1. Reasons for Amendment

This amendment aims to newly insert provisions of restrictions on activities and ease the investment in projects produced by companies belonging to the enterprise group subject to the limitations on mutual investment following the revision of the Enforcement Decree of the Venture Investment Promotion Act.

2. Major Provisions

A. Expand methods of overseas investment (Article 3)

B. Specify documents proving the source of paid-in capital (Article 4 (7))

C. Newly insert the definition of ‘angel investment matching fund’ included in the required investment ratio (Article 6 (1))

D. Newly insert provisions on limiting joint and several liabilities of small or medium business start-up investment companies 

(hereinafter, “SME start-up investment companies”) (Article 7 (3))

E. Ease the investment in projects produced by companies belonging to the enterprise group subject to the limitations on mutual investment (Article 8 (4))

F. Provide grounds for granting a grace period before corrective orders (Article 12 (2))

G. Newly insert criteria for excluding the accumulative number of dispositions (Article 13 (2) and Attached Tables 2 and 3)

H. Reorganize operating standards of the Sanctions Deliberation Committee (Article 15 (1) and (5) and Article 16 (2), (3), and (8))

I. Add an objection form (Article 17)

J. Reorganize accounting standards for SME start-up investment companies (Articles 26 and 27)