(1) If a retirement pension trustee falls under any of the following subparagraphs, the Minister of Employment and Labor may issue a corrective order or revoke his or her registration as prescribed by Ordinance of the Ministry of Employment and Labor: Provided, That where it falls under subparagraph 1 or 2, he or she shall revoke its registration:
1. Where the retirement pension trustee is dissolved;
2. Where the retirement pension trustee obtains registration under Article 26 by fraudulent or other illegal means;
3. Where the retirement pension trustee fails to meet the requirements for registration under Article 26;
4. Where the retirement pension trustee fails to comply with an order issued by the Minister of Employment and Labor or the Financial Services Commission pursuant to Article 36.
(2) No retirement pension trustee whose registration is revoked pursuant to paragraph (1) shall be eligible to register as a retirement pension trustee for three years from the date the registration is revoked.
(3) A retirement pension trustee who intends to discontinue the business related to a retirement pension plan shall apply for the cancellation of registration to the Minister of Employment and Labor. In such cases, a retirement pension trustee whose registration is canceled shall not be eligible to register as a retirement pension trustee for two years from the date the registration is canceled.
(4) A retirement pension trustee who has been subject to a disposition of revocation of registration or applied for cancellation of registration under paragraph (1) or (3) shall take measures prescribed by Presidential Decree to protect the participants, including measures necessary to transfer the established retirement pension plans.
(5) If the Minister of Employment and Labor deems it necessary to protect employees' entitlement to receive benefits when registration is revoked or canceled pursuant to paragraph (1) or (3), he or she may order the retirement pension trustee whose registration is revoked or canceled to transfer all or part of his or her services to another retirement pension trustee. In such cases, the Minister of Employment and Labor shall obtain the consent of the retirement pension trustee to whom all or part of such services is transferred.