 of the Act. <Amended by Presidential Decree No. 16896, Jul. 10, 2000; Presidential Decree No. 18688, Jan. 27, 2005>
[This Article Newly Inserted by Presidential Decree No. 16287, May 10, 1999]

Article 13-10 (Responsibility Reserve)
(1) Any futures company shall accumulate disposable profits as a responsibility reserve every fiscal year in accordance with Article 50 of the Act. In this case, where such disposable profits exceed 1/1,000 of the amount of consignment fees (including overseas consignment fees; hereafter in this Article the same shall apply), the responsibility reserve shall be the amount equivalent to 1/1,000 of the consignment fees.
(2) Any futures company shall be permitted to use the responsibility reserve only in the case falling under any of the following subparagraphs:
1.Where any futures company or its officer or employee is found to be responsible for a loss suffered by a customer and thereby the futures company intends to compensate such loss; and
2.Where any responsibility reserve has been unused for 3 fiscal years after such reserve was accumulated and that the responsibility reserve is carried back.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]

Article 14 (Matters to be Observed when Overseas Futures Trading is Effected)
Any futures company which has been entrusted to effect overseas futures trading pursuant to Article 51 (1) of the Act shall comply with the following matters as prescribed by the Financial Supervisory Commission: <Amended by Presidential Decree No. 15759, Apr. 1, 1998; Presidential Decree No. 16896, Jul. 10, 2000>
1.Customer classification and the scope of the respective entrustment and duties of a broker, etc.;
2.Matters concerning account types and the management of accounts;
3.Matters concerning receipt and management of consignment guarantee money; and
4.Other matters concerning the acceptance of entrustments and duties of a broker, etc. of such entrustments.





Articles 15 through 21 Deleted.
<by Presidential Decree No. 15287, May 10, 1999>





















CHAPTER IV FUTURES ASSOCIATION, ETC.


Articles 22 through 24 Deleted.
<by Presidential Decree No. 15759, Apr. 1, 1998>







Article 25 (Matters to be Entered in Articles of Association of Futures Association)
(1) Matters falling under each of the following subparagraphs shall be entered in the articles of association of the Futures Association: <Amended by Presidential Decree No. 16323, May 24, 1999; Presidential Decree No. 16896, Jul. 10, 2000>
1.Purpose;
2.Name;
3.Business duties;
4.Location of office;
5.Matters concerning admission and expulsion of members;
6.Matters concerning rights and obligations of members;
7.Matters concerning membership fees;
8.Matters concerning assets;
9.Matters concerning appointment and removal of officers;
10.Matters concerning the general members meeting and the board of directors;
11.Matters concerning accounting;
12.Matters concerning futures trading and the entrustment thereof;
13.Matters concerning the protection of customers and investors;
14.Matters concerning education of persons engaged in futures trading; and
15.Matters concerning the maintenance of order among futures companies.
(2) The Futures Association established pursuant to Article 75 (3) of the Act shall, when it intends to alter the matters of paragraph (1) 1 through 3 and 5, obtain approval from the Financial Supervisory Commission. Provided, That the same shall not apply to the case where the contents of such alteration are based on the amendment of Acts and subordinate statutes or unimportant. <Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000>

Article 25-2 (Other Work)
The term other work prescribed by the Presidential Decree in Article 77 (1) 6 of the Act means the work falling under each of the following subparagraphs:
1.The work of surveying and analyzing secondary commodity transactions by any futures company;
2.The work of setting and enforcing standards for maintaining the business order by every futures company;
3.The work of keeping and managing disciplinary records of officers and employees of any futures company; and
4.The work of publishing the regulatory ratio of equity capital of every futures company.
[This Article Newly Inserted by Presidential Decree No. 16896, Jul. 10, 2000]

Article 25-3 (Request for Submission of Data)
Where the Financial Supervisory Commission (meaning the Securities Futures Commission in cases where the provisions of Articles 31 through 33, 44, 45, 48, 51, 93 and 94 of the Act are violated; hereafter in this Article and Article 25-3, the same shall apply) requests any futures-related agency to submit data under Article 81-2 (3) of the Act, the request shall be made by a written document stating purposes for use, type, item and category of futures trading, trade hour or other matters. <Amended by Presidential Decree No. 16323, May 24, 1999>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 25-4 (Measures as Result of Investigation)
The term measures as determined by the Presidential Decree listed in Article 81-2 (4) of the Act means measures falling under any of the following subparagraphs:
1.Where the violator is any futures-related agency or its officers and employees: measures falling under any of the following items:
(a) Warning or caution against the futures-related agency;
(b) Request for censure of any officer or employee in question;
(c) Request for or recommendation to the improvement of management or business methods;
(d) Accusation or notification to any investigation authority for a case subject to penal punishment;
(e) Notification to any related agency or investigation authority where any other Act is violated; or
(f) Measures which the financial Supervisory Commission may take under the Act and this Decree and other related Acts and subordinate statutes other than those listed in items (a) through (e); and
2.Where the violator is any person other than one listed in subparagraph 1: measures falling under any of subparagraph 1 (d) through (f).
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 26 Deleted.
<by Presidential Decree No. 15759, Apr. 1, 1998>



CHAPTER V Deleted.


Articles 27 through 34 Deleted.
<by Presidential Decree No. 15759, Apr. 1, 1998>
























CHAPTER VI SUPPLEMENTARY PROVISIONS


Article 35 (Application of Foreign Exchange Transactions Act)
The term cases prescribed by the Presidential Decree in Article 92 (2) of the Act shall refer to monetary loans or guarantee of liabilities for futures trading, etc. from among foreign exchange transactions involved in futures trading, etc. <Amended by Presidential Decree No. 16287, May 10, 1999; Presidential Decree No. 18688, Jan. 27, 2005>

Article 35-2 (Order for Over-the-Counter Trading)
(1)The Financial Supervisory Commission may order the following matters to a futures company in relation to the over-the-counter trading under the provisions of Article 93 (1) of the Act:
1.Restrictions on the specific over-the-counter trading and trading partners;
2.Risk management attendant on over-the-counter trading such as a building of internal control system;
3.Public notification attendant on over-the-counter trading; and
4.Regular or irregular reports such as accounting reports on over-the-counter trading.
(2) Any order referred to in paragraph (1) shall be given by a written document specifying its purport.
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 36 (Delegation and Entrustment of Authorities)
(1) The Financial Supervisory Commission shall, under Article 95 (1) of the Act, delegate the Securities Futures Commission with authorities of the restrictions on futures trading by foreigners pursuant to Article 94 of the Act.
(2) The Financial Supervisory Commission shall, under Article 95 (3) of the Act, entrust the Exchange with authorities of the restrictions on futures trading by every futures company and the restrictions on futures trading by every customer pursuant to subparagraph 3 of Article 8. <Amended by Presidential Decree No. 16896, Jul. 10, 2000>
[This Article Wholly Amended by Presidential Decree No. 15759, Apr. 1, 1998]

Article 36-2 (Classification of Urgent and Minor Matters)
(1) Matters of urgency which can be entrusted to the Chairman of the Financial Supervisory Commission and the Chairman of the Securities Futures Commission, respectively, from among the authorities of the Financial Supervisory Commission and the Securities Futures Commission pursuant to Article 95 (5) of the Act, shall be matters falling under any of the following subparagraphs:
1.Matters of urgency in its transaction in cases where it is difficult to hold any meeting of the Financial Supervisory Commission or the Securities Futures Commission for a reasonable period of time due to any disaster, war or emergency, extreme change of economic conditions or other equivalent incidents; and
2.Matters which require a quick action and for which the effectiveness of any action is obviously reduced if a meeting of the Financial Supervisory Commission or the Securities Futures Commission is held, in time of emergency for the protection of customers and investors and for the maintenance of order in fair trade.
(2)The minor matters, which can be entrusted to the Governor of Financial Supervisory Service from among the authorities of the Financial Supervisory Commission and the Securities Futures Commission pursuant to Article 95 (5) of the Act, shall be matters falling under any of the following subparagraphs:
1.Matters on the procedures and methods necessary for the execution of matters decided by the Financial Supervisory Commission or the Securities Futures Commission;
2.Matters on the declaration, report and registration, etc. which needs no separate decision-making as the processing standards determined by the Financial Supervisory Commission or the Securities Futures Commission are definite;
3.Matters on the execution of investigation business such as a request for submission of statements, books, documents or other articles or a request for attendance for testimony according to specific processing standards as determined by the Financial Supervisory Commission or the Securities Futures Commission in respect of an investigation by persons concerned referred to in Article 81-2 (1) of the Act;
4.Matters on litigation affairs of the Financial Supervisory Commission and the Securities Futures Commission; and
5.Matters on the execution of simple affairs other than those listed in subparagraphs 1 through 4.
(3)In respect of delegated matters referred to in paragraph (1), the results of disposition shall be reported to any meeting of the Financial Supervisory Commission or the Securities Futures Commission convened first after the execution of delegated matters.
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 36-3 (Contributions)
The sharing ratio, limit, or payment of contributions referred to in Article 95-5 (2) of the Act shall be governed by the provisions of Article 12 of the Enforcement Decree of the Act on the Establishment, etc. of Financial Supervisory Organizations. <Amended by Presidential Decree No. 18688, Jan. 27, 2005>
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 36-4 (Information Exchange Which Requires No Consultations)
The term cases determined by the Presidential Decree in the proviso of Article 95-7 (2) of the Act means cases falling under any of the following subparagraphs:
1.Where it exchanges routine information on the system, present situation and trends, etc. of futures trading;
2.Where the Financial Supervisory Commission exchanges information acquired under the Act, this Decree or other relevant Acts and subordinate statutes, open to the public in general;
3.Where the Financial Supervisory Commission exchanges information on measures taken under the Act, this Decree and other relevant Acts and subordinate statutes;
4.Where it exchanges information identical or similar to information exchanged in consultations with the Minister of Finance and Economy pursuant to Article 95-7 of the Act; and
5.Where it asks any foreign futures supervisory authority for information provision, not information exchange.
[This Article Newly Inserted by Presidential Decree No. 15759, Apr. 1, 1998]

Article 37 (Procedures for Imposition and Collection of Fine for Negligence)
(1) In order to impose a fine for negligence pursuant to Article 101 (3) of the Act, after the pertinent act of violation is investigated and confirmed, the Minister of Finance and Economy shall deliver to the person subject to the disposition of such a fine for negligence a written notice specifying the act of violation and the amount of the fine for negligence, etc. and demanding the payment thereof.
(2) Before imposing a fine for negligence pursuant to paragraph (1), the Minister of Finance and Economy or the Financial Supervisory Commission shall provide the person subject to the disposition of such a fine for negligence with the opportunity to present his opinion either orally or in writing (including electronic documents) with fixing a period not exceeding ten days. In this case where there is no opinion expressed during such a period, it shall be deemed that no opinion exists. <Amended by Presidential Decree No. 15759, Apr. 1, 1998; Presidential Decree No. 18312, Mar. 17, 2004>
(3) The Minister of Finance and Economy or the Financial Supervisory Commission shall take into consideration the motive of the act of violation, the end results, etc. in determining the amount of the fine for negligence to be imposed. <Amended by Presidential Decree No. 15759, Apr. 1, 1998>



ADDENDA


Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 1996.

Article 2 (Date of Establishment of Commission)
Date prescribed by the Presidential Decree mentioned in Article 5 (1) of the Addenda to the Act No. 5041 shall mean the establishment permission date of the Exchange to be established for the first time pursuant to Article 8 (2) of the Act.

Article 3 (Abolition of Other Statutes, etc.)
(1) The Regulations on the Management of Overseas Futures Trading of Principal Supplies shall be abolished hereby.
(2) Omitted.




ADDENDA <Presidential Decree No. 15759, Apr. 1, 1998>


(1) (Enforcement Date) This Decree shall enter into force on April 1, 1998.
(2) (Example of Application of Provisions on Risk Notification in Futures Trading) The amendments to Articles 11-2 through 11-4 shall apply to the portion of a contract pertaining to futures trading, etc. concluded first after the entry into force of this Decree.



ADDENDUM <Presidential Decree No. 15941, Dec. 18, 1998>


This Decree shall enter into force on the date of its promulgation.



ADDENDUM <Presidential Decree No. 16287, May 10, 1999>


This Decree shall enter into force on the date of its promulgation.



ADDENDA <Presidential Decree No. 16323, May 24, 1999>


Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.

Articles 2 through 4 Omitted.









ADDENDA <Presidential Decree No. 16709, Feb. 14, 2000>


Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.

Article 2 Omitted.








ADDENDUM <Presidential Decree No. 16896, Jul. 10, 2000>


This Decree shall enter into force on the date of its promulgation.



ADDENDA <Presidential Decree No. 17031, Dec. 29, 2000>


(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Enforcement Date of Amendments to Securities and Exchange Act) The term day as determined by the Presidential Decree in the proviso of Article 1 of Addenda of Act No. 5041, the Futures Trading Act, means the day according to the classifications under any of the following subparagraphs:
1.The futures trades subject to the stock certificates listed on the Korea Stock Exchange (hereinafter referred to as the Stock Exchange ) established under Article 71 of the Securities and Exchange Act, and the indexes based upon them: January 1, 2004; and
2.The futures trades subject to the stock certificates other than the stock certificates as stipulated in subparagraph 1 and to the indexes based upon them: Enforcement date of this Decree.
(3) (Transitional Measures on Futures Trades of Listed Stocks) Notwithstanding the provisions of paragraph (2) 1 of the Addenda, with respect to the items of the futures trades of listed stocks for which the final trade date arrives before December 31, 2004, among the futures trades of listed stocks dealt with by the Stock Exchange as of December 31, 2003, the previous provisions shall govern until December 31, 2004.



ADDENDUM<Presidential Decree No. 18312, Mar. 17, 2004>


This Decree shall enter into force on the date of its promulgation.



ADDENDUM<Presidential Decree No. 18688, Jan. 27, 2005>


This Decree shall enter into force starting from the date on which the Exchange has made an establishment registration as referred to in the provisions of Article 11 of the Addenda of Act No. 7112, the Korea Securities and Futures Exchange Act.
[This Decree takes effect on January 27, 2005 pursuant to the Korea Securities and Futures Exchange Act, Act No. 7112, which is amended on January 29, 2004]

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