Regulations Governing Mergers or Consolidations, General Assumptions, or General Assignments Between Foreign Financial Institutions and Domestic Financial Institutions Article 6

When applying for permission for a merger or consolidation, a foreign financial institution shall at the same time apply for permission for establishment and operation under provisions of applicable laws and regulations including the Banking Act, Securities and Exchange Act, Futures Trading Act, Insurance Act, and Trust Enterprise Act, and shall complete business registration and obtain a business license, before it may begin operations. Unless otherwise stipulated in the merger agreement, when a foreign financial institution assumes the business, assets, and liabilities of a non-surviving domestic financial institution, the scope of the permission for establishment and operation under the preceding paragraph may not exceed the scope of the business locations and business operations so assumed.