Financial Asset Securitization Act Article 106

Where the Trustee violates this Act or the asset trust securitization plan, the competent authority may order the Trustee to transfer the business and the trust property to another Trustee, or apply mutatis mutandis Article 44 of the Trust Enterprise Act.If the SPC violates this Act, its Articles of Incorporation or the asset securitization plan, or its financial condition or business has evidently deteriorated making it unable to pay its debts or damaging the interest of the holders, the competent authority may order immediate corrections or order corrections to be made within a prescribed time. In addition, the following dispositions may be imposed depending on the situation:1. withdrawing or revoking the approval of the competent authority;2. suspending all or partial business within a prescribed time;3. dismissing the duties of the directors and/or supervisors;4. transferring its business and transferred Assets to other appointed people;5. suspending the issue of Asset-Backed Securities; or 6. other necessary dispositions.When dismissing the directors/supervisors from their duties in accordance with subparagraph 3 in the preceding paragraph, the competent authority shall notify the competent corporate registration authority to revoke the registration of the directors/supervisors.