1. Reasons for Amendment

The Amendment specifies requirements for the completion of a training course by an operating partner who is a natural person and who intends to operate an individual investment association as delegated by the amended Enforcement Decree of the Venture Investment Promotion Act. It also modifies provisions on the members and operation of the sanctions deliberation committee, clarifies provisions on the calculation of the date of investment when issuing written investment confirmation, and otherwise addresses and improves upon a number of weaknesses that have emerged from the operation of the registration and management system for individual investment associations.

2. Major Provisions

A. Add “written confirmation of fulfillment of expertise requirements for operating partners who are natural persons” as a document requirement for the association registration of an operating partner who is a natural person (Article 5 and attached Form 13)

B. Prescribe provisions on training providers, compulsory submission and approval of training plans, training hours, completion requirements, etc. in relation to the completion of training recognized as a qualification requirement for operating partners who are natural persons (Article 5-2)

C. Delete matters determined by the chair of the Sanctions Deliberation Committee in the event of a tie vote (Article 21)

D. Specify that when issuing a written investment confirmation, the date of investment of a contract on conditional acquisition of an equity interest under Article 2 of the Venture Investment Promotion Act shall be the date of the contract (Article 26)