MODERNIZATION OF FINANCIAL SERVICES ACT Article 179-3 (Matters to be observed by qualified foreign financial companies, etc.)

Qualified foreign financial companies, etc. shall fulfill the following obligations. <Amended on December 31, 2024, February 28, 2025> 1. They shall retain and keep on file information regarding the name, nationality, residence, etc. (hereinafter referred to as "personal information" in this Article) of non-residents (including overseas investment institutions deemed as beneficial owners pursuant to Article 119-3(3) of this Act; hereinafter the same applies in this Article and Article 179-4) who acquire, hold, or transfer national bonds, etc. (hereinafter referred to as "national bonds, etc." in this Article and Article 179-4) through the relevant qualified foreign financial companies, etc. Provided, That in cases where a non-resident acquires, holds, or transfers national bonds, etc. through qualified foreign financial companies, etc. via foreign financial companies, etc. (hereinafter referred to as "custodian foreign financial companies, etc." in this Article and Article 179-4) that perform safekeeping services for securities issued in countries other than their own country, the qualified foreign financial companies, etc. may request the custodian foreign financial companies, etc. to submit information regarding the personal information of the relevant non-resident. 2. Deleted <February 28, 2025> 3. Deleted <February 28, 2025> 4. When the Commissioner of the National Tax Service or the income payer (referring to the person who pays income under each subparagraph of Article 119-3(1) of this Act; hereinafter referred to as "income payer" in Article 179-4) requests the submission of information pursuant to subparagraph 1, they shall submit the information within 30 days (60 days in cases falling under the proviso to the same subparagraph) from the date of the request. 5. If the Commissioner of the National Tax Service has set conditions when granting approval to qualified foreign financial companies, etc., they shall comply with those conditions.