The Same Person or Same Concerned Person who falls within the circumstances described in Article 4, Subparagraph 1, of this Act prior to the date of promulgation of this Act shall report to the FSC within six (6) months after the date of promulgation of this Act. The Same Person or Same Concerned Person stated above who does not fall within the circumstances prescribed in Article 6, Paragraph 2, of this Act shall, within one (1) year after the date of promulgation of this Act, apply to the FSC for approval to establish a Financial Holding Company in accordance with Article 8. [The Same Person or Same Concerned Person] who does not obtain the FSC approval shall, within five (5) years after the date of promulgation of this Act, decrease the shares with voting right or capital stock thereof [Such Same Person or Same Concerned Person] holds in Banks, Insurance Companies or Securities Houses and the number of the directors directly or indirectly elected or designated [by Such Same Person or Same Concerned Person] to the extent that [his/her/its shareholding] does not comply with the provisions of Article 4, Subparagraph 1 of this Act. For good cause shown, t he period of five (5) years prescribed in the proceeding Paragraph may be extended twice with the FSC approval. Each extension shall not exceed two (2) years.
Banks which hold shares with voting rights or capital stock in Insurance Companies or Securities Houses falling within the circumstances described in Article 4, Subparagraph 1, of this Act through investment in accordance with Article 74 of the Banking Act or which directly or indirectly elect or designate the majority of directors of a Bank, Insurance Company or Securities House before the promulgation of this Act may, within six (6) months after the date of promulgation of this Act, apply to the FSC for approval for exemption from this Act.

For purposes of trying a criminal case of violation of this Act, a court may set up a special court or appoint a specialist to hear the case.

This Act is in force in November 1, 2001. Amended articles in this Act, except for those amended on May 5, 2006 that have taken effect since July 1, 2006, shall be implemented from the date of promulgation.