(1) A business entity, a trade association, the same person who controls a member company of a business group subject to disclosure, or a public interest corporation which is a related party to the same person shall be subject to an administrative fine not exceeding 100 million won, if falling under any of the following; and an executive officer, an employee, or any other interested party of a company, a trade association, or a public interest corporation shall be subject to an administrative fine not exceeding 10 million won, if falling under any of the following:
1. A person who fails to file a report on a business combination under Article 11(1), (2), or (6), a person who files a false report, or a person who violates paragraph (8) of that Article;
2. A person who engages in financial business or insurance business in violation of Article 20(3)2 or 3;
3. A person who fails to submit a report under Article 20(4) or (5), or a person who omits material facts or submits a false report;
4. In making a disclosure pursuant to Articles 26 through 29, a person who fails to undergo a resolution by the board of directors or fails to make a disclosure, or a person who omits material facts or makes a disclosure containing false information;
5. A person who fails to submit materials without good cause or submits false materials, upon receipt of a request to submit materials under Article 32(3);
6. A person who fails to appear without good cause in violation of Article 81(1)1;
7. A person who fails to submit materials without good cause or submits false materials, upon receipt of a request to submit materials under Article 87(2).
(2) A person who fails to comply with an order to maintain order in violation of Article 66 shall be subject to an administrative fine not exceeding one million won.
(3) Administrative fines under paragraph (1) or (2) shall be imposed and collected by the Fair Trade Commission, as prescribed by Presidential Decree. In such cases, administrative fines under paragraph (1)4 may be exempted by the Fair Trade Commission in accordance with the standards prescribed by Presidential Decree in consideration of whether correction has been made, the level of violation, the motive for violation, the results of violation, etc. <Amended on Feb. 6, 2024>
(4) Article 102(2) through (4) shall apply mutatis mutandis to the imposition and collection of administrative fines under paragraph (1) or (2). In such cases, "penalty surcharge" shall be construed as "administrative fine".