Public service ethics act 2007 (south korea)

PUBLIC SERVICE ETHICS ACT Act No. 8435, May 17, 2007

CHAPTER I GENERAL PROVISIONS

Article 1 (Purpose) The purpose of this Act is to contribute to the establishment of the ethics of public officials as servants of the people through the prevention from acquiring unlawful property and the securing of the fairness in the execution of their official duties by institutionalizing the registration of property, the disclosure of registered property, the vindication of the way to acquire property, and blind trust of the stocks of public officials and candidates for public offices, and by prescribing the matters necessary for the regulation of property acquisition and a report on gifts by pubic officials who take advantage of their public office, and restrictions on the employment of retired public officials. <Amended by Act No. 7493, May 18, 2005; Act No. 8098, Dec. 28, 2006> [This Article Wholly Amended by Act No. 4566, Jun. 11, 1993]

Article 2 (Livelihood Guarantee, etc.)

The State shall guarantee the livelihood of public officials so as to enable them to devote themselves to public service, and shall strive for establishing ethics in public service.

Article 2-2 (Obligation to Prevent Conflict of Interests) (1) The State and local governments shall strive over the prevention of conflict of interests in the performance of duties of public officials in relation with their property interests, so as not to cause any difficult situation in their fair performance of duties.

(2) Public officials shall secure the propriety in their duty performance and faithfully perform their duties with a preference of public interests, so as not to cause any difficult situation in their fair duty performance in relation with their property interests.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

CHAPTER II REGISTRATION AND DISCLOSURE OF PROPERTY

Article 3 (Persons Liable for Registration) (1) Any public official who falls under any of the following subparagraphs (hereinafter referred to as the "person liable for registration") shall register property under the provisions of this Act: <Amended by Act No. 4566, Jun. 11, 1993; Act No. 5454, Dec. 13, 1997; Act No. 5491, Dec. 31, 1997; Act No. 5681, Jan. 1

21, 1999; Act No. 6087, Dec. 31, 1999; Act No. 6306, Dec. 29, 2000; Act No. 6388, Jan. 26, 2001; Act No. 6861, Mar. 12, 2003; Act No. 7796, Dec. 29, 2005; Act No. 7849, Feb. 21, 2006> 1. State public officials in political service, such as the President, the Prime Minister, members of the State Council, and members of the National Assembly; 2. Public officials in political service of local governments, such as the heads of local governments, and local councilmen; 3. State public officials of Grade IV or higher in general service (including public officials in general service who belong to the Senior Civil Service), and local public officials and public officials in extraordinary service who receive remuneration equivalent thereto (including public officials in extraordinary service who belong to the Senior Civil Service); 4. Public officials in foreign service prescribed by the Presidential Decree, Grade IV or higher staff members of the National Intelligence Service, and public officials in security service of the Presidential Security Service; 5. Judges and public prosecutors; 5-2.

Constitutional research officers in the Constitutional Court;

6. Military officers with the rank of colonel or higher, and civilian employees with the equivalent rank; 7. Presidents and vice-presidents of universities, presidents of graduate schools, deans (including deans of universities), deans of junior colleges and heads of various schools equivalent to colleges, and the superintendents of boards of education, directors of district educational offices and members of Educational Offices of the Special Metropolitan City, Metropolitan Cities and Dos among public officials in the educational service; 8. Police officers with the rank of police superintendent (including self-governing police superintendent) or higher, and public officials in fire-fighting service with the rank of national and local firefighting superintendents or higher; 8-2. Public officials in contractual service appointed to the positions to be appointed by public officials under subparagraphs 3 through 6 and 8, or to the positions equivalent thereto; 9. Heads, deputies and permanent auditors of government-invested institutions, governor, deputy governor and auditor of the Bank of Korea, governor, deputy governor and auditor of the Financial Supervisory Service, presidents and permanent auditors of National Agricultural Cooperatives Federation and National Federation of Fisheries Cooperatives; 10. Officers of such institutions and organizations of those falling under any of the following items 2

as are prescribed by the Presidential Decree (hereinafter referred to as the "public service-related organization"): (a) Government-invested institutions, the Bank of Korea, government-contributed or subsidized institutions and organizations, and other institutions and organizations conducting governmental tasks under the entrustment of the Government; (b) Local government-invested public corporations and local government public corporations established under the Local Public Enterprises Act, local government-contributed or subsidized institutions and organizations, and other institutions and organizations carrying out local governmental tasks under the entrustment of local governments; and (c) Institutions and organizations, the appointment of whose officers is required to be approved by the head of the central administrative agency or the head of the local government or the officers of which are appointed by the head of the central administrative agency or the head of the local government; and 11. Other public officials and personnel of public service-related organizations working in specified fields as prescribed by the National Assembly Regulations, the Supreme Court Regulations and the Presidential Decree.

(2) Deleted. <by Act No. 4566, Jun. 11, 1993>

Article 4 (Property to be Registered) (1) The property to be registered by a person liable for registration shall be the property of the person falling under any of the following subparagraphs (including the property in de facto possession, regardless of the name of its owner, property contributed to a nonprofit corporation, and property located in a foreign country; hereinafter the same shall apply): <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 8435, May 17, 2007> 1.

Person liable for registration;

2. Spouse (including any person having a de facto matrimonial relationship; hereinafter the same shall apply); and 3. Lineal ascendants and descendants of the person liable for registration: Provided, That married daughters, maternal grandparents and children of daughters are excluded, and if the person liable for registration is married, the lineal ascendants and descendants of his/ her spouse.

(2) The property to be registered by the person liable for registration shall be as follows: <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 8098, Dec. 28, 2006> 1. The ownership, superficies and rights of lease on a deposit basis pertaining to real estate; 3

2. Mining rights, fishery rights and other rights to which the provisions concerning real estate shall apply mutatis mutandis; 3. Movables, securities, claims, obligations and intangible property rights falling under one of the following items: (a)

Cash (including checks) not less than ten million won in total for each owner;

(b) Deposits not less than ten million won in total for each owner; (c) Securities such as stocks, national and public bonds, debentures not less than ten million won in total for each owner; (d) Claims not less than ten million won in total for each owner; (e)

Obligations not less than ten million won in total for each owner;

(f) Gold and platinum (including gold products and platinum products) not less than five million won in total for each owner; (g)

Precious stones not less than five million won by item;

(h) Curios and artistic works not less than five million won by item; (i) Memberships not less than five million won by membership; (j) owner; and (k)

Intangible property rights yielding returns not less than ten million won per annum for each

Automobiles, construction machines, vessels and aircraft;

4. Shares of investment in unlimited partnerships, limited partnerships, and limited liability corporations; and 5.

Stock options.

(3) The methods of calculation and indications of value by category of property to be registered under paragraph (1) shall be as follows: <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 5108, Dec. 29, 1995; Act No. 6388, Jan. 26, 2001; Act No. 7335, Jan. 14, 2005; Act No. 8098, Dec. 28, 2006> 1 1 .In the case of land, the published individual land prices under the Public Notice of Values and Appraisal of Real Estate Act (if there are no published individual land prices for the relevant lands, they refer to the amount that is calculated on the basis of the land prices that are published pursuant to the provisions of 4

Article 9 of the same Act) or actually traded land prices: 2. In the case of housing, the published prices provided for in the provisions of Articles 16 and 17 of the Public Notice of Values and Appraisal of Real Estate Act or the actual market prices; 3. In the case of shopping malls, buildings, officetels and other real estate, the aggregate of the values of the building sites calculated on a basis of the published individual land prices provided for in the Public Notice of Values and Appraisal of Real Estate Act (if there are no published individual land prices of the pertinent land it, they refer to the amount calculated on the basis of the published land prices provided for in Article 9 of the same Act) and the value of buildings calculated by the highest price out of the official values notified publicly by the State or the local governments (in case where there is any acquisition value, such value shall also be included) or the actual market prices; 4. In the case of the right to which the provisions concerning the real estate apply mutatis mutandis, the actual market price, the value that is appraised by any expert, etc. and the details of kind, quantity, content, etc.; 5.

In the case of cash, deposits, claims and obligations, the amounts thereof;

6.

In the case of securities, such as national and public bonds or debentures, the face value thereof;

7. In the case of stocks listed in the Korea Exchange, stocks registered with the Korea Securities Dealers Association, and over-the-counter stocks under Article 194 of the Securities and Exchange Act that are traded in the means similar to the securities market, the final prices quoted on the base day of property registration (if the Korea Exchange is closed prior to the base day of property registration, the final prices on such closing day: Provided, That in the case of over-the-counter stocks under Article 194 of the Securities and Exchange Act that are traded in the means similar to the securities markets, they refer to the transaction price prescribed by the Presidential Decree), and in the case of other stocks than these, the face value thereof; 8. In the case of the equity share of any limited partnership, any unlimited partnership or any limitedliability corporation, the investment value, the equity ratio, and the annual sales turnover of such partnership or corporation during the latest business year; 9. In the case of gold and platinum (including gold goods and platinum products), the actual market prices, the market prices as of the date a report thereon is made and the kinds, contents and weights; 10. In the case of jewelry, the actual market prices, the values appraised by experts, etc. and the details of kinds, sizes, colors, etc.; 11. In the case of curios and art works, the actual market prices, the values appraised by experts taking into account the sizes and artists and the details of kinds, sizes, artists and manufacturing dating; 12. In the case of membership, the amount that is paid for them: Provided, That with respect to the gulf membership, the standard market price or the actual market price provided for in the Income Tax Act 5

shall apply thereto; 13. In the case of automobiles, construction machinery, vessels and aircraft, the values that are appraised by experts taking into account the actual market prices and the depreciation, etc. and the details of the types, manufacture years, manufacturing companies and registration numbers, etc; and 14. In the case of stock option, the details of the kinds and quantity of shares to be delivered, option conditions, such as option prices and option period, and the current market prices of shares to be delivered, etc.

(4) The calculation methods of the value any property to be registered and indication thereof, other than that as referred to in paragraph (3), and other matters necessary for registration shall be prescribed by the Presidential Decree. <Newly Inserted by Act No. 4566, Jun. 11, 1993> (5) With respect to such property as referred to in paragraph (2), information such as the date of acquisition of such property, how to acquire such property and the income sources to acquire such property may be mentioned and any explanations documents may be appended by each owner. <Newly Inserted by Act No. 4566, Jun. 11, 1993> (6) Out of the property to be registered under paragraph (1), property contributed to a nonprofit corporation shall be indicated separately from other property to be registered, and the position of the person liable for registration in the corporation shall be specified. <Newly Inserted by Act No. 4566, Jun. 11, 1993>

Article 5 (Registration Agency and Time for Registration of Property) (1) Any public official shall register the property as of the date he/she becomes liable for registration with any of the following agencies (hereinafter referred to as the "registration agency") within one month from the date he/she becomes liable for registration: Provided, That this shall not apply to the case where the liability for registration is exempted within one month from the date he/she becomes liable for registration, if a person who is exempted from the liability for registration due to, inter alia, a transfer, demotion or retirement, again becomes liable for registration within three years (in case of retirement, one year), the registration may be substituted only by making a report on any change after the transfer, demotion or retirement, or a report on change in property as referred to in Article 11 (1): <Amended by Act No. 4017, Aug. 5, 1988; Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 5454, Dec. 13, 1997; Act No. 5681, Jan. 21, 1999; Act No. 6388, Jan. 26, 2001> 1. In case of a member of the National Assembly or other public officials under the control of the National Assembly, the National Assembly Secretariat; 2. In case of judges or other public officials under the control of courts, the Office of Court Administration; 3. In case of the president, justices or public officials under the control of the Constitutional Court, the Secretariat of the Constitutional Court; 6

4. In case of public officials under the control of the National Election Commission or other election commissions, the Secretariat of the National Election Commission; 5. In case of public officials under the control of the Ministries and Administrations of the Government (including the administrative agencies such as the committees prescribed by the Presidential Decree; hereinafter the same shall apply), the pertinent Ministries and Administrations; 6. In case of public officials under the control of the Board of Audit and Inspection, the Secretariat of the Board of Audit and Inspection; 7. In case of public officials under the control of the National Intelligence Service, the National Intelligence Service; 8. In case of public officials under the jurisdiction of local governments, the pertinent local government; 9. council;

In case of councilmen or public officials under the control of local councils, the pertinent local

10. In case of public officials under the control of educational offices of the Special Metropolitan City, Metropolitan Cities and Dos, educational offices of the Special Metropolitan City, Metropolitan Cities and Dos, as applicable; 11. In case of members of educational committees of the Special Metropolitan City, Metropolitan Cities and Dos, and public officials belonging to them, the educational committees, as applicable; 12. In case of officers or employees of public service-related organizations, the Ministry, and Administration exercising supervision over such organizations: Provided, That in case of officers or employees of public service-related organizations under the supervision of the Special Metropolitan City, Metropolitan Cities, Dos, and Si/Gun/Gu (limited to the autonomous Gu; hereinafter the same shall apply), the Special Metropolitan City, Metropolitan Cities, Dos and Si/Gun/Gu as applicable; and 13. In case of persons liable for registration, other than those referred to in subparagraphs 1 through 12, and public officials under the supervision of Ministries, Administrations of the Government, the Board of Audit and Inspection, the National Intelligence Service, and officers of public service-related organizations for whom matters concerning property registration are open to the public under Article 10 (1), notwithstanding the provisions of subparagraphs 5 through 7 and the text of subparagraph 12, the Ministry of Government Administration and Home Affairs.

(2) In the case as referred to in the proviso to paragraph (1), if the then-pertinent registration agency is different from the previous one, the head of the previous registration agency shall transfer documents pertaining to the property registration to the head of the new registration agency within one month after a person who is exempted from liability for registration due to, inter alia, a transfer, etc., again becomes liable 7

for registration. This provision shall also apply where the registration agency is changed without the person liable for registration being exempted from liability for registration due to, inter alia, such transfer.

(3) Where it is difficult for a registration agency out of those as referred to in paragraph (1) 5 to effect the registration so that there are so many persons liable for registration of property, part of its subordinate organizations may be designated as registration agency under the provisions of the Presidential Decree. <Newly Inserted by Act No. 4853, Dec. 31, 1994>

Article 6 (Report on Changed Matters) (1) Any person liable for registration shall report to the registration agency matters concerning any change in property which has taken place between January 1 and December 31 each year by not later than the end of February of the next year: Provided, That in a report on changed matters, made first after the first registration or the report as prescribed in the provisions of Article 5 (1), matters changed up until December 31 of the corresponding year from the day on which he/she becomes liable for registration shall be reported to the registration agency. <Amended by Act No. 4566, Jun. 11, 1993; Act No. 8098, Dec. 28, 2006> (2) If a person liable for registration retires from his/her office, he/she shall make a report to the registration agency having jurisdiction over him/her at the time of his/her retirement regarding any changed matters in his/her property between January 1 of the corresponding year (if he/she becomes liable for registration after January 1, the day on which he/she becomes liable for registration) and the retirement day, within one month after his/her retirement: Provided, That if he/she again becomes liable for registration within one month after his/her retirement, the report on changed matters as referred to in paragraph (1) shall supersede the above report. <Newly Inserted by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994> (3) If a person becomes liable for registration during December, changed matters in his/her property between the date he/she becomes liable for registration and December 31 of the corresponding year may be included in the report on the changed matters of the following year or the changed matters relating to the retired person as referred to in paragraph (2), and if a person liable for registration retires from his/her office during January or February, the changed matters, as referred to in paragraph (1), may be included in the report on the changed matters relating to the retired person as referred to in paragraph (2). <Newly Inserted

by Act No. 4853, Dec. 31, 1994; Act No. 8098, Dec. 28, 2006> (4) The provisions of paragraph (2) shall apply mutatis mutandis to such person out of those who are liable for registration as provided in Article 3 (1) 9 through 11 and is exempted from the liability for registration because the agency or organization to which he/she belongs is excluded from the public servicesrelated organizations. <Newly Inserted by Act No. 4853, Dec. 31, 1994> (5) Any public service ethics committee provided for in the provisions of Article 9 (1) (hereinafter referred to as a "public service ethics committee") may, in case where it is deemed necessary to make the report referred to in the provisions of paragraph (1), ask the head of the relevant financial institution to furnish the data concerning the balance in the relevant financial transaction (including the data concerning the relevant loan balance in the credit information; hereafter the same in this Article shall apply) in use of the information and communications network (hereinafter referred to as the "information and communications 8

network") provided for in the provisions of Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. at the request of the relevant holder, notwithstanding the provisions of Article 4 of the Act on Real Name Financial Transactions and Guarantee of Secrecy and Article 24 of the Use and Protection of Credit Information Act, and the head of the relevant financial institution shall comply with the request in use of the information and communications network. In this case, the head of the relevant financial institution may, in case where he/she obtains an agreement from the holder, not notify him/her of the fact that the former furnishes the data concerning the balance in the relevant financial transaction, notwithstanding the provisions of Article 4-2 of the Act on Real Name Financial Transactions and Guarantee of Secrecy. <Newly Inserted by No. 8098, Dec. 28, 2006> (6) Any public service ethics committee shall furnish the data concerning the balance in the financial transactions provided for in the former part of paragraph (5) to the holder on or before 15 days from the date on which the time limit for the report under paragraph (1) expires. <Newly Inserted by No. 8098, Dec. 28, 2006> (7) In a case where a report as referred to in paragraphs (1) and (2) is made, any materials to explain and justify clearly the cause of increase or decrease, such as a sales contract or receipts (including copies thereof), shall be attached, or the reason for such increase or decrease shall be specified. <Amended by Act No. 4566, Jun. 11, 1993>

Article 6-2 (Report on Details of Stock Trade) (1) A person liable for registration who are subject to the disclosure of his/her property under each subparagraph of Article 10 (1) shall report to the registration agency the details of stock trades pertaining to acquisition or transfer of stocks by those falling under any of the subparagraphs of Article 4 (1), at the time of reporting on the changes in property under Article 6 or 11 (1).

(2) Matters necessary for the scope of stock trading to be reported and the method of report at the time of reporting on the details of stock trade under paragraph (1), shall be prescribed by the Presidential Decree.

(3) The content of report on the details of stock trade under paragraph (1) shall not be open to the public.

(4) The provisions of Articles 8, 8-2, 12 through 14 and 14-3 shall be applicable to the report under paragraph (1) and the examination and management of reported matters.

[This Article Wholly Amended by Act No. 6388, Jan. 26, 2001]

Article 6-3 (Deferment of Report on Changed Matters) (1) The head of a registration agency may, in case where the persons liable for registration apply for the deferment of report on changed matters as they come to fall under one of the following subparagraphs, defer the report on changed matters under Article 6 (1) or 11 (1) for the period not exceeding 3 years: 1. Where to be sent to a foreign country for dispatched services under the provisions of Acts and 9

subordinate statutes; 2. Where to be suspended from duty under the provisions of Acts and subordinate statutes; 3. Where to serve at the overseas mission or the office stationed overseas; and 4. Where to fall under other reasons prescribed under the Presidential Decree.

(2) Persons liable for registration who are granted a deferment of report on changed matters under paragraph (1) shall make a report on the matters that have been changed after the final property registration or the report on modified matters within one month from the extinction of relevant causes for deferment.

[This Article Wholly Amended by Act No. 6388, Jan. 26, 2001]

Article 6-4 (Scope and Contents of Report on Changed Matters) The scope and contents of changed matters in properties, which have to be reported pursuant to the provisions of Article 6 (1) and (2), shall be as follows: 1. The changed matters in the properties falling under Article 4 (2) 1 and 2 and changed matters in golf memberships falling under Article 4 (3) 12 due to their transactions and donations or the disclosure of the published prices, etc.: Provided, That in case where they are traded by means of sale and purchase, their actual market prices shall be reported, and in case where it is impossible to confirm the actual market prices due to their donations or no transaction thereof is performed during the relevant year, the changed amount in the published prices shall be reported and in case where the changed amount in the published prices is lower than the actual market prices, which have been already reported, no report thereon shall be made; 2. The changed matters in the kinds, quantity and amount, etc. of property falling under Article 4 (2) 3; 3. With respect to the property contributed to a non-profit corporation pursuant to the provisions of Article 4 (1) and (6), the details of the contributed property, the name of the non-profit corporation, the location of its principal office, the name of its representative, its main business, other details of such nonprofit corporation and changed matters in the position of the person liable for registration in such non-profit corporation.

[This Article Newly Inserted by Act No. 8098, Dec. 28, 2006]

Article 7 (Extension of Time Limit for Registration) In case where a person liable for registration (including retired public officials as prescribed in Article 6 (2); hereinafter the same shall apply in Articles 8, 10, 12, 13 and 24) requests an extension of the time limit for the property registration (including the report; hereinafter the same shall also apply) for any unavoidable reason, the head of the registration agency may extend the time limit for registration for all or part of the 10

property, if the reason is deemed appropriate. In this case, the person liable for registration shall make the registration within the extended time limit. <Amended by Act No. 4566, Jun. 11, 1993>

Article 8 (Examination of Registered Matters) (1) Any public service ethics committee shall examine registered matters. <Amended by Act No. 8098, Dec. 28, 2006> (2) If a person liable for registration is deemed to have omitted by negligence, inter alia, a part of the property to be registered, or there are errors in writing in the sum of the values, the relevant public service ethics committee may order the person liable for registration to supplement the property registration papers with fixing a period of time.

(3) If it is deemed necessary for the examination, as referred to in paragraph (1), any public service ethics committee may demand any person liable for registration to present materials, ask any question in writing, or conduct any investigation for confirmation of facts. In this case, the public service ethics committee shall give the person liable for registration an opportunity to present materials for explanation or vindication.

(4) Any public service ethics committee may demand the heads of government agencies, local governments, public service-related organizations, or other public institutions to make any report or present materials, necessary for the examination as referred to in paragraph (1). In this case, the head of such agency, institution or organization may not refuse such report or presentation of materials notwithstanding the provisions of other Acts. <Amended by Act No. 4853, Dec. 31, 1994> (5) Notwithstanding the provisions of Article 4 of the Act on Real Name Financial Transactions and Guarantee of Secrecy and Article 24 of the Use and Protection of Credit Information Act, if it is deemed necessary to confirm the details of any financial transaction (including the credit information; hereafter the same shall apply) for the examination as referred to in paragraph (1), any public service ethics committee may demand that the head of any financial institution present materials on the details of financial transactions. Such demand shall be made by means of document or in use of the information and communications net work, specifying the personal matters, in compliance with such criteria as prescribed by the National Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the National Election Commission Regulations, or the Presidential Decree, and any person who is engaged in the financial institution concerned shall not refuse such demand. <Newly Inserted by Act No. 4853, Dec. 31, 1994; Act No. 5493, Dec. 31, 1997; Act No. 8098, Dec. 28, 2006> (6) Any public service ethics committee may demand attendance of any person liable for registration and his/her spouse, lineal ascendants and descendants, and other interested parties in matters of property registration, and may ask them to make statements.

(7) With respect to any person liable for registration under a considerable suspicion of false registration or of an acquisition of property or profits from assets by utilizing the secrets obtained on duty as a result of the examination under paragraph (1), the relevant public service ethics committee shall, by appending the 11

relevant documents, request that the Minister of Justice (in case of military personnel or military civilian employees, the Minister of National Defense) conduct an investigation with fixing a period of time. <Amended by Act No. 6388, Jan. 26, 2001> (8) The Minister of Justice or the Minister of National Defense, as applicable, shall, upon receiving the request for investigation under paragraph (7), cause any public prosecutor or prosecuting attorney to conduct an investigation without delay, and notify the relevant public service ethics committee of the result of such investigation. <Amended by Act No. 4853, Dec. 31, 1994> (9) The provisions concerning criminal investigations in criminal lawsuits-related Acts and subordinate statutes (including the Military Court Act) shall apply mutatis mutandis to the investigation conducted by a public prosecutor or prosecuting attorney under paragraph (8): Provided, That this shall not apply to the provisions concerning the restraint of personal liberty. <Amended by Act No. 4853, Dec. 31, 1994> (10) Any public service ethics committee shall complete the examination of all public officials who are subject to the disclosure of property within three months after the registered matters as provided in Article 5 (1) or after the changed matters reported under Article 6 are made open to the public under Article 10 (1): Provided, That the public service ethics committee may, in case where deemed necessary, extend the period of examination under its resolution within the limit of 3 months. <Amended by Act No. 6388, Jan. 26, 2001> (11) Any public service ethics committee may entrust the head of the relevant registration agency or other related agency with the examination of registered matters for persons liable for registration other than those subject to the disclosure of property, and the head of the entrusted agency shall report the results of examination to the competent public service ethics committee.

(12) The provisions of paragraphs (2) through (9) shall apply mutatis mutandis to the case of entrustment as referred to in paragraph (11). In such case, if any person wishes to request the presentation of materials concerning the details of financial transactions as referred to in paragraph (5), or any investigation as referred to in paragraph (7), he/she shall obtain approval from the competent public service ethics committee. <Amended by Act No. 4853, Dec. 31, 1994> (13) Any public service ethics committee may, if it is deemed necessary to examine the matters concerning the registered property of a person subject to the disclosure of property, who falls under each subparagraph of Article 10 (1) or the matters concerning the registered property of a candidate for public office, who falls under the provisions of Article 10-2, etc. (hereafter referred to as a "person subject to the disclosure of property" in this Article), get the person subject to the disclosure of property to vindicate, by each owner of the property registered pursuant to Article 4, the date of acquisition of such property, how to acquire such property and the income sources to acquire such property (hereafter referred to as the "process of acquiring property" in this Article). Persons who are asked to vindicate the process of acquiring their properties shall submit evidential data of the past three years from the base date on which they have had their properties registered in their vindication contents. <Newly Inserted by Act No. 8098, Dec. 28, 2006> (14) Anyone who is asked to vindicate the process of acquiring property pursuant to the provisions of paragraph (13) shall be prohibited from refusing to vindicate it or submitting evidential data unless he/she 12

has justifiable grounds therefor. <Newly Inserted by Act No. 8098, Dec. 28, 2006> (15) Necessary matters concerning the vindication on the process of acquiring property and the submission of evidential data referred to in the provisions of Articles 13 and 14 shall be prescribed by the Presidential Decree. <Newly Inserted by Act No. 8098, Dec. 28, 2006> [This Article Wholly Amended by Act No. 4566, Jun. 11, 1993]

Article 8-2 (Measures Taken from Results of Examination) (1) If, as a result of the examination of registered matters under Article 8, any property to be registered is deemed to have been falsely recorded, omitted or erroneously reported by gross negligence, or any property or profits from assets are deemed to have been acquired by utilizing the secrets obtained on duty, any public service ethics committee shall take measures which fall under one of the following subparagraphs: <Amended by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001; Act No. 8098, Dec. 28, 2006> 1. Warning and corrective measures; 2.

Imposition of a fine for negligence under Article 30;

3.

Publication of falsely registered matters in advertisement column of daily newspapers; and

4.

Request for decision on dismissal or discipline (including removal from office).

(2) In deeming that the registered property is omitted or erroneously reported by gross negligence referred to in the provisions of paragraph (1), the scale, the kind and the value of the registered property and the omitted property as well as the explanation of why it is omitted or it is erroneously reported shall be fully taken into consideration. <Newly Inserted by Act No. 8098, Dec. 28, 2006> (3) Any public service ethics committee may take measures as referred to in paragraph (1) 3 together with the measures falling under each subparagraph of paragraph (1).

(4) Any public service ethics committee shall, upon taking measures as referred to in paragraph (1), notify the heads of the registration agencies or other related organizations thereof. <Newly Inserted by Act No. 4853, Dec. 31, 1994> (5) Any public service ethics committee may, when it is deemed that anyone falling under each subparagraph of Article 4 (1) is suspected of having acquired any interest in goods or property by false or other illegal means in violation of other Acts and subordinate statutes when taking the measure referred to in the provisions of paragraph (1), notify the Minister of Justice (referring to the Minister of National Defense in the case of military personnel and military civilian employees) of the fact: Provided, That in the case of Acts and subordinate statutes governing national taxes, duties and local taxes, the public service ethics committee may notify the Commissioner of National Tax Service, the Commissioner of the Korea Customs 13

Service and the heads of relevant local governments of the fact, respectively. <Newly Inserted by Act No. 8098, Dec. 28, 2006> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 9 (Public Service Ethics Committee) (1) In order to examine and decide the matters falling under one of the following subparagraphs, any public service ethics committees shall be established in the National Assembly, the Supreme Court, the Constitutional Court, the National Election Commission, the Government, local governments, and Educational Offices of the Special Metropolitan City, Metropolitan Cities and Dos, respectively: <Amended

by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 5454, Dec. 13, 1997> 1. thereof;

Examination of registered matters concerning property, and measures taken from the results

2.

Approval as provided in the latter part of Article 8 (12);

3.

Approval as provided in the proviso to Article 17 (1); and

4. Other matters as provided by the power of each public service ethics committee under this Act or other Acts and subordinate statutes.

(2) Each public service ethics committee shall exercise jurisdiction over the matters which fall under one of the following subparagraphs: <Amended by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 5454, Dec. 13, 1997; Act No. 8098, Dec. 28, 2006> 1. The public service ethics committee in the National Assembly shall preside over matters concerning the members of the National Assembly, other public officials under the control of the National Assembly, and retired public officials of the National Assembly; 2. The public service ethics committee in the Supreme Court shall preside over matters concerning judges, other public officials under the control of the courts, and retired public officials of the courts; 3. The public service ethics committee in the Constitutional Court shall preside over matters concerning Justices of the Constitutional Court, other public officials under the control of the Constitutional Court, and retired public officials of the Constitutional Court; 4. The public service ethics committee in the National Election Commission shall preside over matters concerning public officials under the control of the National Election Commission and other election commissions, and retired public officials of election commissions; 5. The public service ethics committees in the Special Metropolitan City, Metropolitan Cities and 14

Dos shall preside over matters concerning public officials of Grade IV or lower in their ranks who belong to the Special Metropolitan City, the Metropolitan Cities, or Dos the officers and employees of the competent public-service organizations, the public officials or Grade IV or lower in their ranks who belong to the councils of the Special Metropolitan City, Metropolitan Cities or Dos, the members of the councils of Si/Gun/Gu, the public officials of Grade IV or lower in their ranks who belong to the Si/Gun/Gu, and their retirees; 6. The public service ethics committees in Si/Gun/Gu shall preside over matters concerning public officials of Grade V or lower in their ranks who belong to the Si/Gun/Gu, the officers and employees of the competent public-service organizations, the public officials of Grade V or lower in their ranks who belong to the councils of Si/Gun/Gu, and their retirees; 7. The public service ethics committees in Educational Offices of Special Metropolitan City, Metropolitan Cities and Dos shall preside over matters concerning public officials of Grade IV or lower in their ranks who belong to the Education Offices of the Special Metropolitan City, Metropolitan Cities and Dos and the boards of education, and their retirees; and 8. The public service ethics committee in the Government shall preside over matters concerning public officials other than those as referred to in subparagraphs 1 through 7, and retired public officials thereof.

(3) Each public service ethics committee shall be composed of nine members including a chairman and a vice-chairman, and five of them, including the chairman, shall be appointed from among judges, educators, other persons of learning and high moral character, or persons recommended by the citizen's organization (referring to the nonprofit nongovernmental organization under Article 2 of the Assistance for Nonprofit Non-Governmental Organizations Act; hereinafter the same shall apply): Provided, That each public service ethics committees in Si/Gun/Gu shall be composed of five members including a chairman and a vicechairman, and three of them, including the chairman, shall be appointed from among judges, educators, other learned and reputable persons, or persons recommended by the citizen's organization. <Amended by Act No. 4566, Jun. 11, 1993; Act No. 6388, Jan. 26, 2001> (4) The term of office and appointment of members of each public service ethics committee, the procedures of examination and other necessary matters shall be determined by the provisions which fall under any of the following subparagraphs: <Newly Inserted by Act No. 4566, Jun. 11, 1993; Act No. 5454, Dec. 13, 1997> 1. In case of the public service ethics committee in the National Assembly, the National Assembly Regulations; 2. In case of the public service ethics committee in the Supreme Court, the Supreme Court Regulations; 3. In case of the public service ethics committee in the Constitutional Court, the Constitutional Court Regulations; 15

4. In case of the public service ethics committee in the National Election Commission, the National Election Commission Regulations; 5.

In case of the public service ethics committee in the Government, the Presidential Decree; and

6. In case of the public service ethics committees in the Special Metropolitan City, Metropolitan Cities and Dos and the public service ethics committees in Sis/Guns/Gus and the public service ethics committees in the Educational Offices of the Special Metropolitan City, Metropolitan Cities and Dos, the Municipal Ordinances of the relevant local governments.

(5) Each public service ethics committee may make rules relating to the operation thereof as prescribed by the Regulations, the Presidential Decree and the Municipal Ordinance prescribed by this Act and respective subparagraphs of paragraph (4). <Newly Inserted by Act No. 4566, Jun. 11, 1993>

Article 10 (Disclosure of Registered Property) (1) Each public service ethics committee shall open to the public the registered matters concerning the property of such public officials out of those liable for registration under its jurisdiction falling under any of the following subparagraphs, as well as the property of such officials' spouses and lineal ascendants and descendants, as well as the contents of the report on the changed matters as provided in Article 6, by inserting them in the Official Gazette or public bulletins, within one month after the time limit for registration or report expires: <Amended by Act No. 4566, Jun. 11, 1993; Act No. 5454, Dec. 13, 1997; Act No. 5491, Dec. 31, 1997; Act No. 5681, Jan. 21, 1999; Act No. 6306, Dec. 29, 2000; Act No. 6388, Jan. 26, 2001; Act No. 7796, Dec. 29, 2005> 1. State public officials in political service, such as the President, the Prime Minister, members of the State Council, members of the National Assembly, Director General and Directors of the National Intelligence Service; 2. Public officials in political service of local governments, such as the heads of local governments, and local councilmen; 3. State public officials of Grade I in general service (including public officials in general service who belong to the Senior Civil Service equivalent thereto) and local public officials, and public officials in extraordinary service who receive remuneration equivalent thereto (including public officials in extraordinary service who belong to the Senior Civil Service); 4. Public officials in foreign service prescribed by the Presidential Decree, and chief of the Planning and Coordination Office of the National Intelligence Service; 5. Judges higher than the chief judge of the High Court, public prosecutors higher than chief of the public prosecutor's office, and public prosecutors who are the heads of public prosecutor's branch offices to which deputy chief public prosecutors are assigned; 16

6.

Officers higher than the lieutenant general;

7. Presidents and deputy presidents of universities, deans of colleges (excluding deans of universities), deans of junior colleges and heads of various schools equivalent to universities and colleges, superintendents of educational boards and members of educational committees of the Special Metropolitan City, Metropolitan Cities and Dos; 8. Police officers higher than senior superintendent general, and directors of local police administration in the Special Metropolitan City, Metropolitan Cities and Dos; 9. Directors of the District Tax Office, and superintendents of custom-houses who are public officials of Grade III or public officials belonging to the Senior Civil Service; 9-2. Public officials in contractual service appointed to the positions to be appointed by public officials under subparagraphs 3 through 6, 8 and 9 or to the positions equivalent thereto: Provided, That with respect to positions designated from among subparagraphs 4, 5, 8 and 9, limited to the public officials in contractual service appointed to the relevant positions; 10. Directors, deputy directors and permanent auditors of government-invested institutions, the governor, deputy governor and auditor of the Bank of Korea, governor, deputy governor and auditor of the Financial Supervisory Service, presidents and permanent auditors of the National Agricultural Cooperatives Federation and National Federation of Fisheries Cooperatives and officers of public service-related organizations as prescribed by the Presidential Decree; 11. Other public officials of the Government, who are prescribed by the Presidential Decree; and 12. Persons who are retired from the offices as referred to in subparagraphs 1 through 11 (limited only to the case as provided in Article 6 (2)).

(2) If a person liable for registration becomes, after the registration, one who is subject to the opening of his property to the public under paragraph (1), due to, inter alia, a promotion or transfer, he shall re-register the property as of the day on which he becomes one who is subject to the opening of property to the public with the registrar under the text of Article 5 (1), within one month after he becomes such person, and the public service ethics committee shall open it to the public under paragraph (1): Provided, That if the person concerned was transferred to a position which is not subject to the opening of property to the public, and thereafter becomes a person who is subject to the opening of property to the public within three years, he shall open to the public only the matters changed after the last opening is made. <Newly Inserted by Act No. 4853, Dec. 31, 1994> (3) No person shall inspect or reproduce registered matters concerning the property of any person liable for registration, or have another person do so, without obtaining permission of the head of the public service ethics committee or registration agency, except in cases falling under paragraphs (1) and (2). <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994> 17

(4) The head of the public service ethics committee or registration agency may not grant any permission as referred to in paragraph (3), except cases falling under one of the following subparagraphs: <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994> 1. Where it is required for investigation of crime or misconduct against a person liable for registration, or for a trial relevant to it; 2. Where a member of the National Assembly demands materials of the inspection and investigation of the state administration under Article 128 (1) of the National Assembly Act, Article 10 (1) of the Act on the Inspection and Investigation of State Administration, and Article 4 of the Act on Testimony, Appraisal, etc. before the National Assembly, or it is required for investigation as to whether any activity of a specified public official is connected to a concrete misconduct. In this case, the head of the public service ethics committee or the registration agency is not permitted to disclose externally the details of registered matters concerning the property; 3. Where it is required to judge for the head of any government agency, local government or public service-related organization, if a public official under his control is connected to any misconduct; and 4. Where a person who is or was liable for registration requests an inspection or reproduction of registered matters concerning himself.

Article 10-2 (Opening of Property of Candidates for Election of Public Officials to Public) (1) When a person who wishes to be a candidate for the President, a member of the National Assembly, the head of a local government or a member of a local council makes a registration for such candidacy, he/she shall submit a report, as provided in Article 4, regarding the property to be registered as of December 31 of the preceding year, to the competent election commission, and such commission shall make public the reported matters concerning the property of the candidate at the time the registration of candidate is announced publicly. <Amended by Act No. 4739, Mar. 16, 1994; Act No. 4853, Dec. 31, 1994; Act No. 7189, Mar. 12, 2004; Act No. 8098, Dec. 28, 2006> (2) When a proposal of approval for appointment of a public official whose appointment is required to be approved by the National Assembly, such as the Chief Justice of the Supreme Court, President of the Constitutional Court, Prime Minister, Chairman of the Board of Audit and Inspection, Justices of the Supreme Court, Secretary-general of the National Assembly Secretariat, or a proposal of election of a public official who is elected by the National Assembly, such as Judges of the Constitutional Court or members of the National Election Commission, is submitted, a report on the property to be registered under Article 4 concerning the candidate for public office shall be submitted to the National Assembly, and the Speaker of the National Assembly shall open without delay to the public the reported matters concerning the property of the candidate for public office: Provided, That this shall not apply where the candidate for public office opens, under Article 10 (1), the property to be registered on or after December 31 of the preceding year to the public prior to the time the proposal of approval for appointment or of the election is filed, but the documents to confirm the disclosure of property shall be submitted to the National Assembly. <Amended by 18

Act No. 4853, Dec. 31, 1994; Act No. 5454, Dec. 13, 1997> (3) The public service ethics committees in the National Election Commission and the National Assembly shall examine the reported matters concerning the property as referred to in paragraph (1) or (2), and may open the results of the examination to the public.

(4) The provisions of Article 8 (2) through (6) shall apply mutatis mutandis to the examination as referred to in paragraph (3). <Amended by Act No. 4853, Dec. 31, 1994> (5) The forms of the report as referred to in paragraphs (1) and (2), the methods of disclosure of property, and other necessary matters shall be prescribed by the National Assembly Regulations or the National Election Commission Regulations.

[This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 11 (Report on Property of Transferred Person) (1) If a person liable for registration is exempted from the liability for registration due to, inter alia, a transfer, etc., retaining the status as a public official or an officer or an employee of a public service-related organization (including the case where he/she becomes a public official or an officer or an employee of a public service-related organization within one month after retirement), he/she shall report to the previous registration agency the changed matters concerning the property changed until the date on which, e. g., the transfer is made after the 1st of January of the year in which he/she is transferred (if he/she becomes a person liable for registration after the 1st of January, the day on which he/she becomes liable therefor) within one month after his/her transfer, and thereafter make a report on the matters concerning the property changed during the preceding one year in the month the cause of such transfer has occurred: Provided, That if he/she retires from his/her office during the period in which he/she is liable for reporting on the changed matters in the property, the provisions of Article 6 (2) shall apply mutatis mutandis. <Amended by Act No. 4853, Dec. 31, 1994; Act No. 8098, Dec. 28, 2006> (2) With respect to the report as referred to in paragraph (1) and the control of such reported matters, the provisions of Articles 6 through 8, 8-2, 10, 12 through 14 and 14-3 shall apply mutatis mutandis. <Amended

by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001>

Article 12 (Liability for Truthful Registration) (1) No person liable for registration shall falsely enter in the property registration papers the property to be registered under Article 4, the value of such property, the date of acquisition, how to acquire such property, and the income sources to acquire such property. <Amended by Act No. 4566, Jun. 11, 1993> (2) Any person liable for registration shall faithfully comply with any examination of each public service ethics committee, etc. on the registered matters. <Amended by Act No. 4566, Jun. 11, 1993> (3) Any person as provided in Article 4 (2) 2 or 3 shall faithfully comply with the registration of 19

property by a person liable for registration or the examination on the registered matters by the relevant public service ethics committee. <Amended by Act No. 4566, Jun. 11, 1993> (4) Notwithstanding the provisions of paragraph (3), the person falling under Article 4 (1) 3 who is not a dependent of a person liable for registration may refuse to publish matters concerning the report on his/her property after obtaining approval therefor from the relevant public service ethics committee and undergo the reexamination every 3 years. In this case, the person liable for the registration shall file an application for approval therefor, clearly indicating the grounds thereof. <Amended by Act No. 4566, Jun. 11, 1993; Act No. 8098, Dec. 28, 2006> (5) Necessary matters concerning the application for approval for refusing the publication and the examination of such application referred to in the provisions of paragraph (4) shall be prescribed by the Presidential Decree. <Newly Inserted by Act No. 8098, Dec. 28, 2006>

Article 13 (Prohibition of Use of Registered Matters concerning Property for Other Purposes) No person liable for registration shall be subject to any disadvantageous treatment or disposition on the grounds of registered matters unless he/she makes false registration or other causes as prescribed by this Act occur, and no person shall use the registered matters concerning the property for other purpose than those as prescribed by this Act. <Amended by Act No. 4566, Jun. 11, 1993>

Article 14 (Keeping of Secrets) Anyone who is or was engaged in affairs of property registration, or other person who has learned of the registered matters in the course of performing his/her duties shall not disclose them to other persons.

Article 14-2 (Prohibition of Property Acquisition by Taking Advantage of Secrets in Respect of One's Duties) No person liable for registration shall acquire any property or property interest taking advantage of secrets which he/she has learned in the course of performing his/her duties.

[This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 14-3 (Prohibition of Furnishing and Disclosure of Materials on Financial Transactions) No person who has materials concerning the details of financial transactions furnished under Article 8 (5) shall furnish or disclose them to another person, or use them for any purpose other than proper ones.

[This Article Newly Inserted by Act No. 4853, Dec. 31, 1994]

CHAPTER II-2 SALE OR TRUST OF STOCKS 20

Article 14-4 (Sale or Trust of Stocks) (1) When the gross amount of stocks owned by all of the principal and his/her interested persons (referring to the persons falling under Article 4 (1) 2 or 3, but excluding the persons refusing the notification of property registration matters under Article 12 (4) from among the persons falling under Article 4 (1) 3; hereinafter the same shall apply) exceeds the amount prescribed by the Presidential Decree within the scope of 10 million won to 50 million won, any person subject to disclosure of property under Article 10 (1) from among persons liable for registration and any person prescribed by the Presidential Decree from among the public officials belonging to the Ministry of Finance and Economy and the Financial Supervisory Commission (hereinafter referred to as the "persons, etc. subject to disclosure of property") shall directly take the acts falling under any of the following subparagraphs within one month from the date of such excess (if the gross amount of stocks exceeds the amount prescribed by the Presidential Decree with the scope of 10 million won to 50 million won as of the date they become persons, etc. subject to disclosure of property or the date the causes for deferment under Article 6-3 (1) are extinguished, it refers to the date they become persons, etc. subject to disclosure of property or the date the causes for deferment are extinguished, and if they apply for examining on whether or not the stocks are related to the business to the Examination Committee on Blind Trust of Stocks under Article 14-5 (6), it refers to the date they are notified of the decision that they are related to the business), or have the interested person take the acts falling under any of the following subparagraphs, and the facts of taking such acts shall be reported to the registration agency: Provided, That the same shall not apply when the notification of decision stating that it has no relation with duties has been received from the Examination Committee on Blind Trust of Stocks under Article 14-5 (7): 1.

Sale of the relevant stocks; and

2. Conclusion of the contract on the trust or investment trust equipped with the requirements of each of the following items (hereinafter referred to as the "blind trust of stocks"): (a) A trustee institution shall dispose of the originally trusted stocks within 60 days from the day of concluding the trust contract: Provided, That where there exist the situation that it is difficult to dispose of the stocks within 60 days, and when an approval of the public service ethics committee has been obtained by the trustee institution, the time limit for disposition of stocks may be extended, and in such case, the one time extension period shall be within 30 days; (b) Persons, etc. subject to disclosure of property or their interested persons shall not participate in any management, operation and disposition of the trusted property; (c) Persons, etc. subject to disclosure of property or their interested persons shall not demand any provision of information on management, operation and disposition of the trusted property, and the trustee institution shall not provide it: Provided, That the trustee institution may present in advance the basic operational methods of trusted property within the scope prescribed by the Presidential Decree when it conclude a trust contract; (d) A truster may terminate the trust contract in case where the reasons falling under any subparagraph of Article 14-10 (2); 21

(e) Where the trustee institution has performed the trust business with the care of a good manager, it shall not be responsible for all damages; and (f) The trustee institution shall be an institution to perform the trust business, and shall be a trust company under the Trust Business Act (including the financial agency operating the trust business), or an asset management company under the Act on Business of Operating Indirect Investment and Assets: Provided, That the company wherein the persons, etc. subject to disclosure of property or their interested persons have held office within the latest three years shall be excluded.

(2) When the report under paragraph (1) and the registration under Article 5 are made at the same time, types and values of the stocks to be registered shall be based on the day on which the stocks have been sold under the provisions of paragraph (1) or on the day on which a contract for blind trust of stocks has been concluded.

(3) Persons, etc. subject to disclosure of property shall concurrently report the situation of assets changes due to the conclusion or termination of a contract for blind trust of stocks by including it in the report under the provisions of Articles 6 and 11.

(4) Where the report has been made on the conclusion of a contract for blind trust of stocks under the provisions of paragraph (1), the said trusted property shall be excluded from the objects for report under the provisions of Articles 6 and 6-2 (1), not later than a termination of relevant trust contract.

(5) The report and disclosure methods of the facts of sale or blind trust of stocks under the provisions of paragraph (1) shall be prescribed by the Presidential Decree.

(6) The provisions of Articles 6-2 (3), 7, 8, 8-2, 12 through 14 and 14-3 shall apply mutatis mutandis to the report under the provisions of paragraph (1) and the inspection and management of the reported matters.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 14-5 (Examination of Business Relationship by Examination Committee on Blind Trust of Stocks) (1) The Examination Committee on Blind Trust of Stocks shall be established in the Ministry of Government Administration and Home Affairs (hereinafter referred to as the "Examination Committee on Blind Trust of Stocks") in order to inspect and decide whether or not the stocks possessed by the persons, etc. subject to disclosure of property and their interested persons are related to the business.

(2) The Examination Committee on Blind Trust of Stocks shall consist of nine members including one chairman.

(3) The chairman and members of the Examination Committee on Blind Trust of Stocks shall be appointed or commissioned by the President. In this case, three of the members shall be respectively 22

appointed or commissioned by the National Assembly and three of them by the Chief Justice of the Supreme Court.

(4) The members of the Examination Committee on Blind Trust of Stocks shall be the members of the public service ethics committee, judges, education personnel, professionals of finance related to the stocks, and other persons having the knowledge and virtues of blind trust.

(5) Term of office of the chairman and members shall be two years, but the reappointment may be made limited to just once.

(6) When the persons, etc. subject to disclosure of property intend to be exempted from the obligation of the sale of stocks or blind trust of stocks under Article 14-4 (1) on the reasons that the stocks possessed by the principal and his/her interested persons have no relationship with the business, they shall apply to the Examination Committee on Blind Trust of Stocks for the examination on whether or not the possessed stocks are related to the business within one month from the day on which the gross value of the stocks held by all of the principal and his/her interested persons becomes to exceed the amount prescribed by the Presidential Decree within the scope of 10 million won to 50 million won (when the gross value of the stocks exceeds the amount prescribed by the Presidential Decree within the scope of 10 million won to 50 million won as of the day of becoming the persons, etc. subject to disclosure of property or of the day on which the deferment reasons under Article 6-3 (1) have been extinguished, it refers to the day of becoming the persons, etc. subject to disclosure of property or the day on which the deferment reasons have been extinguished).

(7) The Examination Committee on Blind Trust of Stocks shall examine and decide on whether or not the relevant stocks are related to the business within one month from the application day for the examination under the provisions of paragraph (6), and notify the applicant of the relevant results: Provided, That the Examination Committee on Blind Trust of Stocks may extend, when deemed necessary, the examination period within the scope of one month by its resolution.

(8) The stocks relationship with business shall be judged on the basis of approach to the direct or indirect information on the relevant stocks and the possibility for exercising the influencing power.

(9) The Examination Committee on Blind Trust of Stocks may, when deemed necessary for the examination on whether or not the stocks are related with the business, demand the persons, etc. subject to disclosure of property to submit the data or make a written inquiry.

(10) The Examination Committee on Blind Trust of Stocks may demand the related institution, organization and enterprise to submit the data when deemed necessary for examining whether or not the stocks are related to the business, and the relevant institution, organization and enterprise shall comply with it unless they have any lawful reasons.

(11) Matters necessary for the procedures for examination and operation, etc. of the Examination Committee on Blind Trust of Stocks shall be prescribed by the Presidential Decree.

[This Article Newly Inserted by Act No. 7493, May 18, 2005] 23

Article 14-6 (Restriction on Acquisition of Stocks) (1) Where a contract for blind trust of stocks has been concluded under the provisions of Article 14-4 (1), anyone of the persons, etc. subject to disclosure of property and their interested persons shall not newly acquire the stocks not later than the termination of relevant trust contract.

(2) When the persons, etc. subject to disclosure of property or their interested persons have become to acquire the stocks on the reasons of inheritance and other reasons as prescribed by the Presidential Decree during the period of restriction on the acquisition of stocks under the provisions of paragraph (1), they shall directly sell the relevant stocks or make a blind trust, or have their interested persons sell or make a blind trust of relevant stocks, and make a report on it to the registration agency, within one month from the date of such acquisition (in case of inheritance, referring to the date they come to know the commencement of inheritance): Provided, That the same shall not apply when receiving a notification on the decision that there exists no business relationship, from the Examination Committee on Blind Trust of Stocks.

(3) The provisions of Articles 14-4 (3) through (6) and 14-5 shall apply mutatis mutandis to the blind trust of stocks and the examination on business relationship under the provisions of paragraph (2).

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 14-7 (Prohibition, etc. against Provision of Information on Trusted Property) (1) Where a contract for blind trust of stocks has been concluded under the provisions of Article 14-4 (1) or 14-6 (2), the persons, etc. subject to the disclosure of property and their interested persons shall not demand any trust company, any asset operation company, any investment company or any sale company to provide the information pertaining to the management, operation, or the disposition of trusted property, notwithstanding the provisions of Article 17-10 of the Trust Business Act and Article 125 of the Act on Business of Operating Indirect Investment and Assets, and the trust company, assets operation company, investment company or sale company shall not comply with the demand of the persons, etc. subject to the disclosure of property or their interested persons to provide such information: Provided, That the trust company, asset operation company, investment company or sale company may, in case where the tax payment liability including the transfer income tax, etc. accrues from the disposition of the relevant trusted property, supply the persons subject to disclosure of property, etc. or their interested persons with information pertaining to the fulfillment of tax payment liability in order to help him/her voluntarily fulfill such tax payment liability. <Amended by Act No. 8098, Dec. 28, 2006> (2) Where the contract for blind trust has been concluded under the provisions of Article 14-4 (1) or 146 (2), the persons, etc. subject to disclosure of property and their interested persons shall not participate in the management, operation, or disposition of trusted property.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

24

Article 14-8 (Report, etc. on Trust Situations) (1) The trustee institution of stocks in blind trust shall make a report on the details of management, operation, or disposition of trusted property from January 1 (the date of contract in the case of a year on which a contract for blind trust has been concluded) to December 31 each year to the competent public service ethics committee in January of the next year. In this case, when a contract for blind trust of stocks has been concluded during December, the said report may be made concurrently with the details of management, operation, or disposition for the next year.

(2) When the value of trusted property has become less than the amount prescribed by the Presidential Decree, the trustee institution shall notify the competent public service ethics committee of the relevant facts, and the public service ethics committee shall notify the truster of them.

(3) The time and methods of notification by the trustee institution under the provisions of paragraph (2) shall be prescribed by the Presidential Decree.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 14-9 (Supervision on Trustee Institution) When the officers and staff members of the trustee institution have violated this Act or orders or dispositions under this Act, the public service ethics committee may demand the Governor of the Financial Supervisory Service to take adequate dispositions such as the correctional orders or disciplinary actions, etc. on the relevant officers and staff members.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 14-10 (Demand for Sale of Stocks and Termination of Trust) (1) The truster of a blind trust of stocks may demand the trustee institution in writing, by obtaining a permit from the competent public service ethics committee, to sell all of the trusted property.

(2) When the reasons falling under any of the following subparagraphs have occurred, the truster of a blind trust of stocks may demand the trustee institution to terminate the contract for blind trust of stocks: Provided, that in the case of subparagraph 2, he/she shall demand by all means a termination of the contract for stocks blind trust: 1. Where the notification under the provisions of Article 14-8 (2) has been received; 2. Where the trustee institution has sold all of the trusted property by the demand for sale under the provisions of paragraph (1); and 3. Where the relevant persons, etc. subject to the disclosure of property have been excluded from the persons, etc. subject to the disclosure of property on the reasons for retirement and transference, etc.

25

(3) When a contract for stocks blind trust has been terminated under the provisions of paragraph (2), the trustee institution of stocks blind trust shall make a report to the competent public service ethics committee on the reasons of termination and the contents on management, operation and disposition of trusted property between January 1 of that year (in case where the termination has been made in the year of establishing the blind trust of stocks, the day of establishing the blind trust of stocks) to the day of termination, within one month from the terminated day. In this case, when the contract for stocks blind trust has been terminated in January, the report may be made together with the contents on management, operation and disposition in the preceding year.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

CHAPTER III REPORT ON GIFTS Article 15 (Report on Receipt of Gifts from Foreign Governments, etc.)

(1) If a public official (including members of local councils and educational committees; hereafter the same shall apply in Article 22) or an officer or an employee of any public service-related organization has received any gift from a foreign country or a foreigner (including foreign organizations; hereinafter the same shall apply) in connection with his/her duties, he/she shall report it without delay to the head of the agency or organization to which he/she belongs, and hand over such gift thereto. This provision shall also apply in case where his/her family receives any gift from a foreign country or a foreigner in connection with the duties of such officials, or officers or employees of public service-related organizations. <Amended by Act No. 4566, Jun. 11, 1993; Act No. 4853, Dec. 31, 1994; Act No. 8098, Dec. 28, 2006> (2) The value of the gift to be reported under paragraph (1) shall be prescribed by the Presidential Decree.

Article 16 (Reversion, etc. of Gift to National Treasury) (1) Any gift reported under Article 15 (1) shall be reverted to the National Treasury immediately after it is reported.

(2) Matters concerning, inter alia, the management or maintenance of reported gifts shall be prescribed by the Presidential Decree.

CHAPTER IV RESTRICTION ON EMPLOYMENT OF RETIRED PUBLIC OFFICIALS

Article 17 (Restriction on Employment of Retired Public Officials in Related Private Enterprises, etc.)

(1) No public official or officer or employee of a public service-related organization who was engaged in a grade of position or field of duties as prescribed by the Presidential Decree may be employed for a period of two years immediately after his/her retirements by a profit-making private enterprise of a specified 26

scale or larger (hereinafter referred to as the "profit-making private enterprise") connected closely with the business which he/she performed at the competent department within three years immediately before his/her retirement, or the corporation or the organization established for the joint profits and mutual cooperation, etc. with the profit-making private enterprises (hereinafter referred to as the "association"): Provided, That this shall not apply if such employment is approved by the competent public service ethics committee. <Amended by Act No. 6388, Jan. 26, 2001> (2) The competent public service ethics committee may, in case where it is deemed necessary to confirm the close business connection referred to in the provisions of paragraph (1) and to grant approval for employment, ask the relevant profit-making enterprise and the head of the relevant association to submit necessary materials and the relevant profit-making private enterprise and the head of the relevant association shall, upon receiving the request, submit the necessary materials unless justifiable grounds that make it impossible for them to do so exist. <Newly Inserted by Act No. 8098, Dec. 28, 2006> (3) In the case as referred to in paragraph (1), the scope of close connection between the business of the competent department performed by the retired public official and that of the profit-making private enterprise, and the scale of such private enterprise and the scope of related associations shall be prescribed by the National Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the National Election Commission Regulations or the Presidential Decree. <Amended by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993; Act No. 6388, Jan. 26, 2001> (4) In determining and applying the scope of the business of the competent department in the case of paragraph (3), the due consideration shall be paid so as not to unlawfully infringe on the freedom and rights of the retired public officials. <Newly Inserted by Act No. 6388, Jan. 26, 2001; Act No. 8098, Dec. 28, 2006>

Article 18 (Request for Approval of Employment) Any retired public official who wishes to obtain approval of employment under the proviso of Article 17 (1) shall make a request for approval of employment to the competent public service ethics committee through the head of the agency to which he/she belonged, under the provisions of the National Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the National Election Commission Regulations or the Presidential Decree. <Amended by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993>

Article 19 (Demand, etc. for Dismissal of Employee) (1) If a person who has held an office in a government agency, a local government or a public servicerelated organization (in case of the chairman of a public service ethics committee, whose employment is restricted under Article 17 (1)) is employed in violation of the provisions of Article 17 (1), the chairman of the competent public service ethics committee and the head of the government agency, the local government or public service-related organization shall request the head of the relevant central administrative agency (in case of the National Assembly, the Secretary-General of the National Assembly; in case of a court, the director of the Office of Court Administration; in case of the Constitutional Court, the Secretary-General of 27

the Secretariat of the Constitutional Court; and in case of the National Election Commission, the SecretaryGeneral of the National Election Commission; hereinafter the same shall apply) to take measures for the dismissal of the person concerned, and the head of the relevant central administrative agency shall, upon receiving such request, demand a dismissal of such person to the head of the profit-making private enterprise or the association to which he/she belongs. <Amended by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993; Act No. 6388, Jan. 26, 2001> (2) The head of the profit-making private enterprise or the association who receives a request for the dismissal under paragraph (1) shall comply with such request without delay. <Amended by Act No. 6388, Jan. 26, 2001>

CHAPTER V SUPPLEMENTARY PROVISIONS Article 20 (Agency in Charge of Planning and General Affairs) The Minister of Government Administration and Home Affairs shall preside over the planning and general affairs concerning registration of property and publication thereof, the report on gifts, and the restrictions on the employment of retired public officials under this Act. <Amended by Act No. 4566, Jun. 11, 1993; Act No. 6388, Jan. 26, 2001>

Article 20-2 (Report to National Assembly, etc.)

(1) Any public service ethics committee shall submit its annual report on registration of property, the report on gifts and the actual state and the supervision of the restrictions on the employment of retired public officials as well as its activities during the preceding year to the ordinary session of the National Assembly and the second regular session of the relevant local council. <Amended by Act No. 8098, Dec. 28, 2006> (2) Matters necessary for preparing the annual report as referred to in paragraph (1) shall be prescribed by the Presidential Decree.

[This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 21 (Delegated Provisions) Matters necessary for the enforcement of this Act shall be prescribed by the National Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the National Election Commission Regulations, the Presidential Decree or the Municipal Ordinance of the relevant local government. <Amended by Act No. 4408, Nov. 30, 1991; Act No. 4566, Jun. 11, 1993>

CHAPTER VI DISCIPLINARY ACTION AND PENAL PROVISIONS Article 22 (Disciplinary Action, etc.)

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If a public official or an officer or an employee of a public service-related organization falls under any of the following subparagraphs, the competent public service ethics committee may demand a resolution on dismissal or discipline: <Amended by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001; Act No. 7493, May 18, 2005; Act No. 8098, Dec. 28, 2006> 1. Where he/she fails to register his/her property in violation of the provisions of Article 5 (1); 2. Where he/she fails to make a report on the changed matter or the report on the details of stock trade, or to attach explanatory materials, in violation of the provisions of Articles 6 (1) (including the provisions of Article 6 (3) in case where he/she becomes liable for registration in December) and (7), 6-2 and 11 (1); 2-2. Where he/she falsely vindicates in response to the request of the vindication by the public service ethics committee provided for in the provisions of Article 8 (13) or submits falsified data; 2-3. Where he/she fails to vindicate or submit evidential data without justifiable grounds therefor in violation of the provisions of Article 8 (14); 3. Where he/she inspects or reproduces registered matters or has another person do so, without permission, in violation of the provisions of Article 10 (3) (including the case where it is applied mutatis mutandis under Article 11 (2)); 4. Where he/she has in bad faith registered his/her property, such as making a false registration, etc., in violation of the provisions of Article 12 (1) (including the case where it is applied mutatis mutandis under Articles 6-2 (4) and 11 (2)); 5. Where he/she fails to comply with an examination of the relevant public service ethics committee, etc. on the registered matters, in violation of the provisions of Article 12 (2) (including the case where it is applied mutatis mutandis under Articles 6-2 (4) and 11 (2)); 6. Where he/she uses matters concerning registered property for any purpose other than that as prescribed by this Act, in violation of the provisions of the latter part of Article 13 (including the case where it is applied mutatis mutandis under Articles 6-2 (4) and 11 (2)); 7. Where he/she discloses matters concerning registered property to another person in violation of the provisions of Article 14 (including the case where it is applied mutatis mutandis under Articles 6-2 (4), 11 (2) and 14-4 (6)); 7-2.

Where he/she fails to report in violation of the provisions of Article 14-4 (1);

7-3. Where he/she acquires stocks or fails to make a report thereon in violation of the provisions of Article 14-6; 7-4. Where he/she demands the provision of information on management, operation and disposition of trusted property in violation of the provisions of the main sentence of Article 14-7 (1); 29

7-5. Where he/she participates in the management, operation and disposition of trusted property in violation of the provisions of Article 14-7 (2); 7-6. Where he/she terminates the contract for blind trust of stocks in violation of the provisions of Article 14-10 (2); and 8. Where he/she fails to report or hand over any gift received from a foreign country or a foreigner in violation of the provisions of Article 15.

[This Article Wholly Amended by Act No. 4566, Jun. 11, 1993]

Article 23 Deleted. <by Act No. 6494, Jul. 24, 2001> Article 24 (Crime of Refusal of Property Registration) (1) Any person liable for registration who refuses to register the property without any justifiable reason shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won.

(2) Any candidates for public office as provided in Article 10-2 (1) and (2), who fails to submit a report on any property to be registered without any justifiable reason, shall be punished by imprisonment for not more than six months or by a fine not exceeding five million won.

[This Article Wholly Amended by Act No. 4566, Jun. 11, 1993]

Article 24-2 (Crime of Refusal of Blind Trust of Stocks) When any persons subject to the disclosure of property, etc. fail to sell or to make a blind trust of stocks possessed by themselves in violation of the provisions of Article 14-4 (1) or 14-6 (2) without any justifiable reason, they shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 25 (Crime of Submission, etc. of False Data) When the head of each institution, organization or enterprise who has been demanded to submit the report or data, etc. under Article 8 (4) and (5) (including the case where it is applied mutatis mutandis under Articles 6-2 (4), 11 (2) and 14-4 (6)) or Article 14-5 (10) by any public service ethics committee (including the head of registration agency, etc. to which the public service ethics committee delegates the authority on property registration under the provisions of Article 8 (11); hereafter in Article 26, the same shall apply) or the Examination Committee on Blind Trust of Stocks, has submitted a false report or false data, or refuses to submit a report or data without any justifiable reasons, he/she shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won. <Amended by Act No. 8098, Dec. 28, 2006> 30

[This Article Wholly Amended by Act No. 7493, May 18, 2005]

Article 26 (Crime of Refusal of Attendance) Any person who has received the demand from the relevant public service ethics committee under Article 8 (6) (including the case where it is applied mutatis mutandis under Articles 6-2 (4), 11 (2) and 14-4 (6)) to appear before the committee, but fails to comply with such demand without any justifiable reason shall be punished by imprisonment for not more than six months or by a fine not exceeding five million won. <Amended by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001; Act No. 7493, May 18, 2005> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 27 (Crime of Inspection and Reproduction without Permission) Any person who inspects or reproduces matters regarding registered property or makes another person do it, without permission, in violation of the provisions of Article 10 (3) (including the case where it is applied mutatis mutandis under Article 11 (2)), shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won. <Amended by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 28 (Crime of Disclosure of Secret) (1) If a person who is or was engaged in the property registration affairs, or other person who has learned of matters regarding registered property in the course of performing his/her duties, discloses the matters regarding registered property other than those which are made open to the public, without any justifiable reason in violation of the provisions of Article 14 (including the case where it is applied mutatis mutandis under Articles 6-2 (4), 11 (2) and 14-4 (6)), he/she shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won. <Amended by Act No. 6388, Jan. 26, 2001; Act No. 7493, May 18, 2005> (2) If a person who has been furnished materials concerning the details of financial transactions discloses such materials to another person, or uses them for other purpose in violation of the provisions of Article 14-3 (including the case where it is applied mutatis mutandis under Articles 6-2 (4), 11 (2) and 14-4 (6)), he/she shall be punished by imprisonment for not more than three years, or by a fine not exceeding twenty million won. <Newly Inserted by Act No. 4853, Dec. 31, 1994; Act No. 6388, Jan. 26, 2001; Act No. 7493, May 18, 2005> (3) The imprisonment and the fine as referred to in paragraph (2) may be imposed concurrently. <Newly Inserted by Act No. 4853, Dec. 31, 1994> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993] 31

Article 28-2 (Crime of Violation against Prohibition of Participation in Blind Trust of Stocks) (1) When the persons, etc. subject to the disclosure of property or their interested persons have demanded the provision of information on management, operation and disposition of trusted property in violation of the main sentence of Article 14-7 (1), or the officers and staff members of the trust company, assets operation company, investment company or sale company have complied with the demand for the provision of such information, they shall be respectively punished by imprisonment for not more than one year or by a fine not exceeding ten million won. <Amended by Act No. 8098, Dec. 28, 2006> (2) When the persons, etc. subject to the disclosure of property or their interested persons have participated in the management, operation and disposition of trusted property in violation of the provisions of Article 14-7 (2), they shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won.

[This Article Newly Inserted by Act No. 7493, May 18, 2005]

Article 29 (Crime of Violation against Restriction on Employment) Any retired public official who is employed by a profit-making private enterprise or the association in violation of the provisions of Article 17 (1) shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won. <Amended by Act No. 6388, Jan. 26, 2001> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

Article 30 (Fine for Negligence) (1) Any person falling under each of the following subparagraphs shall be punished by a fine for negligence not exceeding 20 million won: <Amended by Act No. 8098, Dec. 28, 2006> 1. The person who is subject to the imposition of a fine for negligence by the decision of the relevant public service ethics committee pursuant to the provisions of Article 8-2 (1) 2 (including a case where it is applied mutatis mutandis in Articles 6-2 (4), 11 (2) and 14-4 (6)); 2. The person who falsely vindicates or submits false data in response to the request for his/her vindication by the relevant public service ethics committee, which is made pursuant to the provisions of Article 8 (13); and 3. The person who fails to vindicate or submit the requested material without any justifiable grounds therefor.

(2) Any person falling under any of the following subparagraphs shall be punished by a fine for negligence not exceeding 10 million won: <Amended by Act No. 8098, Dec. 28, 2006> 1. The profit-making private enterprise or the head of the association who refuses to comply with a 32

request for submitting the material provided for in the provisions of Article 17 (2) without any justifiable grounds therefor or submits false material; and 2. The profit-making private enterprise or the head of the association who refuses to comply with a request for dismissal provided for in the provisions of Article 19 (2).

(3) Each public service ethics committee shall notify the court of the offense of the person who is subject to the imposition of a fine for negligence under paragraphs (1) and (2) for a trial on the fine for negligence under the Non-Contentious Case Litigation Procedure Act. <Amended by Act No. 8098, Dec. 28, 2006> [This Article Newly Inserted by Act No. 4566, Jun. 11, 1993]

ADDENDUM This Act shall enter into force on January 1, 1983.

ADDENDA <Act No. 3993, Dec. 4, 1987> Article 1 (Enforcement Date) This Act shall enter into force on February 25, 1988.

Articles 2 through 4 Omitted.

ADDENDA <Act No. 4017, Aug. 5, 1988> Article 1 (Enforcement Date) This Act shall enter into force on September 1, 1988. (Proviso Omitted.)

Articles 2 through 8 Omitted.

ADDENDA <Act No. 4408, Nov. 30, 1991> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 and 3 Omitted.

ADDENDA <Act No. 4566, Jun. 11, 1993> Article 1 (Enforcement Date) 33

This Act shall enter into force one month after the date of its promulgation: Provided, That the provisions regarding the property registration and opening of registered matters to the public with respect to the heads of local government, local councilmen, members of educational committees, public officials under the control of local government and officers and employees of competent public service-related organizations under the control of local government shall enter into force two months after the date of its promulgation.

Article 2 (Transitional Measures) (1) Any person liable for registration at the time when this Act enters into force shall register his/her property existing on the enforcement date of this Act with the registration agency within one month after the enforcement date of this Act. (2) With respect to public officials whose property is to be made open to the public at the time when this Act enters into force, the competent public service ethics committee shall open to the public such registered matters as referred to in paragraph (1) by inserting them in the official Gazette or public bulletins within one month after the expiration of the registration period.

(3) With respect to matters registered by a public official whose property is to be made open to the public at the time when this Act enters into force, the competent public service ethics committee shall complete the examination as provided in Article 8 within three months after such opening of materials to the public as referred to in paragraph (2).

(4) Documents concerning the public official property registration submitted to the registration agency under the previous provisions at the time when this Act enters into force shall be repealed on the enforcement date of this Act.

ADDENDA <Act No. 4739, Mar. 16, 1994> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 through 11 Omitted.

ADDENDUM <Act No. 4853, Dec. 31, 1994> This Act shall enter into force on the date of its promulgation.

ADDENDA <Act No. 5108, Dec. 29, 1995> Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation.

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Articles 2 through 8 Omitted.

ADDENDUM <Act No. 5454, Dec. 13, 1997> This Act shall enter into force on January 1, 1998. (Proviso Omitted.)

ADDENDA <Act No. 5491, Dec. 31, 1997> Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1998.

Articles 2 through 8 Omitted.

ADDENDA <Act No. 5493, Dec. 31, 1997> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 through 14 Omitted.

ADDENDA <Act No. 5681, Jan. 21, 1999> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 through 4 Omitted.

ADDENDA <Act No. 6087, Dec. 31, 1999> (1) (Enforcement Date) This Act shall enter into force on January 1, 2000.

(2) through (4) Omitted.

ADDENDA <Act No. 6306, Dec. 29, 2000> Article 1 (Enforcement Date) This Act shall enter into force on July 1, 2001.

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Articles 2 through 12 Omitted.

ADDENDA <Act No. 6388, Jan. 26, 2001> (1) (Enforcement Date) This Act shall enter into force three months after the date of its promulgation.

(2) (Application Example) The amendments to Article 6-2 shall be applicable to the stock trade performed after the enforcement date of this Act, and those to Article 17 to the persons retired after the enforcement date of this Act. (3) Omitted.

ADDENDA <Act No. 6494, Jul. 24, 2001> (1) (Enforcement Date) This Act shall enter into force six months after the date of its promulgation.

(2) Omitted.

ADDENDA <Act No. 6861, Mar. 12, 2003> (1) (Enforcement Date) This Act shall enter into force three months after the date of its promulgation.

(2) and (3) Omitted.

ADDENDA <Act No. 7189, Mar. 12, 2004> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 through 18 Omitted.

ADDENDA <Act No. 7335, Jan. 14, 2005> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation.

Articles 2 through 12 Omitted.

ADDENDA <Act No. 7493, May 18, 2005> (1) (Enforcement Date) This Act shall enter into force six months after the date of its promulgation.

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(2) (Transitional Measures on Existing Persons, etc. Subject to Opening) Where the gross value of stocks possessed by the principals themselves such as those subject to opening and their interested persons at the time of enforcement of this Act has exceeded the amount prescribed by the Presidential Decree within the scope of 10 million won to 50 million won, the relevant persons, etc. subject to opening shall sell or make blind trust of relevant stocks within one month from the enforcement date of this Act under the provisions of Article 14-4 (1), and make a report thereon to the registration agency.

ADDENDA <Act No. 7796, Dec. 29, 2005> Article 1 (Enforcement Date) This Act shall enter into force on July 1, 2006.

Articles 2 through 6 Omitted.

ADDENDA <Act No. 7849, Feb. 21, 2006> Article 1 (Enforcement Date) This Act shall enter into force on July 1, 2006. (Proviso Omitted.)

Articles 2 through 41 Omitted.

ADDENDA <Act No. 8098, Dec. 28, 2006> (1) (Enforcement Date) This Act shall enter into force six months after the date of its promulgation: Provided, that the amended provisions of Articles 6 (1) and (3) and 11 shall enter into force on January 1, 2007.

(2) (Transitional Measure concerning Person Who is Refusing to Report) With respect to any person who is refusing to report pursuant to the previous provisions at the time of the enforcement of this Act, the person liable for registration shall file an application for permission for the refusal of the notification with the competent public service ethics committee within 15 days from the date on which this Act enters into force pursuant to the amended provisions of Article 12 (4) and the competent public service committee shall determine whether to grant permission within one month from the date on which the application therefor is filed and notify the person liable for the registration of the result.

ADDENDA <Act No. 8435, May 17, 2007> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2008. (Proviso Omitted.)

Articles 2 through 9 Omitted.

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