South Korea Credit Information Act
Licensing and corporate matters – South Korea Credit Information Act

South Korea Credit Information Act 9: Approval of major shareholders and eligibility of the largest shareholder

What does 9 require?

Anyone acquiring shares so as to become a major shareholder of a licensed company must first obtain FSC approval (or apply within the Decree period after acquisition by death and similar causes); unapproved shares carry no voting rights and may be ordered sold; designated personal and sole-proprietor credit rating companies report without delay when their largest investor fails the continuing eligibility requirements, and supply information the FSC requests (Articles 9 and 9-2).

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