(1) Any person who intends to obtain permission or file for registration pursuant to Articles 28 and 29 shall meet all of the following requirements. Subparagraphs 4 and 5 shall only apply to permission:
1. He or she shall hold the capital or fundamental property referred to in Article 30;
2. He or she shall be equipped with professional human resources and physical installations, such as computer equipment, sufficient to protect users and carry out the intended business;
3. He or she shall meet the standards of financial soundness prescribed by Presidential Decree;
4. The person shall have a feasible and sound business plan;
5. He or she shall secure the major investors prescribed by Presidential Decree, with sufficient investment capability, sound financial state and social credit.
(2) Matters necessary for the detailed requirements for permission and registration under paragraph (1) shall be determined by the Financial Services Commission. <Amended on Feb. 29, 2008>