(1) Any person who intends to perform capital transactions, shall file a report on such capital transactions with the Minister of Economy and Finance pursuant to Presidential Decree: Provided, That in cases of capital transactions prescribed by Presidential Decree for the stabilization of supply and demand for foreign exchange and the facilitation of foreign transactions, an ex post facto report may be made or a report may be omitted. <Amended on Jan. 17, 2017>
(2) The report under paragraph (1) and acceptance of report under paragraph (3) shall be completed prior to the procedures under Article 15 (1).
(3) With respect to overseas direct investment, acquisition of overseas real estate or any right thereto by a resident from among the matters to be reported under paragraph (1), the Minister of Economy and Finance may examine the feasibility thereof, such as whether an investor is qualified and the amount of investment is reasonable, and determine whether to accept such report.
(4) With respect to each report under paragraph (3), the Minister of Economy and Finance shall make a determination falling under any of the following subparagraphs and notify the person who has filed the report of such determination within the processing period prescribed by Presidential Decree:
1. Acceptance of a report;
2. Refusal to accept a report;
3. Recommendation to modify the details of transactions.
(5) Where the Minister of Economy and Finance has made a determination under paragraph (4) 2, the resident who has filed the relevant report shall not conduct the transaction in question.
(6) Where a person who has received a notice of recommendation under paragraph (4) 3 accepts the recommendation, he or she may conduct the transaction in question as he or she has accepted it, and shall not conduct the transaction in question in cases where he or she has not accepted it.
(7) If no notice is made by the Minister of Economy and Finance within the processing period under paragraph (4), the report in question shall be deemed to have been accepted on the date on which the period expires.[This Article Wholly Amended on Jan. 30, 2009]