(1) The Financial Supervisory Service (referring to the Financial Supervisory Service established under Article 24 (1) of the Act on the Establishment of Financial Services Commission; hereinafter the same shall apply) shall supervise whether financial companies and electronic financial business entities abide by this Act or orders issued under this Act, following instructions from the Financial Services Commission. <Amended on Feb. 29, 2008; May 22, 2013>
(2) The Governor of the Financial Supervisory Service may require a financial company or an electronic financial business entity to report on its business operations and financial conditions if necessary to conduct supervision under paragraph (1). <Amended on Feb. 29, 2008; May 22, 2013; Jan. 27, 2016>
(3) The Governor of the Financial Supervisory Service may inspect the electronic financial business and other related financial conditions of a financial company and an electronic financial business entity and, if deemed necessary to conduct such inspection, ask the financial company and the electronic financial business entity to submit data relating to its business operations and financial conditions or to order the attendance of all relevant persons. <Amended on May 22, 2013>
(4) Any person who conducts an inspection pursuant to paragraph (3) shall carry an identification indicating his or her authority and present it to relevant persons.
(5) Upon conducting an inspection pursuant to paragraph (3), the Governor of the Financial Supervisory Service shall report the findings therefrom to the Financial Services Commission, as determined by the Financial Services Commission. <Amended on Feb. 29, 2008>
(6) When a financial company or an electronic financial business entity is deemed likely to undermine the sound operation of the financial company or electronic financial business entity in violation of any provision of this Act or any order issued under this Act, the Financial Services Commission may, upon recommendation of the Governor of the Financial Supervisory Service, take any of the following measures or authorize the Governor of the Financial Supervisory Service to take any measure referred to in subparagraphs 1 through 3: <Amended on Feb. 29, 2008; May 22, 2013; Apr. 18, 2017>
1. Corrective order against violations;
2. Issuing a caution or warning against a financial company or an electronic financial business entity;
3. Demanding caution, warning or reprimand against an executive officer or employee;
4. Recommending dismissal of an executive officer (excluding an operating officer under subparagraph 5 of Article 2 of the Act on Corporate Governance of Financial Companies; hereafter the same shall apply in Article 39-2) or suspending performance of his or her duties.