REGULATION

ON

THE REGISTRATION OF CORPORATE RESTRUCTURING VEHICLES AND ASSET MANAGEMENT COMPANIES

Regulation on the Registration of Corporate Restructuring Vehicles and

asset Management Companies

CONTENTS

I.	General Provisions

§1.	Purpose

§2.	Definitions

II.	Corporate Restructuring Vehicle ("CRV")

§3.	Submission of the Application

§4.	Registration and the Delivery of A Certificate

§5.	Rejection of the Application

§6.	Modifications of a Registration

§7.	Timetable

§8.	Registration of a Contribution In Kind or an Assignment

§9.	Scope of Equity Capital

§10.	Report on the Dissolution of a CRV

§11.	Remuneration Standards for Liquidators

III.	Asset Management Company, etc.

§12.	Registration of an Asset Management Company

§13.	Approval of Performing Concurrent Business(es)

IV.	Supplementary Provisions

§14.	Submission and Disclosure of Documents

§15.	Submission of Report(s)

§16.	Format of Documents

Addenda

Enacted on December 8, 2000.

CHAPTER I.

GENERAL PROVISIONS

§1. Purpose

The purpose of this Regulation is to prescribe details for the enforcement of matters by the Financial Supervisory Commission(hereinafter, "the FSC) under the Corporate Restructuring Vehicle Act (hereinafter, "the Act") and its enforcement decree (hereinafter, "the Decree") and other pertinent matters necessary for the registration of a corporate restructuring vehicle(hereinafter, "CRV").

§2. Definitions

Terms used in this Regulation shall be defined in conformity with the Act and the Decree.

CHAPTER II.

CORPORATE RESTRUCTURING VEHICLE ("CRV")

§3. Submission of the Application

In the event a CRV intends to register pursuant to Article 8 of the Act, it must submit an application to the Governor of the Financial Supervisory Service (hereinafter, "the Governor").

§4. Registration and the Delivery of a Certificate

(1) The Governor shall register CRVs on the Registration List which satisfies requirements under Article 9 paragraph (1) of the Act and notify the applicants thereof.

(2) The notification pursuant to Article 9 paragraph (2) of the Act shall be substituted by the delivery of a registration certificate, which includes following matters :

1. A registration number;

2. A corporate name and the principal place of business;

3. Name of a representative;

4. Contents of a registration; and

5. Date of a registration.

§5. Rejection of the Application

(1) In the event the application of a CRV is deemed not to meet requirements, the Governor may require its corrections within two weeks pursuant to Article 9 paragraph (3) of the Act. In this case, the Governor must notify the applicant thereof without delay, together with reasons in writing.

(2) In the event a CRV does not correct the application within the same period as paragraph (1), the Governor may reject the application, together with reasons for the rejection.

§6. Modifications of a Registration

(1) In the event a CRV intends to modify any contents of a registration pursuant to Article 10 paragraph (1) of the Act, it must submit an application for modifications to the Governor.

(2) The application for modifications pursuant to paragraph (1) must be accompanied by such documents capable of verifying the modification(s) as the minute(s) of either a general shareholder's meeting or a board of directors, the articles of incorporation, the certified copy(s) of registration books on real properties, and the main written contracts.

(3) Articles 4 and 5 shall be applicable to the modifications of a registration pursuant to Article 10 paragraph (1).

§7. Timetable

The registration and modifications of a CRV pursuant to Article 8 paragraph (1) and Article 10 paragraph (1) of the Act shall be made within seven days from the receiving date of an application.

§8. Registration of a Contribution In Kind or an Assignment

(1) In the event a financial institution as a creditor intends to register either the contribution in kind or the assignment pursuant to Article 19 paragraph (3) of the Act, it must submit to the Governor an application together with written contracts showing the facts thereof.

(2) When receiving an application from the financial institution under paragraph (1), the Governor must notify the applicant of the registration immediately in writing and make available to the public for knowledge.

§9. Scope of Equity Capital

(1) The scope of "equity capital" under Article 20 paragraph (1) of the Act corresponds to the sum of capital stock, capital surplus and retained earnings.

(2) The scope of "reserve" under Article 20 paragraph (2) of the Act corresponds to the sum of capital surplus and regal reserve, other statutory reserve and voluntary reserve in retained earnings.

§10. Report on the Dissolution of a CRV

Matters under the following subparagraphs shall be included in the report on the dissolution pursuant to Article 29 of the Act.

1. Corporate name of a CRV;

2. Representative directors;

3. Principal place of business;

4. Date of incorporation;

5. Date of registration;

6. Paid-in capital;

7. Matters concerning shareholders and creditors;

8. Date of dissolution and net assets as of the date of dissolution;

9. Reasons for dissolution;

10. Profiles of trustees or liquidators; and

11. Other matters for the rights and interests of shareholders and creditors.

§11. Remuneration Standards for Liquidators

The Governor shall determine the remuneration standards for the liquidators of a CRV pursuant to Article 30 paragraph (5) of the Act after considering matters under the following subparagraphs.

1. Remuneration for the officers of a CRV in question;

2. The asset size of a CRV in question;

3. Difficulties in the liquidating procedure; and

4. Careers of liquidators appointed.

CHAPTER III.

ASSET MANAGEMENT COMPANY, ETC.

§12. Registration of an Asset Management Company

(1) Any person(s) intending to register asset management companies, Korean branches of foreign asset management companies, and other places of business (hereinafter, "branches, etc.") pursuant to Article 42 paragraph (1) and (3) of the Act must submit an application to the Governor.

(2) Articles 4 through 7 shall be applicable to the registrations of asset management companies, and Korean branches of foreign asset management companies, etc..

§13. Approval of Performing Concurrent Business(es)

(1) In the event an asset management company applies for approval of performing concurrent businesses pursuant to Article 43 paragraph (1) of the Act, it must submit to the Governor an application including following matters:

1. Corporate name;

2. Principal place of business;

3. Types and briefs of concurrent businesses to be approved;

4. Reasons for performing concurrent businesses; and

5. Starting date of concurrent businesses.

(2) In the event an officer of an asset management company intends to hold the concurrent position at the other company as an officer or an employee or to engage in other businesses pursuant to Article 43 paragraph (2) of the Act, the officer must submit to the Governor an application including following matters:

1. Corporate name;

2. Principal place of business;

3. Names and addresses of officers;

4. Contents of the business to be performed;

5. Reasons and starting date of the concurrent position and concurrent business; and

6. Position to be held concurrently, and its role.

(3) When receiving the application pursuant to paragraphs (1) and (2), the FSC shall decide on the approval after carefully considering the close relatedness of the concurrent business to the asset management of a CRV, the necessity of holding a concurrent position or performing other businesses, and the capacity of the applicant(s).

CHAPTER IV.

SUPPLEMENTARY PROVISIONS

§14. Submission and Disclosure of Documents

(1) Two copies of application for a registration, application for the modifications of registration, other reports, and accompanying documents shall be submitted to the FSC or the Governor under the Act, the Decree, and this Regulation. In case of electronic documentation, however, a single copy is allowable.

(2) Documents submitted pursuant to paragraph (1) and related to a registration shall be publicly disclosed from the date of the registration to one year after the date of a revocation, and other documents submitted pursuant to Article 26 paragraph (2) of the Act shall be disclosed for two years from the date of receipt.

§15. Submission of Report(s)

The following documents shall be submitted to the Governor.

1. Settlement and audit reports pursuant to Article 26 paragraph (2) of the Act;

2. A Dissolution report pursuant to Article 29 of the Act;

3. Liquidator's report pursuant to Article 31 of the Act;

4. List of properties and certified copies of the balance sheet pursuant to Article 34 paragraph (2) of the Act;

5. Certified copies of settlement and audit reports after the complete liquidation, pursuant to Article 37 paragraph (2) of the Act; and

6. Notification for the issuance method of corporate bonds pursuant to Article 14 of the Decree.

§16. Format of Documents

The format and drafting procedures of registration documents under Articles 3, 4, 6, 8 and 12 shall be mandated by the Governor.

Addendum

This Regulation shall be effective on the date of promulgation.