(1) Where a foreign exchange agency, etc. falls under any of the following subparagraphs, the Minister of Economy and Finance may revoke a registration or authorization prescribed in Articles 8 and 9, or may restrict the business of foreign exchange agency, etc. (including their business offices) or may suspend, in whole or in part, business thereof for a period up to six months: <Amended on Jan. 17, 2017>
1. Where the agency, etc. has registered or obtained authorization by fraud or other improper means;
2. Where the agency, etc. has conducted business during the period of business restriction or suspension;
3. Where the agency, etc. has violated the details or terms of registration or authorization;
4. Where the agency, etc. has conducted foreign exchange affairs, etc. in violation of Article 8 (2);
5. Where the agency, etc. has failed to obtain authorization or to file a report or has filed a false report in accordance with Article 8 (4) or 9 (3);5-2. Where the agency, etc. has failed to comply with matters necessary to perform the business of foreign exchange agency and specialized foreign exchange dealer pursuant to Article 8 (6);5-3. Where the agency, etc. has failed to comply with necessary measures, such as the deposit of bond under Article 8 (7);5-4. Where any cause for a possibility of bankruptcy or insolvency of a specialized foreign exchange dealer occurs, despite the measures taken under Article 8 (7);
6. Where the agency, etc. has conducted a transaction in violation of Article 9 (2) or has not complied with an order to deposit a bond under paragraph (4) of that Article;
7. Where the agency, etc. has failed to fulfil its obligation prescribed in Article 10;
8. Where the agency, etc. has failed to comply with a supervisory order prescribed in Article 11 (1) or restrictions on business prescribed in paragraph (2) of that Article;
9. Where the agency, etc. has failed to file a report or to submit data or information prescribed in Article 20 (1) or (2), or has filed a false report, or submitted false data or information;
10. Where the agency, etc. has failed to comply with inspections prescribed in Article 20 (3) or (6) or has refused, obstructed or evaded such inspections;
11. Where the agency, etc. has refused to submit data prescribed in Article 20 (4) or (6) or has submitted false data;
12. Where the agency, etc. has not complied with an order of correction under Article 20 (5) or (6);
13. Where the agency, etc. has failed to give a notice or provide materials in violation of an order of the Minister of Economy and Finance under Article 21, or has given a false notice or provided false materials;
14. Where the agency, etc. has failed to make a statement, an application and report, and notification and presentation of materials by means of electronic document in violation of an order of the Minister of Economy and Finance under Article 24 (2).
(2) Deleted. <Jan. 17, 2017>
(3) The Minister of Economy and Finance shall, when he or she intends to revoke any registration or authorization pursuant to paragraph (1), hold a hearing.
(4) A person whose registration or authorization is revoked pursuant to paragraph (1) (including any person directly responsible for the occurrence of the grounds for the revocation or a person who bears corresponding responsibility, as a former executive officer or employee of the person whose registration or authorization has been revoked pursuant to paragraph (1)), shall not be allowed to register the relevant foreign exchange affairs again under Article 8 (1) or (3) or to obtain authorization again under Article 9 (1) unless three years lapse from the date of revocation of the registration or authorization. <Newly Inserted on Jan. 17, 2017>
(5) Detailed standards for dispositions under paragraph (1) shall be prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 30, 2009]