(1) A person, who intends to become a large shareholder (in cases of the largest shareholder, including shareholders in a special relationship with the largest shareholder; and where the largest shareholder is a corporation, including persons prescribed by Presidential Decree, who exercise de facto control over important managerial matters of the corporation; hereafter in this Article the same shall apply) in a credit information company, MyData company, or claims collection agency by acquiring or taking over (referring to acquiring de facto control over the relevant shares; hereinafter referred to as "acquisition, etc.") shares issued by the company, shall obtain approval from the Financial Services Commission after meeting requirements prescribed by Presidential Decree, such as not violating the Punishment of Tax Offenses Act or statutes prescribed by Presidential Decree in connection with finance, for purposes of sound management; provided this shall not apply to persons, such as the State and public institutions provided in Article 4 of the Act on the Management of Public Institutions, who are unlikely to disrupt a sound financial order.
(2) When the acquisition, etc. of shares under paragraph (1) is due to the death of an existing large shareholder or other reasons prescribed by Presidential Decree, he or she shall file an application for approval with the Financial Services Commission within a specified period prescribed by Presidential Decree not exceeding three months.
(3) The Financial Services Commission may order the disposal of shares obtained through acquisition, etc. without approval under paragraph (1) or those for which an application for approval has not been filed after acquisition, etc. thereof under paragraph (2) within a specified period not exceeding six months.
(4) A person who fails to obtain approval under paragraph (1) or a person who fails to apply for approval under paragraph (2) may not exercising voting rights on the shares obtained through acquisition, etc. without approval or those for which an application for approval after acquisition, etc. has not been filed.
(5) Details necessary for methods of and procedures for the matters under paragraphs (1) through (3) shall be prescribed by Presidential Decree.[This Article Wholly Amended on Feb. 4, 2020]