These Regulations are prescribed in accordance with Articles 93, 95, 99, 102, 137, and 154 of the Securities and Exchange Act (the "Act").

A stock exchange may be organized in the form of either membership or company. In order to establish a stock exchange, a permit shall be obtained from the Financial Supervisory Commission (FSC ).

The term "associated persons" as used in these Regulations means managerial officers and the personnel who engage in the following businesses for a stock exchange:
1. Examination of applications for securities to be listed.
2. Audit of finance and business of listed companies.
3. Transaction, monitoring, clearing, settlement and custodial service of the centralized securities exchange market.
4. Computer operation and information management of the centralized securities exchange market.
5. Audit of the finance and business of the stock exchange its members, securities brokers, and securities dealers.
6. International affairs of the stock market.
7. Other operations approved by the FSC.