Supplementary Provisions, Article 50

①A sales representative for whom a deemed registered type-I financial instruments business operator has received registration pursuant to the provisions of Article 64, paragraph (1) of the Former Securities and Exchange Act at the time of the enforcement of this Act is deemed to have been registered on the effective date pursuant to the provisions of Article 64, paragraph (1) of the New Financial Instruments and Exchange Act. In this case, the provisions of Article 64, paragraph (6) of the New Financial Instruments and Exchange Act do not apply.

②Until the day on which one year has passed counting from the effective date, a deemed registered type-I financial instruments business operator may, notwithstanding the provisions of Article 64, paragraph (2) of the New Financial Instruments and Exchange Act, have a person other than a sales representative registered pursuant to the provisions of paragraph (1) of that Article perform the duties of a sales representative (excluding the acts set forth in the items of Article 64, paragraph (1) of the Former Securities and Exchange Act and the items of Article 95, paragraph (1) of the Former Financial Futures Trading Act). The same applies, where an application for registration under Article 64, paragraph (1) of the New Financial Instruments and Exchange Act has been filed in respect of that person within that period, until the day on which the person receives notice that the application will be registered or the day on which the person receives notice, after that period has elapsed, that the application will not be registered.

③The sales representatives register under the provisions of Article 64, paragraph (1) of the Former Securities and Exchange Act that exists at the time of the enforcement of this Act is deemed to be the sales representatives register under the provisions of Article 64, paragraph (1) of the New Financial Instruments and Exchange Act.