An applicant that applies for approval to undertake experimentation involving innovative financial technologies (referred to as "innovative experimentation" hereunder) shall submit the following documents in triplicate and electronic files thereof to the competent authority:
Application documents specified under Article 4 of the Act; and
An undertaking stating that persons provided in Paragraph 1, Article 5 of the Act are free of any of the circumstances under the subparagraphs of the same paragraph.
Where the application documents mentioned in the preceding paragraph are incomplete, the applicant shall make up the missing documents within the time period as notified by the competent authority.

An applicant that applies for an extension of the experimentation period in accordance with Article 9 of the Act shall submit an application and state the following matters:
The current status of innovative experimentation and expected benefits already achieved;
Reason(s) for the extension;
Length of extension requested and expected benefits;
Disputes arising during the experimentation period and how they were handled;
If applicable, status of remedial actions taken when the competent authority requested the applicant to make improvement within a given time period pursuant to Paragraph 2, Article 14 of the Act; and
Other matters required by the competent authority.
Where the competent authority finds the application documents mentioned in the preceding paragraph having unreasonable planning, matters detrimental to the financial market or damaging the interests of innovative experimentation participants (referred to as the "participants" hereunder), or situations that constitute failure to make effective improvement pursuant to Paragraph 2, Article 14 of the Act, the application for extension should be rejected.

The "important elements" mentioned in the proviso of Paragraph 1, Article 10 of the Act means the financial businesses that requires the permission, approval or concession of the competent authority; utilization of technological innovation or business model innovation; or benchmarks for measuring the expected benefits of the innovative experimentation.
Application documents under Paragraph 3, Article 10 of the Act shall state the following matters:
The feasibility of making changes to facilitate the achievement of experimentation objectives;
The reasonableness of objective evaluation on impacts the proposed changes will have on the interests of participants;
The appropriateness of planning with regard to when, whom and how to notify the impact the proposed changes will have on the interests of participants, handling measures, obtaining the consent of participants, and methods for protecting the interests of participants who do not agree to the proposed changes;
Disputes arising during the experimentation period and how they are handled; and
Other matters deemed possible by the competent authority to have impact on the secure implementation of the innovative experimentation plan or deemed necessary for consideration by the competent authority for the protection of the public interest.
When applying for approval to change an innovative experimentation, the applicant shall submit documents provided in the preceding paragraph and Paragraph 3, Article 10 of the Act in triplicate and electronic files thereof to the competent authority. The competent authority shall, within one (1) month after receiving the application, make a decision on approving or rejecting the application and notify the applicant of the decision in writing.
After an application mentioned in the preceding paragraph has been approved by the competent authority, the applicant shall, within five (5) business days from the date the change is made, notify the competent authority of the change in writing.