For the establishment of a membership stock exchange, all of its members shall submit the following documents, each in three copies, to the FSC to apply for approval:
1. Application form (as per Attachment 1).
2. Articles of association and operating rules.
3. List of members.
4. A statement indicating conditions of the business premises and facilities.
5. List of directors and supervisors and photocopies of their identification cards.
6. Director and supervisor registration form (as per Attachment 2) and a written statement declaring that they are free of the conditions prohibited in Article 53 of the Act.
7. Documentary proof of deposit of membership contribution in full to the designated bank account by each member.
8. The first year business forecast report and the estimate report of expense and income.
9. Financial and auditing reports certified by certified public accountants.
10. The minutes of the establishment meeting.

The articles of association as referred to in subparagraph 2 of the preceding article shall contain the following particulars:
1. Matters regarding particulars required under Articles 105, 113, and 170 of the Act.
2. Matters regarding the causes of dissolution.

The membership list as referred to in Article 4, subparagraph 3 shall contain the following particulars:
1. Projected number of members.
2. Names and addresses of the members.
3. Each member's capacity and occupation concurrently engaged.
4. The amount of capital contribution from each member.

Directors and supervisors of a membership stock exchange shall not take the office until the stock exchange receives the notice of permission from the FSC.
Directors, after assumption of office, shall organize the board of directors and elect the chairman of the board in accordance with applicable laws and regulations and shall appoint managers and associated persons and report such to the FSC for approval and registration.

A membership stock exchange shall file with the district court for the juristic person registration within 30 days after receiving the notice of permission issued by the FSC.

A membership stock exchange shall, enclosing photocopies of the juristic person registration and the payment receipt of the operation bond, file with the FSC for a permit certificate within 15 days after completing the juristic person registration. For those who fail to file with the FSC within the deadline, the original permission shall be deemed void. The stock exchange, with legitimate reasons, may apply to the FSC for an extension.

If there is any modification to the registration of a membership stock exchange, the stock exchange shall present the modification application form along with three copies of related documents to the FSC and file for modification to the registration.