Supplementary Provisions, Article 11

①A person who, at the time this Act comes into effect, is actually engaged in the securities business prescribed in Article 2, paragraph (8) of the New Securities and Exchange Act with regard to new securities may continue to engage in that securities business, notwithstanding the provisions of Article 28 of the New Securities and Exchange Act, for three months from the effective date (or, if a disposition of refusal of registration is made within that period pursuant to the provisions of Article 28-4 of the New Securities and Exchange Act or Article 6, paragraph (1) of the Act on Foreign Securities Firms as amended by the provisions of Article 3 (hereinafter referred to as the "New Foreign Securities Firms Act"), until the date of that disposition). The same applies, where that person has filed within that period an application for the registration referred to in Article 28 of the New Securities and Exchange Act or Article 3, paragraph (1) of the New Foreign Securities Firms Act, during the period until the day on which notice is received that registration will be made upon that application or the day on which notice is received, after the lapse of that period, that registration will not be made upon that application.