(1) Any person who intends to engage in a business in the following subparagraphs (hereinafter referred to as "foreign exchange brokerage") shall prepare capital, facilities and professional human resources as prescribed by Presidential Decree and shall obtain authorization of the Minister of Economy and Finance. In such cases, when such person intends to modify any important matters determined by Presidential Decree among the authorized matters, he or she shall file a report thereon with the Minister of Economy and Finance:
1. Brokerage of buying, selling, exchanging and lending of foreign currencies;
2. Brokerage of derivative transactions whose underlying assets are foreign currencies;
3. Other business relating to subparagraphs 1 and 2.
(2) Counterparts with whom the person authorized to conduct foreign exchange brokerage under paragraph (1) (hereinafter referred to as the "foreign exchange broker") may conduct foreign exchange brokerage business shall be a person prescribed by Presidential Decree, such as financial company, etc. and related institutions having expertise in transactions of foreign exchange. <Amended on Apr. 30, 2011>
(3) Where a foreign exchange broker intends to conduct any act falling under any of the following subparagraphs, it shall obtain authorization of the Minister of Economy and Finance according to the classification determined by Presidential Decree or file a report with the Minister of Economy and Finance:
1. Merger or dissolution;
2. Discontinuation, transfer or takeover of all or part of its business.
(4) For the purposes of faithful performance of foreign exchange brokerage business, the Minister of Economy and Finance may, pursuant to Presidential Decree, require each foreign exchange broker to deposit a bond in an institution designated by him or her.
(5) If foreign exchange brokers intend to conduct foreign exchange brokerage business in a foreign country, they shall obtain authorization of the Minister of Economy and Finance, as prescribed by Presidential Decree.
(6) The Financial Investment Services and Capital Markets Act and the Act on the Protection of Financial Consumers shall not apply to foreign exchange brokerage under this Act: Provided, That Articles 37, 39, 44, and 54 of the Financial Investment Services and Capital Markets Act and other provisions of that Act may apply mutatis mutandis as prescribed by Presidential Decree for the protection of investors. In such cases, "financial investment business entity" shall be deemed "foreign exchange broker", and "financial investment business" shall be deemed "foreign exchange brokerage," respectively, <Amended on Mar. 24, 2020>
(7) Matters necessary for foreign exchange brokers to perform their business, other than those provided in paragraphs (1) through (6), shall be prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 30, 2009]