Regulations Governing Securities Investment Consulting Enterprises (Originally Adopted 2004.10.30) Article 22

The FSC may withhold approval for an application for operation of investment consulting services for foreign securities under any of the following circumstances:1. Failure to comply with the provisions of Articles 19 and 20.2. Failure to make correction within the prescribed period when required application documents are not submitted in full, or when they contain incorrect information or lack specific required items.3. The likelihood of insufficient professional expertise for sound and effective management of the business, or when otherwise deemed necessary for protection of the public interest.