Securities Investor and Futures Trader Protection Act Article 28

For the protection of the public interest, within the scope of this Act and its articles of incorporation, the protection institution may submit a matter to arbitration or institute an action in its name with respect to a securities or futures matter arising from a single cause that is injurious to multiple securities investors or futures traders, after having been so empowered by not less than 20 securities investors or futures traders. The securities investors or futures traders may, prior to the conclusion of oral arguments or examination of witnesses, withdraw the empowerment to submit a matter to arbitration or institute an action, and shall provide notice to the arbitral tribunal or court if they do so.After the protection institution has submitted a matter to arbitration or instituted an action in accordance with the preceding paragraph, it may accept empowerment from other securities investors or futures traders who have suffered injury due to a securities or futures matter arising from the same cause to submit the matter to arbitration or institute an action and, prior to the conclusion of oral arguments or examination of witnesses in the court of first instance, expand the claims asserted for arbitration or judgment.The empowerment to submit a matter to arbitration or to institute an action under the preceding two paragraphs includes compulsory execution, provisional attachment, provisional injunction, participation in reorganization or bankruptcy proceedings, and other powers necessary to the realization of rights in a securities or futures matter arising from a single cause.The empowerment to submit a matter to arbitration or institute an action under paragraphs 1 and 2 shall be effected through a written instrument.Article 4 of the Arbitration Act and Article 167 of the Securities and Exchange Act shall not apply when a protection institution institutes an action or expands the claims asserted for judgment pursuant to paragraphs 1 and 2.