(1) The Financial Services Commission shall examine whether the largest investor (referring to the largest investor among the largest shareholders of a corporation, if the largest investor is a corporation; and if the largest investor selected is also a corporation, one private individual shall be selected as the largest investor by applying the same method repeatedly until a private individual is selected; provided, the largest investor specified by Presidential Decree among the largest shareholders of a corporation shall be deemed the largest investor of the corporation, if the corporation is involved in circular share-holding among corporations; hereafter referred to as "person subject to examination on eligibility") from among the largest shareholders of a financial company (limited to a financial company subject to the application of Article 31(1); the same shall apply hereafter in this Article) does not violate the Monopoly Regulation and Fair Trade Act, the Punishment of Tax Evaders Act, or any finance-related statute specified by Presidential Decree, and whether the largest investor meets the requirements prescribed by Presidential Decree (hereafter referred to as "requirements for maintaining eligibility"), from among requirements under Article 9(1), at an interval prescribed by Presidential Decree.
(2) When a financial company becomes aware that an event has occurred to make the person subject to examination on eligibility cease to meet the requirements for maintaining eligibility in respect to the financial company, it shall report such fact to the Financial Services Commission, without delay.
(3) If the Financial Services Commission finds it necessary for the examination under paragraph (1), it may request a financial company or a person subject to examination on eligibility to provide necessary data or information.
(4) If the Financial Services Commission finds, as a result of the examination under paragraph (1), that a person subject to examination on eligibility fails to meet the requirements for maintaining eligibility, it may order the person to take all or some of the following measures to secure soundness in the management of the relevant financial company within a specified period not exceeding six months:
1. Measures to meet the requirements for maintaining eligibility;
2. Measures for preventing a conflict of interest, including restrictions on transactions with the person subject to examination on eligibility;
3. Other measures prescribed by Presidential Decree as measures deemed necessary for soundness in the management of a financial company.
(5) If the Financial Services Commission finds, as a result of the examination under paragraph (1), that a person subject to examination on eligibility falls under either of the following subparagraphs and that it is impracticable to maintain sound financial order and the soundness of the relevant financial company in view of the degree of the violation of a statute, it may order the person subject to examination on eligibility not to exercise his or her voting right for at least 10/100 of the total number of outstanding voting shares of the financial company (referring to shares held by a corporation, out of outstanding voting shares of the relevant financial company, if the largest investor is a corporation), during the period specified by Presidential Decree within the maximum of five years, out of shares held by the person subject to examination of qualifications:
1. Where a sentence of imprisonment without labor for at least one year or any heavier punishment imposed upon the person subject to examination of qualifications for a violation of any of the statutes specified in paragraph (1) has become final and conclusive;
2. Any other case prescribed by Presidential Decree for maintaining sound financial order.
(6) Notwithstanding Article 38 of the Criminal Act, a crime committed by a person in violation of any of the statutes specified in paragraph (1) and another crime concurrently committed by the person shall be separately examined, and sentences for such crimes shall be pronounced separately.
(7) Details necessary for methods of and procedures for the matters under paragraphs (1) through (3) shall be prescribed by Presidential Decree.[This Article Added on Feb. 4, 2020]