REGULATION

ON

SANCTIONS AGAINST PARTIES TO FOREIGN EXCHANGE TRANSACTIONS

Regulation on Sanctions Against Parties to Foreign Exchange Transactions

CONTENTS

§1. Purpose

§2. Definitions

§3. Standards for Administrative Actions

§4. Notification of Administrative Actions

Addenda

Enacted on October 4, 2001. FSC 2001-77

§1. Purpose

The purpose of this Regulation is to prescribe matters concerning parties to foreign exchange transactions among the administrative actions delegated to the Financial Supervisory Commission (hereinafter, "the FSC") pursuant to Article 35 paragraph (2) subparagraph 4 of the Enforcement Decree of the Foreign Exchange Transactions Act (hereinafter, "the Decree").

§2. Definitions

"Parties to foreign exchange transactions" in this Regulation means the parties prescribed under Article 33 paragraph (3) subparagraph 2 of the Decree with the exclusion of financial institutions.

§3. Standards for Administrative Actions

Administrative actions against parties to foreign exchange transactions pursuant to Article 31 of the Decree shall be taken in accordance with the annexed tables.

§4. Notification of Administrative Actions

The Governor of the Financial Supervisory Service (hereinafter, "the Governor") shall notify president of headquarters of each foreign exchange bank of matters pertaining to the administrative actions taken by the FSC against parties to foreign exchange transactions.

Addenda

(October 4, 2001)

1. This Regulation shall be effective on the date of promulgation.

2.『Regulation on Supervision of Foreign Exchange Business』and its『Enforcement Rules』and『Procedures』shall be repealed on the effective date of this Regulation.