RESTRICTEDWORLD TRADE
ORGANIZATIONGPA/W/270
28 July 2003
(03-3993)
Committee on Government Procurement Original:  English
RESPONSES TO QUESTIONS FROM THE UNITED STATES RELATING TO
KOREA TOBACCO & GINSENG CORPORATION AND
DAEHAN PRINTING AND PUBLISHING CO. LTD
Communication from the Republic of Korea
Please find below Korea's responses to questions from the United States (GPA/W/264)
regarding Korea's notification to the Committee on Government Procurement on the withdrawal of
Korea Tobacco & Ginseng Corporation (KT&G) a nd Daehan Printing and Publishing Co. Ltd.
(Daehan) from Annex 3 of Append ix I of the Agreement on Government Procurement (GPA)
(GPA/W/250).
_______________
KT&G
1. With respect to KT&G, please provide a copy of the laws, regulations and other measures
that authorized the Korean Government's sale of it s shares in KT&G, that transformed KT&G from a
government enterprise into a private entity and that demonstrate that KT&G is no longer subject to
laws, regulations or other measures that apply to government enterprises.
The Korea Tobacco & Ginseng Corporation was privatized in accordance with the following
law:
- The Act on Corporate Governance Improvement and Privatization of Government-
Invested Enterprises.1
2. Please describe all laws, regulations and ot her measures that Korea enacted or adopted to
ensure that KT&G's procurement is consistent with  the GPA.  What measures would be required to
alter such regulation of KT&G's procurement if it were withdrawn from GPA coverage?
The Korean Government enacted the Special Regulation of the Enforcement Decree of the
Act relating to Contracts to which the State is a party for specific procurement (Presidential Decree
15187), the Special Administrative Regulation of the Enforcement Decree of the Act relating to
Contracts to which the State is a party for specific procurement (Prime Minister's Decree 603) and the
Accounting Regulation for Government Invested Enterprises (Minister of Finance and Economy'sDecree 107) to ensure that the procurement of enti ties listed in the GPA Annex 3 is consistent with
the GPA.  They are also applied to the KT&G.
                                                     
1 For the details, please refer to Attachment 1 to this document.GPA/W/270
Page 2
In the event that KT&G is withdrawn from the GPA coverage, no special measures will be
required to alter the regulation of KT&G's procurement.  In this case, KT&G will be excluded
automatically from the scope of application of above-described regulations.
The following are the relevant provisions in the Accounting Regulation for Government
Invested Enterprises:
< The Accounting Regulation for Government Invested Enterprises >
Article 11 (Scope of Government Invested Enterprise’s Procurement Contracts subject to
International Tendering)
(1) The government invested enterprise's procurement contracts subject to international tendering
are defined as contracts that exceed the amount determined and publicly announced by the Minister of
Finance and Economy pursuant to the Government Procurement Agreement, signed on 15 April 1994
in Marrakesh (hereafter referred to as the "Government Procurement Agreement") and relevant
international rules based on the Government Procur ement Agreement.  However, the following cases
are excluded from the scope of application of the Government Procurement Agreement:
1. In case of procuring products and services necessary to resale or to use in the
production of goods or provision of services for sale.
2. In case of manufacturing and/or purchasing any goods produced by small and
medium enterprises pursuant to the Small and Medium Enterprises Products
Promotion Act.
3. In case of purchasing any agricultural, fishery or livestock products according to the
Foodgrains Management Law and the Law Concerning Marketing and Price
Stabilization of Agricultural and Fi shery Products, or the Livestock Law.
4. In case the Korean Electronic Power Corporation purchases certain heavy electronic
equipment (HS 8504,8535,8537,8544) based on the Korea Electric Power
Corporation Act.
5. In case of contracts by single tendering pursuant to the Provision of Article 15.
(2) In case of contracts by international tendering stipulated in the Paragraph (1), the Special
Regulation of the Enforcement Decree of the Act relating to Contracts to which the State is a party for
specific procurement and the Special Administrative Regulation of the Enforcement Decree of the Actrelating to Contracts to which the State is a party for specific procurement shall apply
mutatis mutandis  to the contract methods and procedures except as otherwise provided by this
regulation.
3. Are there any laws, regulations or other measures that restrict KT&G from hiring former
Korean Government employees?  If so, please provide a copy.
Under Article 17 of the Public Service Ethics Act, the Korean Government restricts retired
public officials from filling a position in related private enterprises.
Pursuant to the provisions of Clause 2, Article 17 of the Act, KT&G has been publicly
notified by the Ministry of Government Admini stration and Home Affairs as a private company
subject to the employment restriction in 2003.GPA/W/270
Page 3
Thus, retired public officials of Grade IV (Director level) or higher are not allowed to work
for private companies including KT&G for two years after their retirement.
The following are the relevant provisions in the Public Service Ethics Act (Act 6494) , the
Enforcement Decree of the Public Service Ethics Act (Presidential Decree 17538), and the
Notification of the Ministry of Government Administration and Home Affairs.
< Public Service Ethics Act >2
Article 3 (Persons Liable for Registration)
(1) Any public official who falls under any of the following subparagraphs (hereinafter referred
to as the "person liable for registration") shall register property under the provisions of this Act:
1. National and local public officials of Grade IV or higher in general service, and
public officials in special service, who receive remuneration equivalent thereto;
Article 17 (Restriction on Employment of Retired Public Officials in Related Private
Enterprises, etc.)
No public official or officers or employee of a public service-related organization who was
engaged in a grade of position or field of duties as prescribed by the Presidential Decree may be
employed in a profit-making private enterprise larger than a specified size (hereinafter referred to asthe "profit-making private enterprise") connected closely with the duties which he performed at the
competent department within three years immediately before his retirement, for a period of two years
immediately after his retirement, or the organization established for the joint profits and mutual
cooperation, etc. of private enterprises (hereinafter referred to as the "association").
< Enforcement Decree of the Public Service Ethics Act >
3
Article 31 (Persons whose Employment is Restricted)
Public officials and officers and employees of public service-related organizations whose
employment is restricted under Article 17(1) of the Act shall be those liable for registration as
provided in Article 3 of the Act.
< Notification No. 2002-23 of the Ministry of Government Administration and Home Affairs >
Pursuant to the provisions of Clause 2, Article 17 of the Public Service Ethics Act and
Clause 3, Article 33 of the Enforcement Decree of the Public Service Ethics Act, the Ministry ofGovernment Administration and Home Affairs hereby notifies private enterprises subject to the
employment restriction in 2003:
No. Corporate Name Type of Industry Location
2074Korea Tobacco &
Ginseng CorporationManufacturingDaejeon Daedeok Pyungchon
100
                                                     
2 For the details, please refer to Attachment 2 to this document.
3 For the details, please refer to Attachment 3 to this document.GPA/W/270
Page 4
4. Please describe all financing, including direct  grants, guarantees and loans at preferential
rates, that KT&G may have obtained prior to the Korean Government's sale of its shares in KT&G.
None.
5. Please describe any special conditions attendant to the Korean Government's sale of its
shares in KT&G, such as no election of new directors until "X" years after the sale.
None.
Daehan Printing and Publishing
6. Please explain the change in circumstances t hat justify Daehan's withdrawal from Annex 3 at
this time.
As part of privatization, a policy tool that enhances efficiency and transparency of both the
government and the private sectors, the Korean Government sought to privatize National TextbookLtd.(hereafter referred to as "National Textbook") which was a state enterprise.  As a result, in
December 1998, Daehan Printing and Publishing Co. Ltd. (hereafter referred to as "Daehan")
purchased the entire government-owned share of National Textbook through an open tendering
procedure.  In May 1999, the merger of National Textbook with Daehan was completed.  Daehan as a
private entity since its establishment in 1948 has been only subject to the Commercial Act or othermeasures that apply to all private companies, before and after its merger with National Textbook.
7. Has Daehan ever been subject to laws, regulations or measures, other than the Commercial
Act or other measures that apply to all private companies?  If so, please describe and provide a copy
of such laws, regulations or other measures.
Please refer to the reply to question 6 above.
8. Please describe all laws, regulations and ot her measures that Korea enacted or adopted to
ensure that the Daehan's procurement is consistent with the GPA.  What measures would be required
to alter such regulation of Daehan procurem ent if it were withdrawn from GPA coverage?
The Korean Government enacted the Special Regulation of the Enforcement Decree of the
Act relating to Contracts to which the State is a party for specific procurement (Presidential Decree
15187) and the Accounting Regulation for Government Invested Enterprises (Minister of Finance and
Economy' Decree 107) to ensure that the procurem ent of entities listed in the GPA Annex 3 is
consistent with the GPA.  They are also applied to Daehan.
In the event that Daehan is withdrawn from the GPA coverage, no special measures will be
required to alter the regulation of Daehan's procurement.  In this case, Daehan will be excluded
automatically from the scope of application of above-described regulations.
4
9. Has Korea named or selected any directors of  Daehan's Board of Directors?  If so, do any
such directors remain on Daehan's Board?
No, Daehan's directors have been appointed at the general meeting of shareholders without
any control or influence from the Korean Government.
                                                     
4 For the details, please refer to the reply to question 2 above.GPA/W/270
Page 5
10. According to the information provided with regarded to Daehan, Daehan has no foreign
ownership.  Are there any restrictions that preclude foreign ownership of any shares of Daehan?  If
so, please provide a copy.
No, there is no restriction that precludes foreig n ownership of any shares of Daehan, stocks of
which are unlisted.GPA/W/270
Page 6
ATTACHMENT 1*
THE ACT ON CORPORATE GOVERNANCE IMPROVEMENT AND PRIVATIZATION OF
GOVERNMENT-INVESTED ENTERPRISES
ACT NO. 6607
Article 1 Purpose
The purpose of this Act is to contribute to the creation of sound corporate culture and the
balanced development of national economy, by introducing a management system run by specialized
executives and to hold the management accountable for its performance, thereby enhancing
management efficiency and facilitating privatization, while preventing the concentration of economic
power in the process.
Article 2 Applicable Enterprises
This Act shall apply to those corporations fa lling into any of the following subparagraphs
(hereinafter referred to as "Applicable Enterprises") <Amended 26 January 1999, 14 January 2002>:
1. Korea Tobacco and Ginseng Corporation transformed into a joint stock company
subject to the Commercial Law, pursuant to the Act on the Abolishment of Korea
Tobacco and Ginseng Corporation Act.
2. Korea Telecommunication Corporation transformed into a joint stock company
subject to the Commercial Law, pursuant to the Act on the Abolishment of Korea
Telecommunication Corporation Act.
3. Korea Gas Corporation established pursuant to the Korea Gas Corporation Act.4. HANJUNG (Korea Heavy Industry Incorporated).5. Incheon International Airport Corporation established pursuant to the Incheon
International Airport Corporation Act.
6. Korea Aerospace Corporation established pursuant to the Korea Aerospace
Corporation Act.
Article 3 Relationship with Other Laws and Regulations
(1) This Act shall supersede other laws and regulations concerning the organization, shareholder
rights, and the equity sale for privatization of Applicable Enterprises.
(2) Applicable Enterprises pursuant to Article 2, Paragraph 1 through 3, Paragraph 5, and
Paragraph 6 shall not be considered as government Investment Institutions subject to the Framework
Act on the Management of Government-Invested Institutions <Amended 26 January 1999,14 January 2002>.
                                                     
* Attachments 1-3 are in English only.GPA/W/270
Page 7
(3) Matters concerning Applicable Enterprises (with the exception of Korea Gas Corporation)
other than those provided for herein shall be stipulated by the Commercial Law provisions concerning
joint stock company.
(4) Matters concerning Korea Gas Corporation other than those provided for herein shall be
stipulated by the Korea Gas Corporation Act.
Article 4 President
(1) The president shall be appointed at the shareholders' general meeting.
(2) The term of the president shall be three (3) years, and cannot be dismissed without due reason
except in the case set forth in Article 13, Paragraph 3.
(3) The president, in applying the Commercial Law, shall be deemed the chairman of the board of
directors.
Article 5 Directors
(1) Directors shall be classified into standing directors and non-standing directors, and shall be
appointed at the shareholders' general meeting.
(2) The quorum of standing directors including the president shall account for less than
50 per cent (%) of the total quorum of directors.
(3) The term of directors shall be three (3) years.  The term of successors to a vacant
non-standing director's seat shall be the remaining term of the predecessor.
(4) One-third of the quorum of non-standing directors shall be appointed annually.
Article 6 Board of Directors
(1) The president shall convene a board of directors meeting ex officio or upon request by more
than one quarter (1/4) of registered directors, and shall be the chairman.
(2) In case the president cannot participate in the resolution of the board of directors pursuant to
this Act, or cannot perform the duty of the chairman of board of directors due to compelling reasons,
the director as stipulated by the Articles of Incorporation shall act on the president's behalf.
Article 7 Remuneration of the President and Standing Directors
(1) The board of directors shall determine, upon its resolution, the criteria and payment method
of the remuneration of the president and standing directors, and report to the shareholders' general
meeting.
(2) The criteria of remuneration as set forth in Paragraph 1 shall be formulated in such a way as
to reflect the management performance of Applicable Enterprise to the determination of remuneration.
(3) The president and standing directors cannot participate in the resolution of board of directors
pursuant to Paragraph 1.GPA/W/270
Page 8
Article 8 Recommendation of the Director Candidate
(1) In case the president recommends the standing director candidate, the recommendation shall
be approved by the board of directors.  In this case, standing directors except the president cannot
participate in the board of directors' resolution.
(2) Non-standing director candidates shall be  recommended by either a shareholder or
shareholder association, pursuant to the Articles of Incorporation.
Article 9 Qualifications for Non-Standing Director
(1) Candidates eligible for non-standing director shall be those with specialized knowledge or
experiences in economics, business management, law, or relevant technology.
(2) Notwithstanding Paragraph 1, those with material  interest in the Applicable Enterprise cannot
be a non-standing director.
(3) The scope of those with material interest pursuant to provision set forth in Paragraph 2 shall
be stipulated by the Articles of Incorporation.
Article 10 Non-Standing Director' s Rights to Demand Materials
A non-standing director can request the president for the provision of materials required for
performing duties.  In this case, the president shall respond to the demand unless there are special
circumstances.
Article 11 President Recommendation Committee
(1) For the purpose of recommending candidates for president, each Applicable Enterprise shall
establish its respective President Recommendation Committee (hereinafter referred to as
"Committee").
(2) The Committee shall be composed of a few non-standing directors, one of former or
incumbent presidents pursuant to the Articles of Incorporation, and a few non-official membersentrusted by the Committee (with the exception of the employees of Applicable Enterprise in question
and government officials).  In this case, th e quorum of Committee members who are non-standing
directors shall account for the majority of the total quorum of members.
(3) The number of non-standing directors entrusted with the Committee membership pursuant to
Paragraph 2 shall be less than one half (1/2) of the total quorum of non-standing directors.
(4) The Committee chairman shall be appointed among non–standing directors by the board of
directors.  In this case, the president and standing directors cannot take part in the board of directors'
resolution.
(5) The Committee shall make decisions, with the agreement of majority of registered Committee
members, excluding the Committee chairman.  In this case, the Committee chairman does not have
voting rights.
(6) Necessary matters concerning the composition and operation of the Committee other than
those provided for herein shall be stipulated by the Presidential Decree.GPA/W/270
Page 9
Article 12 Appointment of President
(1) The president shall be appointed among those who are qualified for a chief executive officer,
with extensive knowledge on business management and economics or with extensive management
experiences.
(2) Applicable Enterprise shall post a public notice on recruitment of president candidates on
major daily newspapers, and can separately investigate candidates for president who are deemed
appropriate for the post, or request a specialized agency for investigation.
(3) Committee shall examine those recruited pursuant to Paragraph 2, according to the
Presidential Candidate Examination Criteria as determined by the board of directors.
(4) In selecting the president candidates, th e Committee shall consult with those to be
recommended as candidates on the terms and conditions of contract on management target determined
by the board of directors, and where it is deemed necessary in the process of consultation, can modify
the contract terms and conditions determined by the board of directors.
(5) In accordance with the results of examination pursuant to Paragraph 3 and consultation
pursuant to Paragraph 4, the Committee shall both recommend the presidential candidates and submit
draft contract to the shareholders' general meeting.
(6) Standing directors including the president, can not attend the board of directors' meeting held
for the purpose of determining the Presidential Candidate Examination Criteria pursuant to
Paragraph 3, and the president cannot attend the board of directors' meeting held for the purpose of
determining the terms and conditions of the contract on management target pursuant to Paragraph 4.
In this case, the chairman of the board of directors shall be the Committee chairman.
Article 13 Contract with the President
(1) Upon the approval by shareholders' general meeting of the draft contract submitted pursuant
to Article 12 Paragraph 5, the Applicable Enterprise shall sign the contract with the president.  In this
case, the Committee chairman shall sign the cont ract as the representative of the Applicable
Enterprise.
(2) Pursuant to Paragraph 1, the board of directors can evaluate the performance of contract
signed with the president, or request a specialized agency for the evaluation.  In this case, the
president and standing directors cannot participate in the resolution of board of directors.
(3) In case the evaluation results pursuant to Paragraph 2 leads to a determination that the
president's performance falls short of management target, the board of directors can propose the
president's dismissal to the shareholders' general m eeting.  In this case, the president and standing
directors cannot participate in the board of directors' resolution.
Article 14 Establishment of Shareholders Association
(1) Where it is deemed necessary for the effective operation of shareholders' general meeting, as
stipulated in the Presidential Decree, the Applicable Enterprise can establish and operate a
shareholders association composed of some shareholders.
(2) Necessary matters concerning the qualifications for the shareholders association membership
and its operation shall be stipulated by the Articles of Incorporation.GPA/W/270
Page 10
Article 15 Provisions on Special Cases Concerning Audit by the Board of Audit and
Inspection
Inspection of Applicable Enterprises pursuant to Article 24 Paragraph 1 Subparagraph 3 of
the Board of Audit and Inspection Act shall not be carried out unless there is an accident or a concreteevidence of the occurrence of accident.
Article 16 Exercise of Shareholder's Right by the Government
(1) The shareholder's right of Applicable Enterprise's shares held by the government shall be
exercised by competent minister, upon consultati on with the Minister of Finance and Economy.
(2) Necessary matters concerning the consultation pursuant to Paragraph 1 shall be stipulated by
the Presidential Decree.
Article 17 Exercise of Minority Shareholder's Right
The provisions set forth in the Securities Transactions Act Article 191 Paragraph 13 and
Article 191 Paragraph 14 shall be applied to the exercise of minority shareholder's right and
shareholder proposal right, even when the Applicable Enterprise's shares are not listed on the
securities market.
Article 18 Single Person Stock Ownership Ceiling
(1) One (1) shareholder and the person in special relationship with that shareholder as stipulated
by the Presidential Decree (hereinafter referred to as "Single Person") shall neither own stocks
exceeding the ratio stipulated by the Article of Incorporation within 15 per cent (%) of total number ofissued stocks with voting rights, nor de fact o control the Applicable Enterprise <Amended
29 January 1999>.
(2) In case a single person owns stocks above the ceiling stipulated in Paragraph 1 or de facto
controls Applicable Enterprise, the single person shall immediately dispose of the exceeding amount
of stocks.  In this case, even before the disposal of exceeding amount, the scope of single person's
voting rights exercise shall be restricted to the ceiling stipulated in Paragraph 1.
(3) Single person's ownership or de facto control as stipulated in Paragraph 1 and Paragraph 2
means a single person exercising voting rights by owning stocks under its own or borrowed name, or
by collusion.
Article 19 Foreign Stock Ownership Ceiling
(1) Acquisition of the Applicable Enterprise's stocks by foreigner or foreign corporation can be
separately restricted pursuant to the Article of Incorporation, in addition to the restriction pursuant to
Article 18 Paragraph 1.
(2) The provisions set forth in Article 18 Paragraph 2 shall be applied mutatis mutandis  to those
foreigners or foreign corporations owning stocks above the ceiling or de facto controlling Applicable
Enterprise, as stipulated in the Articles of Incorporation pursuant to Paragraph 1 <Inserted
29 January 1999>.
Article 20 Equity Sale Method
(1) The stocks held by the government, government-invested institution, or Korea Development
Bank established pursuant to the Korea Development Bank Act (hereinafter referred to asGPA/W/270
Page 11
"Government-equivalent") can be sold on consignment or assignment to agencies stipulated by the
Presidential Decree, including but not limited to financial institution and securities firm.
(2) In selling stocks held by government-equivalent, where it is deemed necessary for alleviating
the repercussions on stock market, widely diversifying stocks, and enhancing internationalcompetitiveness of the Applicable Enterprise, the Minister of Finance and Economy can restrict the
qualifications for the buyer of stocks in question or the amount of stocks available for purchase
<Amended 29 January 1999>.
(3) Upon the request of an employee stockholders association member, government-equivalent
can sell, with priority, the stocks to the employee stockholders association of the corporation in
question within the ceiling as stipulated in Article 18 Paragraph 1.
(4) In case of selling stocks pursuant to Paragraph 3, matters including but not limited to the
allocation of stocks to the employee stockholders as sociation members, and the disposal of that stock
shall be stipulated by the Securities Transactions Act Article 191 Paragraph 3.
(5) Notwithstanding the Budget and Accounting Act, the cost for selling government held stocks
pursuant to Paragraph 1 can be disbursed from the proceeds from equity sale.
Article 21 Preclusion from Application
(1) Once an Applicable Enterprise falling into any of the Article 2 Subparagraphs 1 through 3
fulfills any of the requirements set forth in the following Subparagraphs, this Act shall not apply to
that enterprise from the date of shareholders' general meeting first convened thereafter:
1. The ratio of voting stocks held by government-equivalent is within the ceiling set
forth in Article 18 Paragraph 1.
2. The ratio of voting stocks held by single person other than government-equivalent is
larger than that held by government-equivalent.
(2) Among the stocks of Korea Heavy Industry Incorporated, Article 18 and Article 19 shall not
apply to the person who acquires the stocks held by government-equivalent through the tendering forequity sale, and once the ratio of the stocks with voting rights held by single person and person falling
into any of the following Subparagraphs exceeds 51 per cent (%) of the total issued stocks with voting
rights, this Act shall not be applied from the date of shareholders’ general meeting first convened
thereafter:
1. Person who aims at joint capital participation and management pursuant to contract.
2. The person pursuant to Subparagraph 1 and person who is in special interest with the
person as stipulated by the Presidential Decree pursuant to Article 18 Paragraph 1.
(3) In case the government made investment in-kind in Korea Development Bank, The
Export-Import Bank of Korea, and Industrial Bank  of Korea pursuant to the Act on the Investment
In-kind of State Properties, Article 18 shall not be applied <Inserted 29 January 1999>.GPA/W/270
Page 12
ANNEX <NO. 5379, 28 AUGUST 1997>
Article 1 Effective Date
This Act shall take effect as of 1 October 1997.
Article 2
<Deleted 29 January 1999>.
Article 3 Recommendation of the First Non-Standing Director
(1) For the purpose of selecting the person to recommend as the first non-standing director
(hereinafter referred to as the "Non-Standing Director Designee"), an Ad-hoc Committee on
Non-Standing Director Recommendation shall be esta blished under relevant department in Applicable
Enterprises.
(2) The members of the Ad-hoc Committee on N on-Standing Director Recommendation pursuant
to Paragraph 1 shall be composed of shareholder representative, non-official member with specialized
knowledge in area relevant to Applicable Enterprise, and public official from relevant central
government agency.
(3) Necessary matters concerning the composition and operation of the Ad-hoc Committee on
Non-Standing Director Recommendation shall be stipulated by the Presidential Decree.
(4) The Ad-hoc Committee on Non-Standing Di rector Recommendation shall recommend the
non-standing director designee to shareholders' gene ral meeting as a non-standing director candidate.
(5) In recommending non-standing director de signee as a non-standing director candidate
pursuant to Paragraph 4, the Ad-hoc Committ ee on Non-Standing Director Recommendation,
notwithstanding Article 5 Paragraph 3, shall equall y divide the quorum of non-standing directors by
three (3), and separately recommend non-standing directors with respective terms of one (1) year, two
(2) years, and three (3) years.  In case the quorum of non-standing directors cannot be equally divided
by three (3), the recommended candidates for the longer-term directors shall be more than shorter-
term director candidates.
Article 4 Appointment of the First President
(1) For the purpose of recommending candidate for the first president to be appointed at the
shareholders' general meeting after the enactment of this Act, an Ad-hoc Committee on PresidentRecommendation shall be established.
(2) Provisions of Article 11 and Article 12 shall be applied mutatis mutandis  to the composition
and operation of the Ac-hoc Committee on President Recommendation pursuant to Paragraph 1 and
the appointment of the first president.  In this case, "non-standing director" shall be interpreted as"non-standing director designee", and "board of directors" as "non-standing director designees'
meeting".GPA/W/270
Page 13
Article 5 Provisions on Special Cases Concerning Incumbent Executives of Applicable
Enterprises
(1) The term of incumbent chief director of Applicable Enterprise at the time of enforcement of
this Act shall be deemed terminated at the point this Act is enforced.
(2) The president, directors, and auditor of Applicable Enterprise at the time of enforcement of
this Act shall be deemed president, directors, and a uditor pursuant to this Act, provided that their term
is effective until new president, directors, and auditor are appointed at the shareholders' general
meeting pursuant to this Act.GPA/W/270
Page 14
ATTACHMENT 2
PUBLIC SERVICE ETHICS ACT
ACT NO.6494
CHAPTER I - GENERAL PROVISIONS
Article 1 (Purpose)
The purpose of this Act is to prescribe matters including, but not limited to, the
institutionalized registration and disclosure of the property of public officials and candidates for
public offices, the regulation of property acquisition, reporting of gifts by pubic officials who take
advantage of their public office, and restriction of employment of retired public officials, all intended
to thereby prevent them from accumulating unlawful property while securing the fairness in theexecution of their official duties in order to establish the ethics of public officials as servants of the
people.
[This Article Wholly Amended by Act No. 4566, 11 June 1993]
Article 2 (Livelihood Guarantee, etc.)
The State shall guarantee the livelihood of public officials so as to enable them to devote
themselves to public service, and shall strive for establishing ethics in public service.
CHAPTER II - REGISTRATION AND DISCLOSURE OF PROPERTY
Article 3 (Persons Liable for Registration)
(1) Any public official who falls under any of the following subparagraphs (hereinafter referred
to as the person liable for registration) shall register property under the provisions of this Act:<Amended by Act No. 4566, 11 June 1993;  Act No. 5454, 13 December 1997;  Act No. 5491,31 
December 1997;  Act No. 5681, 21 January 1999;  Act No. 6087, 31 December 1999;  Act No. 6306,
29 December 2000;  Act No. 6388, 26 January 2001>
1. National public officials in political service, such as the President, the Prime Minister,
members of the State Council, and members of the National Assembly.
2. Public officials in Political Service of local governments, such as the heads of local
governments, and local councilmen.
3. National and local public officials of Grade Ⅳ or higher in general service, and
public officials in special service, who receive remuneration equivalent thereto.
4. Public officials in foreign service prescribed by the Presidential Decree, Grade Ⅳ or
higher staff members of the National Intelligence Service, and public officials in
security service of equivalent grade of the Presidential Security Service.
5. Judges and public prosecutors.GPA/W/270
Page 15
6. Military officers with the rank of colonel or higher, and civilian employees with the
equivalent rank.
7. Presidents and vice-presidents of universities, presidents of graduate schools, deans
(including deans of universities), deans of junior colleges and heads of variousschools equivalent to colleges, and the superintendents of boards of education,
directors of district educational offices and members of educational committee of the
Special Metropolitan City, Metropolitan Cities and Dos among public officials in the
educational service.
8. Police officers with the rank of police superintendent or higher, and public officials in
fire-fighting service with the rank of natio nal and local fire-fighting superintendents
or higher.
8-2. Public officials in contractual service appointed to the positions to be appointed by
public officials under subparagraphs 3 through 6 and 8, or to the positions equivalent
thereto.
9. Heads, deputies and permanent auditors of government-invested institutions,
governor, deputy governor and auditor of  the Bank of Korea, governor, deputy
governor and auditor of the Financial Supervisory Service, presidents and permanent
auditors of National Agricultural Cooperatives Federation and National Federation ofFisheries Cooperatives.
10. Officers of such institutions and organizations of those falling under any of the
following items as are prescribed by the Presidential Decree (hereinafter referred to
as the public service-related organizations):
(a) government-invested institutions, the Bank of Korea, government-contributed
or subsidized institutions and organizations, and other institutions and
organizations conducting governmental tasks  under the entrustment of the
Government;
(b) local government-invested public corporations and local government public
corporations established under the Local Public Corporations Act, local
government-contributed or subsidized institutions and organizations, and
other institutions and organizations carrying out local governmental tasks
under the entrustment of local governments;  and
(c) institutions and organizations, the appointment of whose officers is required
to be approved, or the officers of which are appointed by the head of the
central administrative agency or the head of the local government.
11. Other public officials and personnel of public service-related organizations working
in specified fields as prescribed by the National Assembly Regulations, the Supreme
Court Regulations and the Presidential Decree.
(2) Deleted <by Act No. 4566, 11 June 1993>
Article 4 (Property to be Registered)
(1) The property to be registered by a person liable for registration shall be the property of the
person falling under any of the following subparagraphs (including the property in de facto
possession, regardless of the name of its owner, property contributed to a nonprofit corporation, andGPA/W/270
Page 16
property located in a foreign country; hereinafter the same shall apply):  <Amended by Act No. 4566,
11 June 1993;  Act No. 4853, 31 December 1994>
1. person liable for registration;
2. spouse (including any person having a de facto  matrimonial relation; hereinafter the
same shall apply);  and
3. lineal ascendants and descendants of the person liable for registration:  Provided ,
That married daughters, maternal grandparents and children of daughters are
excluded, and if the person liable for registration has entered his name in her
husband's or his wife's family register by marriage, the lineal ascendants anddescendants of his spouse.
(2) The property to be registered by the pers on liable for registration shall be as follows:
<Amended by Act No. 4566, 11 June 1993;  Act No. 4853, 31 December 1994>
1. The ownership, superficies and rights of lease on a deposit basis pertaining to real
estate.
2. Mining rights, fishery rights and other rights to which the provisions concerning real
estate shall apply mutatis mutandis.
3. Movables, securities, claims, obligations and intangible property rights falling under
one of the following items:
(a) cash (including checks) not less than ten million won in total by the owner;
(b) deposits not less than ten million won in total by the owner;
(c) securities such as stocks, national and public bonds, debentures not less than
ten million won in total by the owner;
(d) claims not less than ten million won in total by the owner;
(e) obligation not less than ten million won in total by the owner;
(f) gold and platinum (including gold and platinum products) not less than five
million won in total by the owner;
(g) precious stones not less than five million won by item;
(h) curios and artistic works not less than five million won by item;
(i) memberships not less than five million won by membership;
(j) intangible property rights yielding returns not less than ten million won per
annum by the owner;  and
(k) automobiles, construction machines, vessels and aircraft.
4. Shares of investment in unlimited and limited partnerships and the limited liability
corporations.
(3) The methods of calculation and indications of value by category of property to be registered
under paragraph (1) shall be as follows:  <Amended by Act No. 4566, 11 June 1993;  Act No. 4853,
31 December 1994;  Act No. 5108, 29 December 1995;  Act No. 6388, 26 January 2001>
1. In case of land, the publicly assessed individual land price under the Public Notice of
Values and Appraisal of Lands, etc. Act (if there exist no publicly assessed individual
land prices of the pertinent land, it refers to the amount calculated on the basis of the
publicly assessed land prices under Article 10 of said Act).GPA/W/270
Page 17
2. In case of an apartment house, such as an apartment or tenement house, the standard
market price as prescribed by the Income Tax Act.
3. In case of houses other than apartment houses as referred to in subparagraph 2,
commercial quarters, buildings, officetels and other real estate, the aggregate amountof the value of the building sites calculated by the publicly assessed individual land
prices under the Public Notice of Values and Appraisal of Lands, etc. Act (if there
exist no publicly assessed individual land prices of the pertinent land it refers to the
amount calculated on the basis of the publicly assessed land prices under Article 10
of the said Act) and the value of buildings calculated by the highest price out of the
official value notified publicly by the State or the local governments (in a case where
there is any acquisition value, such value shall also be included).
4. In case of rights to which the provisions concerning real estate shall apply mutatis
mutandis , particulars of kinds, quantities, contents of such rights (in a case where
there is any acquisition value, such value shall be included).
5. In case of cash, deposits, claims and obligations, the amounts thereof.
6. In case of securities, such as national and public bonds or debentures, the face value
thereof.
7. Stocks traded in the means similar to the securities markets from among those listed
on the Korea Stock Exchange, those regist ered with the Korea Securities Dealers
Association, and those traded over-the-count er under Article 194 of the Securities and
Exchange Act,  the final prices quoted on the base day of property registration (if the
Stock Exchange is closed prior to the base day of property registration, the finalprices on such closing day: Provided,  That in the  case of stocks traded in the means
similar to the securities markets from among those traded over-the-counter under
Article 194 of the Securities and Exchange Act, referring to the traded price
prescribed by the Presidential Decree), and in the case of other stocks than  these, the
face value thereof.
8. In case of investment shares in unlimited partnerships, limited partnerships and
limited liability corporations, the ratio of shares and the annual revenues of such
entities in recent business years.
9. In case of gold and platinum (including gold and platinum products), the kind,
contents and weight thereof.
10. In case of precious stones, the specifications of, inter alia,  the kinds, size, color tone
thereof.
11. In case of curios and artistic works, the specifications of works, such as kinds, sizes,
authors, and production years.
12. In case of memberships, the acquisition value: Provided , That in case of golf
memberships it shall be the standard market price as prescribed by the Income Tax
Act.
13. In case of automobiles, construction machines, vessels and aircraft, the specifications
of, inter alia , their kinds, manufacture year and manufacturers, and registration
numbers.GPA/W/270
Page 18
(4) The methods of value calculation and indication of any property to be registered, other than
that as referred to in paragraph (3), and other ma tters necessary for registration shall be prescribed by
the Presidential Decree.  <Newly Inserted by Act No. 4566, 11 June 1993>
(5) With respect to such property as referred to in  paragraph (2), information such as the date and
particulars of acquisition and the source  of income of such property or any explanations included
thereof may be mentioned or appended by the owner.  <Newly Inserted by Act No. 4566, 11 June
1993>
(6) Out of the property to be registered under paragraph (1), property contributed to a nonprofit
corporation shall be indicated separately from other property to be registered, and the position of the
person liable for registration in the corporation statute shall be specified.  <Newly Inserted by Act No.
4566, 11 June 1993>
Article 5 (Registration Agency and Time for Registration of Property)
(1) Any public official shall register the property as of the day on which he becomes liable for
registration with any of the following agencies (hereinafter referred to as the registration agency)
within one month from the date of his liability for registration: Provided , That this shall not apply to
the case where the liability for registration is exempted within one month from the date of becoming a
person liable for registration, if a person who is ex empted from the liability for registration due to,
inter alia , a transfer, demotion or retirement, again becomes liable for registration within three years
(in case of retirement, one year), the registration may be substituted only by making a report on any
change after the transfer, demotion or retirement, or a report on change in  property as referred to in
Article 11 (1): <Amended by Act No. 4017, 5 August 1988;  Act No. 4408, 30 November 1991;
Act No. 4566, 11 June 1993;  Act No. 4853, 31 December 1994;  Act No. 5454, 13 December 1997;
Act No. 5681, 21 January 1999;  Act No. 6388, 26 January 2001>
1. In case of a member of the National Assembly or other public officials under the
control of the National Assembly, the National Assembly Secretariat.
2. In case of judges or other public officials under the control of courts, the Office of
Court Administration.
3. In case of the president, justices or public officials under the control of the
Constitutional Court, the Secretar iat of the Constitutional Court.
4. In case of public officials under the control of the National Election Commission or
other election commissions, the Secretariat of the National Election Commission.
5. In case of public officials under the control of the Ministries and Administrations of
the Government (including the administrative agencies such as the committees
prescribed by the Presidential Decree; hereinafter the same shall apply), the pertinent
Ministries and Administrations.
6. In case of public officials under the control of the Board of Audit and Inspection, the
Secretariat of the Board of Audit and Inspection.
7. In case of public officials under the control of the National Intelligence Service, the
National Intelligence Service.
8. In case of public officials under the jurisdiction of local governments, the pertinent
local government.GPA/W/270
Page 19
9. In case of councilmen or public officials under the control of local councils, the
pertinent local council.
10. In case of public officials under the control of educational offices of the Special
Metropolitan City, Metropolitan Cities and Dos, educational offices of the Special
Metropolitan City, Metropolitan Cities and  Dos, as applicable.
11. In case of members of educational committees of the Special Metropolitan City,
Metropolitan Cities and Dos, and public officials belonging to them, the educational
committees, as applicable.
12. In case of officers or employees of public service-related organizations, the Ministry,
and Administration exercising supervision over such organizations: Provided, That in
case of officers or employees of public service-related organizations under the
supervision of the Special Metropolitan City, Metropolitan Cities, Dos, and
Si/Gun/Gu (limited to the autonomous Gu; hereinafter the same shall apply), the
Special Metropolitan City, Metropolitan Cities,  Dos and Si/Gun/Gu as applicable.
13. In case of persons liable for registration, other than those referred to in subparagraphs
1 through 12, and public officials under the supervision of the Ministries, and
Administrations of the Government, the Board of Audit and Inspection, the National
Intelligence Service, and officers of public service-related organizations for whommatters concerning property registration are open to the public under Article 10 (1),
notwithstanding the provisions of subparagraphs 5 through 7 and the text of
subparagraph 12, the Ministry of Government Administration.
(2) In the case as referred to in the provisions of  paragraph (1), if the then-pertinent registrar is
different from the previous one, the head of the previous registrar shall transfer documents pertaining
to the property registration to the head of the new registrar within one month after a person who is
exempted from liability for registration due to, inter alia,  a transfer, again becomes liable for
registration.  This provision shall also apply in a case where the registration agency is changed
without the  person liable for registration being exempted from liability for registration due to,
inter alia,  such transfer.
(3) In case of a registration agency out of those as referred to in paragraph (1) 5, which has any
difficulty in effecting the registration because there are so many persons liable for registration of
property, part of its subordinate organizations may be designated as registration agency under the
provisions of the Presidential Decree.  <Newly Inserted by Act No. 4853, 31 December 1994>
Article 6 (Report on Changed Matters)
(1) Any person liable for registration shall report to the registration agency matters concerning
any change in property which has taken place between January 1 and December 31 in each year by
the end of January of the next year: Provided , That in a report on changed matters, made first after the
first registration or the report as prescribed in the provisions of Article 5 (1), matters changed up until
December 31 of the current year from the day on which he becomes liable for registration shall be
reported to the registration agency.  <Amended by Act No. 4566, 11 June 1993>
(2) If a person liable for registration retires from his office, he shall make a report to the
registration agency having jurisdiction over him at the time of his retirement regarding any changed
matters in his property  between January 1 of the current year (if he becomes liable for registration
after 1 January, the day on which he becomes liable for registration) and the retirement day, within
one month after his retirement:  Provided , That if he again becomes liable for registration within one
month after his retirement, the report on changed matters as referred to in paragraph (1) shallGPA/W/270
Page 20
supersede the above report.  <Newly Inserted by Act No. 4566, 11 June 1993;  Act No. 4853,
31 December 1994>
(3) If a person becomes liable for registration during December, changed matters in his property
between the day on which he becomes liable for registration and December 31 of the current year maybe reported, including the changed matters of the following year, or the changed matters relating to
the retired person as referred to in paragraph (2),  and if the person liable for registration retires from
his office during January, the changed matters, as referred to in paragraph (1), may be reported,
including the changed matters relating to the retired person as referred to in paragraph (2).  <Newly
Inserted by Act No. 4853, 31 December 1994>
(4) The provisions of paragraph (2) shall apply mutatis mutandis  to such person out of those who
are liable for registration as provided in Article 3 (1) 9 through 11 and is exempted from the liability
for registration because the agency or organization to which he belongs is excluded from the public
services-related organizations.  <Newly Inserted by Act No. 4853, 31 December 1994>
(5) In a case where a report as referred to in paragraphs (1) and (2) is made, any materials to
explain and justify clearly the cause of increase or decrease, such as a sales contract or receipts
(including copies thereof), shall be attached, or the reason for such increase or decrease shall be
specified.  <Amended by Act No. 4566, 11 June 1993>
(6) The scope and contents of changed matters in property to be reported under paragraphs (1)
and (2) shall be prescribed by the Presidential Decree.  <Amended by Act No. 4566, 11 June 1993>
Article 6-2 (Report on Detail of Stock Trade)
(1) Persons liable for registration corresponding to those subject to the opening to the public
under each subparagraph of Article 10 (1) shall report to the registrar on the details of stock trades
pertaining to acquisition or transfer of stocks by those falling under any of the subparagraphs of
Article 4 (1), at the time of reporting on the changes in property under Article 6 or 11 (1).
(2) Matters necessary for the scope of stock trade subject to report and the method of report at the
time of reporting on the details of stock trade under paragraph (1), shall be prescribed by the
Presidential Decree.
(3) The content of report on the details of stock trade under paragraph (1) shall not be open to the
public.
(4) The provisions of Articles 8, 8-2, 12 through 14 and 14-3 shall be applicable to the report
under paragraph (1) and the examination and management of reported matters.
[This Article Wholly Amended by Act No. 6388, 26 January 2001]
Article 6-3 (Deferment of Report on Modified Matters)
(1) The head of the registrar may, in case where the persons liable for registration apply for the
deferment of report on modified matters as they come to fall under one of the following
subparagraphs, defer the report on modified matters under Article 6 (1) or 11 (1) for the relevant
period within the limit of 3 years:
1. where to be sent to a foreign country for dispatched services under the provisions of
Acts and subordinate statutes;
2. where to be suspended from duty under the provisions of Acts and subordinate
statutes;GPA/W/270
Page 21
3. where to serve at the overseas mission or the office stationed overseas;  and
4. where to fall under other reasons prescribed under the Presidential Decree.
(2) Persons liable for registration who are granted a deferment of report on modified matters
under paragraph (1) shall make a report on modified matters on property after the final property
registration or the report on modified matters within one month from the extinction of relevant causes
for deferment.
[This Article Wholly Amended by Act No. 6388, 26 January 2001]
Article 7 (Extension of Registration Period)
In case where a person liable for registration (including retired public officials as prescribed
in Article 6(2); hereinafter the same shall apply to Articles 8, 10, 12, 13 and 24) requests an extension
of the period  for the property registration (including the report; hereinafter the same  shall also apply)
for any unavoidable reason, if the reason is deemed appropriate, the head of the registrar extend theregistration period for all or part of the property. In this case, the person liable for registration shall
make the registration within the extended period.  <Amended by Act No. 4566, 11 June 1993>
Article 8 (Examination of Registered Matters)
(1) The public service ethics committee as provided in Article 9 (1) shall examine registered
matters.
(2) If a person liable for registration is deemed to have omitted by negligence, inter alia,  a part of
the property to be registered, or there are  errors in writing in the sum of the values, the public serviceethics committee may order the person liable for registration to supplement the property registration
papers within a specified period of time.
(3) If it is deemed necessary for the examinati on, as referred to in paragraph (1), the public
service ethics committee may demand any person  liable for registration to present materials, ask any
question in writing, or conduct any investigation for confirmation of facts. In this case, the public
service ethics committee shall give the person liable for registration an opportunity to presentmaterials for explanation or vindication.
(4) The public service ethics committee may demand the head of government agencies, local
governments, public service-related organizations, or other public institutions to make any report or
present materials, necessary for the examination as refe rred to in paragraph (1).  In this case, the head
of such agency, institution or organization may not refuse such report or presentation of materials
notwithstanding the provisions of other Acts.  <Amended by Act No. 4853, 31 December 1994>
(5) Notwithstanding the provisions of Article 4 of the Act on Real Name Financial Transactions
and Guarantee of Secrecy, if it is deemed necessary to confirm the details of any financial transactionfor the examination as referred to in paragraph (1), the public service ethics committee may demand
that the head of any financial institution present materials  on the details of financial transactions.
Such demand shall be made by a document specifying the personal matters in compliance with such
criteria as prescribed by the National Assembly Regulations, the Supreme Court Regulations, the
Constitutional Court Regulations, the National Election Commission Regulations, or the PresidentialDecree, and any person who is engaged in the fina ncial institution concerned shall not refuse such
demand.  <Newly Inserted by Act No. 4853, 31 Decem ber 1994;  Act No. 5493, 31 December 1997>GPA/W/270
Page 22
(6) The public service ethics committee may demand attendance of any person liable for
registration and his spouse, lineal ascendants and descendants, and other interested parties in matters
of property registration, and may ask them to make statements.
(7) With respect to any person liable for registration under a considerable suspicion of false
registration or of an acquisition of property or profits from assets by utilizing the secrets obtained on
duty as a result of the examination under paragraph (1), the public service ethics committee shall, by
appending the relevant verifying documents, request  that the Minister of Justice (in case of military
or military civilian employees, the Minister of National Defense) conduct an investigation with fixing
the period.  <Amended by Act No. 6388, 26 January 2001>
(8) The Minister of Justice or Minister of National Defense, as applicable, shall, upon receiving
the request for investigation under paragraph (7), cause any public prosecutor or prosecuting attorney
to conduct an investigation without delay, and notify the public service ethics committee  of the result
of such investigation.  <Amended by Act No. 4853, 31 December 1994>
(9) Such provisions of Acts and subordinate statutes relating to criminal lawsuits (including the
Military Court Act) as pertaining to criminal investigations shall apply mutatis mutandis  to the
investigation conducted by a public prosecutor or prosecuting attorney under paragraph (8): Provided,
That this shall not apply to the provisions concerning the restraint of personal liberty.  <Amended by
Act No. 4853, 31 December 1994>
(10) The public service ethics committee shall complete the examination of all public officials who
are subject to the disclosure of property within three months after the registered matters as provided in
Article 5(1) or after the changed matters reported under Article 6 are made open to the public under
Article 10(1): Provided, That the public service ethics committee may, in case where deemed
necessary, extend the period of examination under its resolution within the limit of 3 months.<Amended by Act No. 6388, 26 January 2001>
(11) The public service ethics committee may entrust the head of the registrar or other related
agency with the examination of registered matters of persons liable for registration other than those
subject to the disclosure of property, and the head of the entrusted agency shall report the results of
examination to the competent public service ethics committee.
(12) The provisions of paragraphs (2) through (9) shall apply mutatis mutandis in the case of
entrustment as referred to in paragraph (11). In such case, if any person wishes to request presentation
of materials concerning the details of financial transactions as referred to in paragraph (5), or to
entrust any examination as referred to in paragr aph (7), he shall obtain the approval from the
competent public service ethics committee.  <Amended by Act No. 4853, 31 December 1994>
[This Article Wholly Amended by Act No. 4566, 11 June 1993]
Article 8-2 (Transaction of Results of Examination)
(1) If it is deemed, as a result of the examination of registered matters under Article 8, that any
property to be registered is recorded falsely, or omitted or erroneously reported through gross
negligence, or that any property or profits from assets are acquired by utilizing the secrets obtained on
duty, the public service ethics committee as provided in Article 9 (1) shall take measures which fall
under one of the following subparagraphs:  <Amended by Act No. 4853, 31 December 1994;  Act
No. 6388, 26 January 2001>
1. warning and corrective measures;2. imposition of a fine for negligence under Article 30;GPA/W/270
Page 23
3. publication of falsely registered matters in advertisement column of daily
newspapers;  and
4. request for decision on dismissal or discipline (including removal from office).
(2) The public service ethics committee may take measures as referred to in subparagraph 3
among those as referred to in paragraph (1) together with other measures.
(3) The public service ethics committee shall, upon taking measures as referred to in paragraph
(1), notify the heads of the registrar and other related organizations thereof.  <Newly Inserted by
Act No. 4853, 31 December 1994>
[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 9 (Public Service Ethics Committee)
(1) In order to examine and decide the matters falling under one of the following subparagraphs,
the public service ethics committees shall be established in the National Assembly, the SupremeCourt, the Constitutional Court, the National Election Commission, the Government, local
governments, and educational offices of the Special Metropolitan City, Metropolitan Cities and Dos,
respectively:  <Amended by Act No. 4408, 30 November 1991;  Act No. 4566, 11 June 1993;  Act No.
4853, 31 December 1994;  Act No. 5454, 13 December 1997>
1. examination of registered matters concerning property, and measures  taken from the
results thereof;
2. approval as provided in the latter part of Article 8 (12);
3. approval as provided in the provisions of Article 17 (1) (proviso);  and
4. other matters as provided by the power of the public service ethics committee under
this Act or other Acts and subordinate statutes.
(2) Each public service ethics committee shall exercise jurisdiction over the matters which fall
under one of the following subparagraphs:  <Amended by Act No. 4408, 30 November 1991;  Act No.
4566, 11 June 1993;  Act No. 4853, 31 December  1994;  Act No. 5454, 13 December 1997>
1. the public service ethics committee in the National Assembly shall preside over
matters concerning the members of the National Assembly, other public officials
under the control of the National Assembly, and retired public officials of theNational Assembly;
2. the public service ethics committee in the Supreme Court shall preside over matters
concerning judges, other public officials under the control of the courts, and retired
public officials of the courts;
3. the public service ethics committee in the Constitutional Court shall preside over
matters concerning justices of the Constitutional Court,  other public officials under
the control of the Constitutional Court, and retired public officials of the
Constitutional Court;
4. the public service ethics committee in the National Election Commission shall preside
over matters concerning public officials under the control of the National Election
Commission and other election commissions, a nd retired public officials of election
commissions;GPA/W/270
Page 24
5. the public service ethics committees in the Special Metropolitan City, Metropolitan
Cities and Dos shall preside over matters concerning  public officials under the
control of the Special Metropolitan City, Metropolitan Cities and Dos, respectively,
officers and employees of the competent public service-related organizations,members of the Special Metropolitan City Council, Metropolitan City councils and
Do councils and public officials under their control, and retired public officials
thereof respectively;
6. the public service ethics committees in the Si/Gun/Gu shall preside over matters
concerning public officials under the control of the Si/ Gun /Gu, respectively, officers
and employees of the competent public service related organizations, members of theSi/Gun/Gu councils and public officials under their control, and retired public
officials thereof respectively;
7. the public service ethics committees in the Special Metropolitan City, Metropolitan
Cities and Dos educational offices shall preside over  matters concerning public
officials under the control of the Special Metropolitan City, Metropolitan Cities and
Dos educational offices, respectively, members of educational committees and public
officials under the control of educational committees, and retired public officials
thereof respectively;  and
8. the public service ethics committee in the Government shall preside over matters
concerning public officials other than those as referred to in subparagraphs 1
through 7, and retired public officials thereof.
(3) The public service ethics committee shall be composed of nine members including a chairman
and a vice-chairman, and five of them, including the chairman, shall be appointed from among judges,
educators, other persons of learning and high moral character, or persons recommended by the
citizens' organization (referring to the nonprofit no n-governmental organization under Article 2 of the
Assistance for Nonprofit Non-Governmental Organizations Act; hereinafter the same shall apply):
Provided,  That the Si/Gun/Gu public service ethics committees shall each be composed of five
members including a chairman and a vice-chairman, and three of them, including the chairman, shall
be appointed from among judges, educators, other learned and reputable persons, or personsrecommended by the citizens’ organization.  <Amended by Act No. 4566, 11 June 1993;  Act No.
6388, 26 January 2001>
(4) The term and appointment of members of the public service ethics committees, the
procedures of examination and other necessary matters shall be determined by the provisions whichfall under one of the following subparagraphs:  <Newly Inserted by Act No. 4566, 11 June 1993;
Act No. 5454, 13 December 1997>
1. in case of the public service ethics committee in the National Assembly, the National
Assembly Regulations;
2. in case of the public service ethics committee in the Supreme Court, the Supreme
Court Regulations;
3. in case of the public service ethics committee in the Constitutional Court, the
Constitutional Court Regulations;
4. in case of the public service ethics committee in the National Election Commission,
the National Election Commission Regulations;GPA/W/270
Page 25
5. in case of the public service ethics committee in the Government, the Presidential
Decree;  and
6. in case of the public service ethics committees in Special Metropolitan City,
Metropolitan Cities and Dos and the public service ethics committees in theSi/Gun/Gu and the public service ethics committees in the educational offices of
Special Metropolitan City, Metropolitan Cities and Dos, the Municipal Ordinances of
the relevant local governments.
(5) The public service ethics committees may make  rules relating to the operation thereof within
the scope of the Regulations, the Presidential Decree and the Municipal Ordinance prescribed by this
Act and respective subparagraphs of paragraph (4).  <Newly Inserted by Act No. 4566, 11 June 1993>
Article 10 (Opening of Registered Property to Public)
(1) The public service ethics committee shall open to the public the registered matters concerning
the property of such public officials out of  those liable for registration under its jurisdiction fallingunder any of the following subparagraphs, as well as the property of such officials spouses and
lineal ascendants and descendants, as well as the contents of the report on the changed matters as
provided in Article 6, by inserting them in the Gaze tte or public bulletins, within one month after the
period of registration or report expires:  <Amended by Act No. 4566, 11 June 1993;  Act No. 5454, 13
December 1997;  Act No. 5491, 31 December 1997;  Act No. 5681, 21 January 1999;  Act No. 6306,29 December 2000;  Act No. 6388, 26 January 2001>
1. national public officials in political service, such as the President, the Prime Minister,
members of the State Council, members of the National Assembly, Director General
and Directors of the National Intelligence Service;
2. public officials in Political Service of local governments, such as the heads of local
governments, and local councilmen;
3. national and local public officials of Grade I in general service, and public officials in
special service, who receive remuneration equivalent to that of the former;
4. public officials in foreign service prescribed by the Presidential Decree, and chief of
the Planning and Coordination Office of the National Intelligence Service;
5. judges higher than the chief judge of the High Court, public prosecutors higher than
chief of the public prosecutor’s office, and public prosecutors who are the heads ofpublic prosecutor’s branch offices  to which deputy chief public prosecutors are
assigned;
6. officers higher than the lieutenant general;
7. presidents and deputy presidents of universities, deans of colleges (excluding deans
of universities), deans of junior colleges and heads of various schools equivalent to
universities and colleges, superintendents of educational boards and members of
educational committees of the Special Metropolitan City, Metropolitan Cities and
Dos;
8. police officials higher than senior superintendent general, and directors of local police
administration in the Special Metropolitan City, Metropolitan Cities and  Dos;GPA/W/270
Page 26
9. directors of the District Tax Office, an d superintendents of customhouses who are
public officials of Grade Ⅱ or Ⅲ;
9-2. public officials in contractual service appointed to positions the  positions to be
appointed by public officials under subparagraphs 3 through 6, 8 and 9 or to thepositions equivalent thereto:  Provided,  That with respect to positions designated
from among subparagraphs  4, 5, 8 and 9, limited to the public officials in contractual
service appointed to the relevant positions;
10. directors, deputy directors and permanent auditors of government-invested
institutions, the governor, deputy governor and auditor of the Bank of Korea,
governor, deputy governor and auditor of the Financial Supervisory Service,presidents and permanent auditors of  the National Agricultural Cooperatives
Federation and National Fisheries Cooperatives Federation and officers of public
service-related 1organizations as prescribed by the Presidential Decree;
11. other public officials of the Government, who are prescribed by the Presidential
Decree;  and
12. persons who are retired from the offices as referred to in subparagraphs 1 through 11
(limited only to the case as provided in Article 6 (2)).
(2) If a person liable for registration becomes, after the registration, one who is subject to the
opening of his property to the public under paragraph (1), due to, inter alia,  a promotion or transfer,
he shall re-register  the property as of the day on which he becomes one who is subject to the opening
of property to the public with the registrar under the text of Article 5 (1), within one month after he
becomes such person, and  the public service ethics committee shall open it to the public underparagraph (1): Provided,  That if the person concerned was transferred to  a position which is not
subject to the opening of property to the public,  and thereafter becomes a person who is subject to the
opening of property to the public within three years, he shall open to the public only the matters
changed after the last opening is made.  <Newly Inserted by  Act No. 4853, 31 December 1994>
(3) No person shall inspect or reproduce registered matters concerning the property of any person
liable for registration, or have another person do so, without obtaining permission of the head of thepublic service ethics committee or registration agency, except in cases falling under paragraphs (1)
and (2).  <Amended by Act No. 4566, 11 June 1993;  Act No. 4853, 31 December 1994>
(4) The head of the public service ethics committee or registration agency may not grant any
permission as referred to in paragraph (3), except cases falling under one of the following
subparagraphs:  <Amended by Act No. 4566, 11 June 1993;  Act No. 4853, 31 December 1994>
1. where it is required for investigation of crime or misconduct against a person liable
for registration, or for a trial relevant to it;
2. where a member of the National Assembly demands materials of  the inspection and
investigation of the state administration under  Article 128 (1) of the National
Assembly Act, Article 10 (1) of the Act on Inspection and Investigation of State
Administration, and Article 4 of the Act on Testimony, Appraisal, etc. before the
National Assembly, or it is required for investigation as to whether any activity of aspecified public official is connected to a concrete misconduct. In this case, the head
of the public service ethics committee or the registration agency is not permitted to
disclose externally  the details of registered matters concerning the property;GPA/W/270
Page 27
3. where it is required to judge for the head of any government agency, local
government or public service-related organization, if a public  official under his
control is connected to any misconduct;  and
4. where a person who is or was liable for registration requests an  inspection or
reproduction of registered matters concerning himself.
Article 10-2 (Opening of Property of Candidates for Election of Public Officials to Public)
(1) When a person who wishes to be a candidate for the President, a member of the National
Assembly, a head of the local government or the local council makes a registration for such
candidacy, he shall submit a report, as provided in Article 4, regarding the property to be registered asof the 31st of December of the preceding year , to the competent election commission, and the
commission shall make public the reported matters concerning the property of the candidate at the
time the registration of candidate is announced publicly: Provided , That if the person who wishes to
be a candidate opens the property to be registered on and after the 31st of December of the preceding
year under Article 10 (1) prior to the registration of candidates for such election, this provision shallnot apply, but the candidate shall submit to the competent election commission exercising the
jurisdiction over the constituency concerned the documents to confirm the opening of such property
as provided in Article 49 (4) of the Act on the Election of Public Officials and the Prevention of
Election Malpractices.  <Amended by Act No. 4739, 16 March 1994;  Act No. 4853,
13 December 1994>
(2) When a proposal of approval on appointment of a public official whose appointment is
required to be approved by the National Assembly, such  as the Chief Justice of the Supreme Court,
President of the Constitutional Court, Prime Minister, Chairman of the Board of Audit and Inspection,
justices of the Supreme Court, secretary-general of  the National Assembly Secretariat, or a proposal
of election of public officials who are elected by the National Assembly, such as judges of the
Constitutional Court or members of the National Election Commission, is submitted, a report on the
property to be registered under Article 4 concerning the candidate for public office shall be submitted
to the National Assembly, and the Speaker of the National Assembly shall open without delay to the
public the reported matters concerning the property of the candidate for public office: Provided , That
if the candidate for public office opens, under Article 10 (1) the property to be registered on and after
December 31 of the preceding year to the public prior to the time the proposal of the approval onappointment or of the election is filed, this provision shall not apply, but the documents to confirm the
opening of such property to the public shall be submitted to the National Assembly.  <Amended by
Act No. 4853, 31 December 1994;  Act No. 5454, 13 December 1997>
(3) The public service ethics committees in the National Election Commission and the National
Assembly shall examine the reported matters concerning the property as referred to in paragraph (1)
or (2), and may open the results of the examination to the public.
(4) The provisions of Article 8 (2) through (6) shall apply mutatis mutandis  to the examination as
referred to in paragraph (3).  <Amended by  Act No. 4853, 31 December 1994>
(5) The forms of the report as referred to in paragraphs (1) and (2), the methods of opening to the
public, and other necessary matters shall be prescribed by the National Assembly Regulations or the
National Election Commission Regulations.
[This Article Newly Inserted by Act No. 4566, 11 June 1993]GPA/W/270
Page 28
Article 11 (Report on Property of Transferred Person)
(1) If a person liable for registration is exempted from the liability for registration due to,
inter alia,  a transfer, retaining the status as a public official or an officer or an employee of a public
service-related organization (including the case where he becomes a public official or an officer  or anemployee of a public service-related organization within one month after retirement), he shall report
to the previous registration agency the changed matters concerning the property until the day on
which, e. g., the transfer is made after the 1st of January of the year in which he is transferred (if he
becomes a person liable for registration after the 1st of January, the day on which he becomes liable
therefor) within one month after his transfer, and thereafter make a report each year for two years on
the changed matters in the property during the preceding year in the month the cause of such transfer
has occurred: Provided,  That if he retires from his office during the period in which he is liable for
reporting on the changed matters in the property, the provisions of Article 6 (2) shall apply
mutatis mutandis .  <Amended by Act No. 4853, 31 December 1994>
(2) With respect to the report as referred to in paragraph (1) and the control of such reported
matters, the provisions of Articles 6 through 8, 8-2, 10, 12 through 14 and 14-3 shall applymutatis mutandis .  <Amended by Act No. 4853, 31 December 1994;  Act No. 6388, 26 January 2001>
Article 12 (Liability for Truthful Registration)
(1) No person liable for registration shall make a false entry of the property to be registered under
Article 4 in the property registration papers, or of the value, acquisition date and details of acquisition
of the property, and the sources of his income.  <Amended by Act No. 4566, 11 June 1993>
(2) Any person liable for registration shall faithf ully comply with any examination of the public
service ethics committee, etc. on the registered matters.  <Amended by Act No. 4566, 11 June 1993>
(3) Any person as provided in Article 4 (2) 2 or 3 shall comply faithfully with the registration of
property by a person liable for registration or  the examination on the reported matters by the public
service ethics committee.  <Amended by Act No. 4566, 11 June 1993>
(4) Notwithstanding the provisions of paragraph (3), such a person out of those referred to in
Article 4(1) 3, as is not a dependent of a person liable for registration may refuse to report on thematters concerning the registration of his property, and in this case, the person liable for registration
shall designate so on the property registration papers.  <Amended  by Act No. 4566, 11 June 1993>
Article 13 (Prohibition of Use of Registered  Matters Concerning Property for Different
Purposes and Related Matters)
Any person liable for registration shall not be subject to any disadvantageous treatment or
disposition for reasons of registered matters except in case of false registration or other causes as
prescribed by this Act, and no person shall use the registered matters concerning the property for any
purpose other than those as prescribed by this Act.  <Amended by Act No. 4566, 11 June 1993>
Article 14 (Keeping of Secrets)
No person who is or was engaged in affairs of property registration, or no other person who
has learned of such matters in the course of performing his duties shall disclose them to other persons.GPA/W/270
Page 29
Article 14-2 (Prohibition of Property Acquisitio n by Taking Advantage of Secrets in Respect
of One Duties)
No person liable for registration shall acquire any property or property interest taking
advantage of secrets which he has learned in the course  of performing his duties.[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 14-3 (Prohibition of Furnishing and Disclosure of Materials on Financial
Transactions)
No person who has materials concerning the details of financial transactions furnished under
Article 8 (5) shall furnish or disclose them to another person, or use them for any purpose other thanproper ones.
[This Article Newly Inserted by Act No. 4853, 31 December 1994]
CHAPTER III - REPORT ON GIFTS
Article 15 (Report on Receipt of Gifts from Foreign Governments, etc.)
(1) If a public official (including members of local councils and educational committees;
hereinafter the same shall apply in Articles 22 and 23 (1)) or an officer or an employee of any public
service-related organization has received any gift from a foreign country or a foreigner in connectionwith his duties (including foreign organizations; hereinafter the same shall apply), he shall report it
without delay to the head of the agency or organi zation to which he belongs, and hand over such gift
thereto.  This provision shall also apply in case where his family receives any gift from a foreign
country or a foreigner in connection with the  duties of such officials, or officers or employees of
public service-related organizations.  <Amended by Act No. 4566, 11 June 1993;  Act No. 4853,
31 December 1994>
(2) The value of the gift to be reported under paragraph (1) shall be prescribed by the Presidential
Decree.
Article 16 (Reversion, etc. of Gift to National Treasury)
(1) Any gift reported under Article 15 (1) shall be reverted to the National Treasury immediately
after it is reported.
(2) Matters concerning, inter alia , the management or maintenance of reported gifts shall be
prescribed by the Presidential Decree.
CHAPTER IV – RESTRICTION ON EMPLOYMENT OF RETIRED PUBLIC OFFICIALS
Article 17 (Restriction on Employment of Retired Public Officials in Related Private
Enterprises, etc.)
(1) No public official or officer or employee of a public service-related organization who was
engaged in a grade of position or field of duties as prescribed by the Presidential Decree may be
employed in a profit-making private enterprise larger than a specified size (hereinafter referred to  as
the profit-making private enterprise) connected closely with the duties which he performed at thecompetent department within three years immediately before his retirement, for a period of two years
immediately after his retirement, or the organization established for the joint profits and mutual
cooperation, etc. of private enterprises (hereinafter referred to as the association): Provided,  That
this shall not apply if such employment is approved by the competent public service ethics committee.
<Amended by Act No. 6388, 26 January 2001>GPA/W/270
Page 30
(2) In the case as referred to in paragraph (1), the scope of close connection between the duties at
the competent department performed by the retire d public official and the profit-making private
enterprise, and the size of such private enterprise and the scope of related associations shall be
prescribed by the National Assembly Regulations, the Supreme Court Regulations, the ConstitutionalCourt Regulations, the Central Election Manageme nt Commission Regulations or the Presidential
Decree.  <Amended by Act No. 4408, 30 November 1991;  Act No. 4566, 11 June 1993;
Act No. 6388, 26 January 2001>
(3) In determining and applying the scope of duties at the competent department in the case of
paragraph (2), the due consideration shall be paid so as not to unlawfully infringe on the freedom and
rights of the retired public officials.  <Newly Inserted by Act No. 6388, 26 January 2001>
Article 18 (Request for Approval of Employment)
Any retired public official who wishes to obta in approval of employment under the proviso of
Article 17 (1) shall make a request for approval of employment to the competent public service ethicscommittee through the head of the agency to which he belonged, under the provisions of the National
Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the
Central Election Management Commission Regulations or the Presidential Decree.  <Amended by
Act No. 4408, 30 November 1991;  Act No. 4566, 11 June 1993>
Article 19 (Demand, etc. for Dismissal of Employee)
(1) If a person who has held an office in a government agency, the local government or a public
service-related organization (in case of the chairman of the public service ethics committee, whose
employment is restricted under Article 17 (1)) is employed in violation of the provisions ofArticle 17 (1), the chairman of the public service ethics committee and the head of the government
agency, the local government or public service-related organization shall request the head of the
pertinent central administrative agency (in case of the National Assembly, the Secretary-General of
the National Assembly; in case of the Supreme Court, the director of the Office of Court
Administration; in case of the Constitutional Court, the Secretary-General of the Secretariat of the
Constitutional Court; and in case of the Central Election Management Commission, the Secretary-
General of the Central Election Management Commission; hereinafter the same shall apply) to takemeasures for the dismissal of the person concerned from the employment, and the head of the relevant
central administrative agency shall, upon receiving such  request, demand a dismissal of such
employee to the head of the profit-making private enterprise or the association in which the person in
question is employed.  <Amended by Act No. 4408, 30 November 1991;  Act No. 4566, 11 June 1993;
Act No. 6388, 26 January 2001>
(2) The head of the profit-making private enterprise or the association who receives a request for
the dismissal under paragraph (1) shall comply with such request without delay.  <Amended by
Act No. 6388, 26 January 2001>
CHAPTER V - SUPPLEMENTARY PROVISIONS
Article 20 (Agency in Charge of Planning and General Affairs)
The Minister of Government Administration and Home Affairs shall preside over the
planning and general affairs concerning the registration of property and opening thereof to the public,
the report of gifts and the restriction on employment of retired public officials under this Act.
<Amended by Act No. 4566, 11 June 1993;  Act No. 6388, 26 January 2001>GPA/W/270
Page 31
Article 20-2 (Report to National Assembly)
(1) The public service ethics committees in the National Assembly, the Supreme Court, the
Constitutional Court, the Central Election Management Commission and the Government shall submit
each year to the plenary session of the National Assembly an annual report on the actual conditionsof, and control over, the registration of property, report of  gifts and restriction on employment of
retired public officials and other activities in the preceding year.
(2) Matters necessary for preparing the annual report as referred to in paragraph (1) shall be
prescribed by the Presidential Decree.
[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 21 (Delegated Provisions)
Matters necessary for the enforcement of this Act shall be prescribed by the National
Assembly Regulations, the Supreme Court Regulations, the Constitutional Court Regulations, the
Central Election Management Commission Regulations, the Presidential Decree or the MunicipalOrdinance of the local government.  <Amended by Act No. 4408, 30 November 1991;  Act No. 4566,
11 June 1993>
CHAPTER VI – DISCIPLINARY ACTION AND PENAL PROVISIONS
Article 22 (Disciplinary Action, etc.)
If a public official or an officer or an employee of a public service-related organization falls
under any of the following subparagraphs, the public service ethics committee concerned may
demand a resolution on dismissal or discipline for such reason:  <Amended by Act No. 4853,
31 December 1994;  Act No. 6388, 26 January, 2001>
1. where he fails to register his property in violation of the provisions of Article 5 (1);
2. where he fails to make a report on the changed matters or the report on the details of
stock trade, or to attach explanatory materials, in violation of the provisions of
Article 6 (1) (including the provisions of  Article 6 (3) concerning the report on thechanged matters in case where he becomes liable for registration in December) and
Articles 6 (5), 6-2 and 11 (1);
3. where he inspects or reproduces registered matters or has another person do so,
without permission, in violation of the provisions of Article 10 (3) (including the casewhere it is applied mutatis mutandis  under Article 11(2));
4. where he has in bad faith registered his property, such as making a  false registration,
etc., in violation of the provisions of Article 12 (1) (including the cases of application
mutatis mutandis  in Articles 6-2  (4) and 11 (2));
5. where he fails to comply with an examination of, inter alia,  the public service ethics
committee, etc. on the registered matters, in violation  of the provisions of Article 12
(2) (including the cases of application mutatis  mutandis  in Articles 6-2 (4) and 11
(2));
6. where he uses matters regarding the property registration for any purpose other than
that as prescribed by this Act, in violation of the provisions of the latter part of Article
13 (including the case where it is  applied mutatis mutandis  under Articles 6-2 (4) and
11(2));GPA/W/270
Page 32
7. where he discloses matters regarding the property registration to another person in
violation of the provisions of Article 14 (including  the case where it shall apply
mutatis mutandis  under Articles 6-2 (4) and 11 (2));  and
8. where he fails to report or hand over any gift received from a foreign country or a
foreigner in violation of the provisions of Article 15.
[This Article Wholly Amended by Act No. 4566, 11 June 1993]
Article 23 Deleted .  <by Act No. 6494, 24 July 2001 >
Article 24 (Crime of Refusal of Property Registration)
(1) Any person liable for registration who refuses to  register the property  without any justifiable
reason shall be punished by imprisonment for not more than one year or by a fine not exceeding ten
million won.
(2) Any candidate for an election public office as provided in Article 10-2 (1) and (2), who fails
to submit a report on any property to be registered without any justifiable reason shall be punished by
imprisonment for not more than six months or by a fine not exceeding five million won.
[This Article Wholly Amended by Act No. 4566, 11 June 1993]
Article 25 (Crime of Submission, etc. of False Materials)
If the head of each agency or organization which is required to submit a  report or materials as
provided in Article 8 (4) and (5) (including the cases of applications mutatis mutandis  in Articles 6-2
(4) and 11 (2)) by the public service ethics committee (including the head of a registration agencywho is delegated the authority on matters regarding the property registration by the public service
ethics committee under Article 8 (11); hereinafter the same shall apply in Article 26) submits a false
report or materials, or refuses to submit the report or materials, without any justifiable reason, he shall
be punished by imprisonment for not more than  one year or a fine not exceeding ten million won.
<Amended by Act No. 4853, 31 December 1994;  Act No. 6388, 26 January 2001>
[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 26 (Crime of Refusal of Attendance)
Any person who has received the demand from the public service ethics committee under
Article 8 (6) (including the cases of applications mutatis mutandis  in Articles 6-2 (4) and 11 (2)) to
appear before the committee, but fails to comply with such demand without any justifiable reasonshall be punished by imprisonment for not more than six months  or by a fine not exceeding five
million won.  <Amended by Act No. 4853, 31 December 1994;  Act No. 6388, 26 January 2001>
[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 27 (Crime of Inspection a nd Reproduction without Permission)
Any person who inspects or reproduces matters regarding the property registration or makes
another person do it, without permission, in violation of the provisions of Article 10 (3) (including the
cases of applications mutatis mutandis  in Article 11 (2)), shall be punished by imprisonment for not
more than one year or by a fine not exceeding ten million won.  <Amended by Act No. 4853,
31 December  1994;  Act No. 6388, 26 January 2001>
[This Article Newly Inserted by Act No. 4566, 11 June 1993]GPA/W/270
Page 33
Article 28 (Crime of Disclosure of Secret)
(1) If a person who is or was engaged in the property registration affairs, or other person who has
learned of matters regarding any property registration in the course of performing his duties, discloses
the matters regarding property registration other than those which are made open to the public,without any justifiable reason in violation of the provisions of Article 14 (including the cases of
applications mutatis mutandis  in Articles 6-2 (4) and 11 (2)), he shall be punished by imprisonment
for not more than one year or by a fine not exceeding ten million won.  <Amended by Act No. 6388,
26 January 2001>
(2) If a person who has materials concerning the details of financial transactions, furnishes or
discloses such materials or details to another person, or uses them for a purpose in violation of theprovisions of Article 14-3 (including the cases of applications mutatis mutandis  in Articles 6-2 (4) and
11 (2)), he shall be punished by imprisonment for not more than three years, or by a fine not
exceeding twenty million won.  <Newly Inserted by Act No. 48 53, 13 December 1994;  Act No. 6388,
26 January 2001>
(3) The imprisonment and the fine as referred to in paragraph (2) may be imposed concurrently.
<Newly Inserted by Act No. 4853, 31 December 1994>
[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 29 (Crime of Violation a gainst Restriction on Employment)
Any retired public official who is employed in a profit-making private enterprise or the
association in violation of the provisions of Article 17 (1) shall be punished by imprisonment for not
more than one year or by a fine  not exceeding ten million won.  <Amended by Act No. 6388,
26 January 2001>[This Article Newly Inserted by Act No. 4566, 11 June 1993]
Article 30 (Fine for Negligence)
(1) Any person who is determined by the public  service ethics committee  as a person on whom
the fine for negligence is to be imposed, under of Article 8-2 (1) 2 (including the cases of applications
mutatis mutandis in Articles 6-2 (4) and 11 (2), shall be punished by a fine not exceeding twenty
million won.  <Amended by Act No. 6388, 26 January 2001>
(2) The public service ethics committee shall notify the court of the offense of the person who is
subject to a fine for negligence under paragraph (1) for a trial on the fine for negligence under the
Non-Contentious Case Litigation Procedure Act.[This Article Newly Inserted by Act No. 4566, 11 June 1993]
ADDENDUM
This Act shall enter into force on 1 January 1983.
ADDENDA < Act No. 3993, 4 December 1987 >
Article 1 (Enforcement Date)
This Act shall enter into force on 25 February 1988.
Articles 2 through 4 Omitted .GPA/W/270
Page 34
ADDENDA< Act No. 4017, 5 August 1988 >
Article 1 (Enforcement Date)
This Act shall enter into force on 1 September 1988.  (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA < Act No. 4408, 30 November 1991 >
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA < Act No. 4566, 11 June 1993 >
Article 1 (Enforcement Date)
This Act shall enter into force one month after its promulgation: Provided,  That the
provisions regarding the property registration and  opening of registered matters to the public withrespect to the heads of  local government, local councilmen, members of educational committees,
public officials under the control of local government and officers and employees of competent public
service-related organizations under the control of local government shall enter into force two months
after its promulgation.
Article 2 (Transitional Measures)
(1) Any person liable for registration at the time when this Act enters into  force shall register his
property existing on the enforcement date of this  Act with the registration agency within one month
after the enforcement date of this Act.
(2) With respect to public officials whose property is to be made open to the public at the time
when this Act enters into force, the competent pub lic service ethics committee shall open to the public
such registered matters as referred to in paragraph (1) by inserting them in the official Gazette or
public bulletins within one month after the expiration of the registration period.
(3) With respect to matters registered by a public official whose property is to be made open to
the public at the time when this Act enters into force, the competent public service ethics committee
shall complete the examination as provided in Article 8 within three months after such opening of
materials to the public as referred to in paragraph (2).
(4) Documents concerning the public official property registration submitted to the registration
agency under the previous provisions at the time when this Act enters into force shall be repealed on
the enforcement  date of this Act.
ADDENDA < Act No. 4739, 16 March 1994 >
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 11 Omitted.GPA/W/270
Page 35
ADDENDUM < Act No. 4853, 31 December 1994 >
This Act shall enter into force on the date of its promulgation.
ADDENDA < Act No. 5108, 29 December 1995 >
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 8 Omitted.
ADDENDUM < Act No. 5454, 13 December 1997 >
This Act shall enter into force on 1 January 1998.  (Proviso Omitted.)
ADDENDA < Act No. 5491, 31 December 1997 >
Article 1 (Enforcement Date)
This Act shall enter into force on 1 April 1998.
Articles 2 through 8 Omitted.
ADDENDA < Act No. 5493, 31 December 1997 >
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 14 Omitted.
ADDENDA < Act No. 5681, 21 January 1999 >
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA < Act No. 6087, 31 December 1999 >
Article 1 (Enforcement Date)
This Act shall enter into force on 1 January 2000.
Articles 2 through 4 Omitted.
ADDENDA < Act No. 6306, 29 December 200 0>
Article 1 (Enforcement Date)
This Act shall enter into force on 1 July 2001.GPA/W/270
Page 36
Articles 2 through 12 Omitted.
ADDENDA < Act No. 6388, 26 January 2001 >
Article 1 (Enforcement Date)
This Act shall enter into force three months after  the date of its promulgation.
Article 2 (Application Example)
The amendments to Article 6-2 shall be applicable to the stock trade performed after the
enforcement date of this Act,  and those to Article 17 to the persons retired after the enforcement date
of this Act.
Article 3 Omitted.
ADDENDA < Act No. 6494, 24 July 2001 >
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 Omitted.GPA/W/270
Page 37
ATTACHMENT 3
ENFORCEMENT DECREE OF THE PUBLIC SERVICE ETHICS ACT
PRESIDENTIAL DECREE NO. 17538
Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the Public Service Ethics Act
(hereinafter referred to as the “Act”) and those matters necessary for its enforcement.
Article 2 (Scope, etc. of Public Service-Related Organizations)
(1) The public service-related organizations as provided in subparagraph 10 of Article 3 of the
Act (hereinafter referred to as "public service-related organizations") shall be specified in the attachedTable 1.
(2) For the purpose of subparagraph 10 of Article 3 of the Act, the term "officers" means
permanent officers with a rank not lower than directors and auditors (including those in charge of
duties equivalent thereto, regardless of their titles).
Article 3 (Persons Liable for Registration)
(1) The term "public officials in foreign service prescribed by the Presidential Decree" in
subparagraph 4 of Article 3 of the Act means public officials whose duty grade ranks Grade VI orhigher under the provision of Article 51 of Rules on Remuneration of Public Officials.  <Newly
Inserted by Presidential Decree No. 17275, 30 June 2001>
(2) The term "civilian employees with the equivalent rank" in subparagraph 6 of Article 3 of the
Act means civilian employees of Grade II or higher.
(3) Public officials and employees of public service-related organizations working in specific
fields, who are liable for registration of property under subparagraph 11 of Article 3 of the Act shall
be as follows:  <Amended by Presidential Decree No. 14441, 23 December 1994;  Presidential
Decree No. 14498, 31 December 1994;  Presidential Decree No. 16608, 7 December 1999;
Presidential Decree No. 16784, 18 April 2000;  Presidential Decree No. 17213, 27 April 2001;
Presidential Decree No. 17420, 29 November 2001>
1. public officials in research service as provided in subparagraph 1 (a) through (c), 2 (a)
and (b), and 3 (a) of the attached Table 2 of the Rules of the Appointment, etc. of
Public Officials Engaged in Research and Technical Advice Service, and those in
technical advice service as provided in subparagraph 1 (a) and (b), 2 (a) and (b),and 3 (a) of the attached Table 2-2, who are officials in research and technical advice
service equivalent to Grade IV or higher in general government service;
2. supervisory officials and educational research officials who are assigned to positions
equivalent to public officials of Grade IV or higher in general government service;
3. professors and associate professors who are assigned to positions of department
chiefs or office chiefs of universities and colleges (including various schools
equivalent to universities and colleges);GPA/W/270
Page 38
4. public officials of Grade V or lower to Grade VII or higher under the control of the
Board of Audit and Inspection, who are appointed for general government service and
equivalent special government service;
4-2. public officials of Grade V or lower to Grade VII or higher under the control of the
Korea Independent Commission Against Corr uption, who are appointed for general
government service and equivalent special government service;
5. captains, inspectors, lieutenants and sergeants among police officials;6. fire-fighting superintendents, inspectors, lieutenants and sergeants and local
fire-fighting superintendents, inspectors, lieutenants and sergeants among fire-fighting officials;
7. public officials of Grade V or lower to Grade VII or higher under the control of the
National Tax Administration and the Korea Customs Service, who are appointed for
general government service and equivalent special service;
8. public officials of Grade V or lower to Grade VII or higher under the control of the
Ministry of Justice and the Public Prosecution Administration, who are appointed for
prosecutory service and narcotics investigation service;
9. of public officials under the control of central administrative agencies (including the
subordinate organizations; hereafter the same in this Article shall apply) and local
governments (excluding those under  the jurisdiction of the Eup/Myeon /Dong ;
hereinafter the same shall apply), those who are working in specified service, those
who are appointed for Grade V or lower to Grade VII or higher in generalgovernment service and equivalent special service, and their senior supervisors, who
are assigned to the positions whose principal function is to conduct inspection
activities (in case of the central administrative agency, it refers to the smallest unit of
auxiliary organ and the position to which a person of Grade equivalent thereto is
assigned, under the Government Organization Act, and in case of a local government,
it refers to the minimum unit of auxiliary agency and the position to which a person
of Grade equivalent thereto is assigned, under the Municipal Ordinance or MunicipalRule; hereafter the same in this Article shall apply);
9-2. public officials of Grade V or lower to Grade VII or higher who are appointed for
general government service, specific government service, special government service
and their senior supervisors in charge of the certification and licensing, approval,investigation, supervision and guidance-cont rol involving civil petitions in the areas
of construction, civil engineering, environment and food sanitation from among
public officials belonging to central administrative agencies or local governments;
10. of public officials under the control of the local government, those of Grade V or
lower to Grade VII or higher in general government service and equivalent special
service, and their senior supervisors, who are assigned to positions in charge of affairs
concerning the imposition, collection, investigation and examination of taxes;
11. temporary public officials who are appointed to posts and positions or equivalent
posts and positions that make it possible to appoint them as the public officials
provided for in subparagraphs 1, 2, and 4 through 10;  and
12. the employees of Grade II or higher working for the Financial Supervisory
Commission.GPA/W/270
Page 39
(4) The posts and positions referred in paragraph (3) 9-2 shall be prescribed by the head of the
relevant registration agency (excluding the head  of the registration agency as prescribed in Article 5
(3) of the Act).  <Newly Inserted by Presidential Decr ee No. 17213, 27 April 2001;  Presidential
Decree No. 17275, 30 June 2001>
Article 4 (Methods of Indicating Property to be Registered)
(1) Deleted.  < by Presidential Decree No. 14498, 31 December 1994 >
(2) Any intangible property right to be register ed under Article 4 (2) 3 (j) of the Act shall be
indicated by specifying the kinds, content, duration, other specifications of such right, annual amountof income derived from such right, and how the income is generated.
(3) The property contributed to a nonprofit corporation to be registered under Article 4 (1) and
(6) of the Act shall be indicated by specifying the details of such property, the name of the nonprofit
corporation, seat of its principal office, its representative, its projects to be accomplished, otherspecifications of the nonprofit corporation, and the position of the person liable for registration in the
nonprofit corporation.
(4) The term "transaction price prescribed by the Presidential Decree" in Article 4 (3) 7 of the Act
means the base price as of the basic date of property registration (referring to the weighted averagevalue of transaction volume; hereafter the same shall apply): Provided , that in the event that the
transaction closes prior to the basic date of property registration, the closing date shall be the basic
date.  <Newly Inserted by Presidential Decree No. 17213, 27 April 2001>
Article 4-2 (Registration Agency)
(1) The term "administrative agencies such as  the committees prescribed by the Presidential
Decree" in Article 5 (1) 5 of the Act means the administrative agencies falling under any of the
following subparagraphs:  <Amended by Presidential Decree No. 17420, 29 November 2001>
1. the Fair Trade Commission;
2. the Financial Supervisory Commission;  and
3. the Korea Independent Co mmission Against Corruption.
(2) The registration agency as prescribed in Article 5 (3) of the Act shall be as follows:
1. for public officials belonging to any local environmental office prescribed by the
Minister of Environment, the relevant local environmental office;
2. for public officials belonging to any office prescribed by the Minister  of
Construction and Transportation, the relevant office;
3. for public officials belonging to any regional tax office prescribed by the
Commissioner of the National Tax Service, the relevant regional tax office;  and
4. for public officials belonging to any local police agency prescribed by the
Commissioner of the National Police Agency, the relevant local police agency.
[This Article Wholly Amended by Presidential Decree No. 17213, 27 April 2001 ]GPA/W/270
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Article 5 (Scope and Contents of  Report on Changed Matters)
The scope and contents of changed matters concerning the property to be reported under
Article 6 (1) and (2) of the Act shall be as follows: <Amended by Presidential Decree No. 14498,
31 December 1994>
1. matters changed due to, inter alia,  sale, donation, etc. (excluding any case where only
the value is changed) of the property falling under Article 4 (2) 1 and 2 of the Act;
2. changed matters concerning increases or decreases in, inter alia , items, quantities or
amounts of the property falling under Article 4 (2)  3 of the Act: Provided, That in
case of the property as provided in Article 4 (2) 3 (c), (f) through (i) and (k) of theAct, if only the value thereof is changed, it needs be excluded;  and
3. in case of the property contributed to a nonprofit corporation under Article 4 (1) and
(6) of the Act, changed matters in those categories as provided in Article 4 (3).
Article 5-2 (Scope and Method of Reporting Details of Stock Transaction)
(1) The stock, details of whose transaction are required to file a report thereon under
Article 6-2 (1) of the Act shall be as follows:
1. the stock listed on the Korea Stock Exchange;
2. the stock listed on the Korea Securities Dealers Association;  and3. the stock that is traded in a manner similar to that on the valuable securities market
from among stocks traded on the over-the-counter  market under Article 194 of the
Securities and Exchange Act.
(2) The scope of stock transaction required to be reported shall be all stocks traded during a
period in which traded stocks are required to be reported under paragraph (1).
(3) The report on details of stock transaction shall be accompanied by a report on change in stock
appended by a statement detailing the number of commission accounts issued by a financial
institution, the date of stock transaction, items, quant ity and the amount of actual transaction, etc., or a
copy of the commission account ledger.
[This Article Newly Inserted by Presidential Decree No. 17213, 27 April 2001]
Article 5-3 (Permission for Deferr ing Report on Changed Matters)
(1) The head of any registration agency shall, when any person liable for registration applies for
deferring the report on changed matters in accordance with Article 6-3 (1) of the Act, notify without
delay such person liable for registration of whether he grants or denies the requested deferment.
(2) Any person liable for registration may, in the event the period of deferment as prescribed in
each subparagraph of Article 6-3 (1) of the Act exceed 3 years, apply again to the head of the
registration agency for deferring the report on change  in stock within the limit of 3 years after filing
the report on changed matters under Article 6-3 (2) of the Act.[This Article Newly Inserted by Presidential Decree No. 17213, 27 April 2001]GPA/W/270
Page 41
Article 6 (Notification of Matters concerning Change of Person Liable  for Registration)
If any public official of a government agency or an officer or an employee of a public service-
related organization becomes liable for registration or is relieved from such liability due to, inter alia,
a new appointment, promotion, transfer of position, change of occupation or retirement the head ofsuch agency or organization shall report without delay the official announcement of such personnel
affairs to the pertinent registrars as provided in Articles 5 (1) and (3) and 6 (2) of the Act at the same
time as the official announcement thereof is made.  <Amended by Presidential Decree No. 14498,
31 December 1994>
Article 7 (Permission for Extension of Property Registration Period)
When a person liable for registration requests an extension of the property registration period
under Article 7 of the Act, the head of the registration agency (referring to registration agency as
provided in Article 5 (1) 5 through 7, main text of 12, and (3) of the Act; hereinafter the same shall
apply) shall notify without delay the person as to whether such period may be extended.  In this case,
the extension of the property registration period shall not exceed 20 days for any discloser of hisproperty under Article 10 (1) and (2) of the Act and 30 days for any other person liable for the
registration of his property (for any person who is on a sick leave, in overseas stay or under arrest in
excess of 30 days, the relevant period).  <Amended by Presidential Decree No. 14498, 31 December
1994; Presidential Decree No. 17213, 27 April 2001>
Article 8 (Report on Current Status of Property Registration)
The head of the registration agency shall report the current status of the property registration
conducted until the last month to the government public service ethics committee (hereinafter referred
to as the "committee") by the 10th day of each month: Provided, That the head of the registration
agency as provided in Article 5 (1) 5 of the Act shall make a comprehensive report on the current
status of the property registration with the registration agency in accordance with Article 4-2.
<Amended by Presidential Decree No. 14498, 31 December 1994>
Article 9 (Transfer of Property Registration Papers)
When the committee demands the head of the registration agency to transfer the property
registration papers necessary for examining register ed matters, the head of the registration agency
shall transfer without delay such papers which he has received and has in his custody.
Article 10 (Supplement of Property Registration Papers and Submission, etc. of Materials)
(1) Any person liable for registration who receives an order to supplement his property
registration papers under Article 8 (2) or 8-2 (1) of the Act shall file a supplementary report within
twenty days from the date on which he is ordered unless there exists any special ground.  <Newly
Inserted by Presidential Decree No. 17213, 27 April 2001>
(2) Any person liable for registration who receives a demand for submission of materials or a
question in writing from the committee under Article 8 (3) of the Act shall submit such materials or a
written answer within twenty days after he receiv es such demand or question, unless there exists any
special reason.
(3) The head of the government agency, local government, public service-related organization,
other public institution or financial institution which receives a demand for a report or submission of
materials from the competent public service ethics committee under Article 8 (4) and (5) of the Act
shall file such a report or submit such materials within twenty days  after he receives such demand,GPA/W/270
Page 42
unless there exists any special reason.  <Amended by Presidential Decree No. 14498,
31 December 1994>
Article 10-2 (Submission, etc. of Materials on Financial Transactions)
If the committee wishes to demand that the head of a financial institution submit materials on
details of any financial transactions under Article 8 (5) of the Act, it may make such demand only in
cases falling under one of the following cases within the scope of the minimum limit necessary for the
purpose of examination:
1. where it is deemed, in light of the details of the registered property,  that the financial
property is not registered truthfully;
2. where a person liable for registration has caused a social criticism  with respect to
whether or not his property is acquired by lawful means;
3. where the property shows an excessive increase or decrease in value without any
special reason;  and
4. where there is a suspicion of omission in matters concerning the property registration.
[This Article Newly Inserted by Presidential Decree No. 14498, 31 December 1994 ]
Article 11 (Demand for Attendance of Person Liable for Registration, Person Concerned,
etc.)
(1) If the committee demands any attendance under Article 8 (6) of the Act, it shall be done by a
written demand for attendance.  <Amended by Presidential Decree No. 14498, 31 December 1994>
(2) Any person liable for registration, his spouse, lineal ascendant or descendant, or other person
concerned in matters concerning the property registration who receives the demand for attendance as
referred to in paragraph (1) shall attend the committee at the designated date and time.
(3) If a person who has received on two or more occasions a demand for attendance under
paragraph (1) refuses to comply with a written demand  for attendance or fails to attend without anyjustifiable reason, the committee shall lodge a complaint against him with the competent public
prosecution administration.
Article 12 (Hearing on Statement, etc.)
(1) The committee may ask the person liable for registration, etc. who is present pursuant to
Article 8 (6) of the Act, any question on matters concerning the property registration. In this case, it
shall give the person present an opportunity to make a sufficient statement.  <Amended by
Presidential Decree No. 14498, 31 December 1994>
(2) Any person liable for registration, etc. as referred to in paragraph (1) may request the
attendance of any witness.  In this case, the committee  shall decide whether it will accept such
request.
Article 13 (Report on Results of Examination of Delegated Agency on Registered Matters)
(1) The head of the agency delegated with the examination of registered matters under Article 8
(11) of the Act shall report the results of examination to the committee within one month after
completion of the examination. In this case, the provisions of Article 8 shall apply mutatis mutandis to
the report.  <Amended by Presidential Decree No. 14498, 31 December 1994>GPA/W/270
Page 43
(2) The report on the results of the examination as referred to in paragraph (1) shall include the
following matters:
1. current status of property registration with the delegated agency;2. summary of examination;3. results of examination (including the opinion on measures to be taken);  and4. other matters necessary for preparing an annual report as provided in Article 36.
Article 14 (Supervision and Inspection over Delegated Agency)
(1) The committee may supervise or inspect the management of delegated affairs of the agency
which has been delegated with the examination of registered matters under Article 8 (11) of the Act.
(2) The Minister of Environment, the Minister of Construction and Transportation, the
Commissioner of the National Tax Service or the Commissioner of the National Police Agency shall,
when they designate government offices under their control as registration agencies under Article 4-2
(2), supervise or inspect their delegated registration affairs.  <Amended  by Presidential Decree
No. 17213, 27 April 2001>[This Article Wholly Amended by Presidential Decree No. 14498, 31 December 1994]
Article 14-2 (Method of Examination of Registered Property)
In acknowledging, as a result of the examination of the registered matters, the fact that any
property to be registered is omitted or erroneously stated by a gross negligence, the committee shall
take into consideration as a whole factor such as the registered property, the scope, kinds and value of
the omitted property, and the circumstances leading to such omission, etc.
[This Article Newly Inserted by Presidential Decree No. 14498, 31 December 1994]
Article 15 (Notification on Result of Meas ures Taken against Request for Decision on
Disciplinary Action)
The head of the agency or public service-related organization to which a public official or an
officer or an employee against whom a request for dismissal or demand for decision on disciplinary
action is made under Articles 8-2 (1) 4 and 22 of the Act shall notify the committee of the result of
measures taken thereby.
Article 16 (Method of Composition and Appointment of Government Public Service Ethics
Committees)
The president shall commission and appoint five members of the committee, including the
chairman, from among the persons falling under the main sentence of Article 9 (3) of the Act and four
members including the vice-chairman from among public officials under the control of the
Government.  <Amended by Presidential Decree No. 17213, 27 April 2001>
Article 17 (Term of Chairman and Members)
(1) The term of the chairman and members shall be two years, and they may be reappointed only
once.GPA/W/270
Page 44
(2) Notwithstanding the provisions of paragraph (1), the term of members who are appointed
from among public officials under the control of  the Government shall be the period of their service
in the position at the time of their appointment.
Article 18 (Duties of Chairman and Vice-Chairman)
(1) The chairman shall represent the committee and exercise a general supervision and control
over the affairs of the committee.
(2) If the chairman is unable to perform his dut ies by any accident, the vice-chairman shall act as
chairman on his behalf.
Article 19 (Meeting, etc. of Committee)
(1) The chairman shall convene a meeting of the committee and preside  over it.
(2) The meeting of the committee shall commence with the attendance of a majority of all
registered members, and shall make decisions by an affirmative vote of a majority of members
present: Provided, That the following matters shall be decided by an affirmative vote of not less than
two-thirds of all registered members:  <Amended by Presidential Decree No. 14498,
31 December 1994>
1. request and approval on a request for examination under Article 8  (7) and (12) of the
Act;
2. measures taken under Article 8-2 of the Act;
3. demand for a dismissal or disciplinary action under Article 22 of the Act;  and
4. accusation against those who fall under Articles 23 through 29 of the Act.
(3) No member shall participate in any examinati on or decision of the committee with respect to
the following matters:
1. matters related directly to the member himself;
2. matters related to a person who has or has had a familial relation with the member
himself;  and
3. matters with respect to which the member himself is a witness or an expert.
(4) Members who are not permitted to participate in an examination or decision of the committee
under paragraph (3) shall be excluded from the calculation of the number of registered members as
referred to in paragraph (2).
Article 20 (Executive Secretary, etc. of Committee)
(1) In order to manage the affairs of the committee and conduct an examination of facts, etc.,
several executive secretaries and clerks shall be assigned to the committee.
(2) The executive secretaries shall be appointed by the Minister of Government Administration
and Home Affairs from among officials who belong to the Ministry of Government Administration
and Home Affairs.  <Amended by Presidential Decree No. 16608, 7 December 1999>GPA/W/270
Page 45
Article 21 (Allowance, etc.)
The chairman, vice-chairman and members of the committee may receive allowance, travel
expenses and other necessary expenses within the limit of the budget.
Article 22 (Operational Rules of Committee)
Matters other than those as prescribed by this Decree, which are necessary for the operation
of the committee, shall be prescribed by the  rules of the committee.
Article 23 (Designation of Person in Charge)
The head of the registration agency shall designate a person in charge of affairs concerning
the property registration, report on gifts and restriction on employment of retired public officials, from
among the employees under his control and notify the committee thereof.
Article 24 (Persons whose Property is Subject to Opening to Public)
(1) "Public officials in foreign service prescribed by the Presidential Decree" in Article 10 (1) 4
of the Act means public officials in foreign serv ice whose duty grade ranks in between Grades VII
and XIV under the provision of Article 51 of the Rules on Remuneration of Public Officials.  <Newly
Inserted by Presidential Decree No. 17275, 30 June 2001>
(2) The officers of public service-related organizations whose property is to be made open to the
public under Article 10 (1) 10 of the Act shall be specified in the attached Table 2.
(3) The public officials of the Government whose property is to be made open to the public under
Article 10 (1) 11 of the Act shall be as follows:  <Amended by Presidential Decree No. 16784,
18 April 2000;  Presidential Decree No. 17213, 27 April 2001>
1. research officials, guidance officials, supervisory officials and educational research
officials who are assigned to positions equivalent to those of public officials of
Grade I in general government service;  and
2. temporary public officials who are appointed to the posts that make it eligible for
them to be appointed as the public officials of paragraph (1).
Article 25 (Submission of List of Property to be Made Open to Public)
Those whose property is to be made open to the public under Article 10 (1) and (2) of the Act
shall prepare a list of registered property to be made open to the public, and submit such list to the
registration agency at the time when they register the property or report the changed matters under
Articles 5 and 6 of the Act.  <Amended by Presidential Decree No. 14498, 31 December 1994>
Article 26 (Permission for Inspection and Reproduction of Registered Matters)
The persons who are entitled to permit the inspection and reproduction  as provided in
Article 10 (3) of the Act shall be as follows:  <Amended by Presidential Decree No. 14498,
31 December 1994>
1. for permission regarding the inspection and reproduction falling under Article 10 (4)
1 through 3 of the Act, the committee [if the authority on examination is delegated to
the head of the registration  agency under Article 8 (10) of the Act, then the head ofGPA/W/270
Page 46
the registration agency concerned (limited to the case falling under Article 10 (4) 3 of
the Act)];  and
2. for permission regarding the inspection and reproduction falling under Article 10 (4)
4 of the Act, the head of the registration agency (if the property registrationdocuments are transferred to the committee under Article 9, then the committee).
Article 27 (Refusal, etc. of Notification of  Matters concerning Property Registration)
(1) If a lineal ascendant or descendant of the person liable for registration who is not a dependent
of such person refuses a notification of matters concerning property registration under Article 12 (4)
of the Act, the person liable for registration shall state such fact on the property registrationdocuments and submit a written justification for such refusal.
(2) For the purpose of Article 12 (4) of the Act, the term "dependent" means any ascendant or
descendant who has no income or a low income, and who is therefore unable to maintain an
independent livelihood, and  is supported by the person liable for registration.
Article 28 (Value of Gift)
Gifts to be reported under Article 15 (1) of  the Act shall be those which amount to one
hundred US dollars or more at the market price in the donating country or the country to which theforeign donator belongs, or one hundred thousand won or more at the domestic market price at the
time the gifts are received.
Article 29 (Management and Maintenance of Gifts)
(1) If the head of the agency or public service-related organization has received a report on gifts
under Article 15 (1) of the Act, he shall transfer such gifts to the head of the registration agency as
provided in Article 5 (1) of the Act within thirty days after he receives the report under the provisions
of the Ordinance of the Ministry of Gove rnment Administration and Home Affairs: Provided , That
the heads of the registration agencies of the Government and public service-related organizations
under the control of the Government ministries and administrations shall transfer such gifts to the
Minister of Government Administration and  Home Affairs (in case of military personnel and militaryservice officials, to the Minister of National Defense).  <Amended by Presidential Decree No. 16608,
7 December 1999>
(2) The head of the agency or organization which has gifts transferred under paragraph (1) shall
manage and maintain them, but those gifts which have any cultural or artistic merit and are required tobe preserved permanently shall be transferred to the Minister of Culture and Tourism, and those gifts
deemed more to be efficiently managed and maintained by other agencies, to the head of such agency,
as applicable.  <Amended by Presidential Decree No. 16608, 7 December 1999>
Article 30 (Disposal of Gifts)
(1) The head of the agency to which gifts are transferred under Article 29 may transfer any such
gifts which are deemed unnecessary to be managed and maintained continuously as national property
to the Administrator of the Office of Supply to dispose of such gifts through consultation with the
Minister of Foreign Affairs and Trade.  <Amended by Presidential Decree No. 16608,
7 December 1999>
(2) In disposing of any gift, if the person who reported the receipt thereof wishes to purchase it,
the Administrator of the Office of Supply shall allow the reporting person to purchase such gift on aGPA/W/270
Page 47
priority basis at the price appraised by a specialized institution which is entrusted by the
Administrator.
Article 31 (Persons whose Employment is Restricted)
Public officials and officers and employees of public service-related organizations whose
employment is restricted under Article 17 (1) of the Act shall be those liable for registration as
provided in Article 3 of the Act.
Article 32 (Scope of Connection with Prof it-Making Private Enterprise  in which
Employment is Restricted)
(1) The term "duties of an office which he performed" in the main sentence of Article 17 (1) of
the Act means the duties of a division (including  any office equivalent to the division) for the chief of
the relevant division and public officials under his control, and the duties of an office with respect of
the service regulations, the articles of incorporation, rules or controlling and supervising the duties for
any public official higher than the chief of the divisi on in his rank. In this case, with respect to any
official seconded, his duties shall be determined based on the duties of an office in an institution or an
organization to which he is seconded.  <Amended by Presidential Decree No. 17213, 27 April 2001>
(2) The scope of close connection between the affairs of an office to which a retired public
official belongs and a profit-making private enterprise as provided in Article 17 (2) of the Act shallrefer to any case where a person liable for registration has been in charge of affairs falling under any
of the following subparagraphs within 3 years before his retirement:  <Amended by Presidential
Decree No. 17213, 27 April 2001>
1. affairs for providing any financial assistance, such as allocating and granting, directly
or indirectly, any subsidy, bounty or grant-in-aid;
2. affairs related directly to any, inter alia,  authorization, permission, license, patent, or
approval;
3. affairs related directly to any inspection or audit of, inter alia,  production methods,
standards, or accounting methods;
4. affairs related directly to a survey, imposition and collection of taxes;5. affairs related directly to any contract, inspection and examination concerning a
public project work or purchase of goods;
6. affairs for exercising direct control under Acts and subordinate statutes;  and7. other affairs deemed to have a direct and considerable influence on any property right
of enterprises depending on the method of handling affairs.
Article 33 (Size of Profit-Making Private Enterprise and Association   where Employment
is Restricted)
(1) The size of a profit-making private enterprise as provided in Article 17 (2) of the Act shall be
an enterprise whose capital amounts to not less than 5 billion won and annual turnover amounts to not
less than 15 billion won.  <Amended by Presidential Decree No. 17213, 27 April 2001>GPA/W/270
Page 48
(2) The scope of the related association under Article 17 (2) of the Act shall be an association
with which any profit-making private enterprise w hose employment is restricted under Article 17 (1)
of the Act is affiliated: Provided , that the association falling under any of the following subparagraphs
shall be excluded:  <Newly Inserted by Presidential Decree No. 17213, 27 April 2001>
1. an association entrusted with the administrative affairs of the State  of a local
government;  and
2. any association whose officers are appointed by the State or a local government or
their selections and appointments are subject to the approval of the State or a local
government.
(3) The Minister of Government Administration and Home Affairs shall make a definite
determination as profit-making private enterprises as referred to in paragraph (1), and make a public
notice thereof through the Gazette in December of each year.  <Amended by Presidential Decree
No. 16608, 7 December 1999>
(4) The Commissioner of the National Tax Service shall prepare, as a digital file for determining
the profit-making private enterprises as referred to in paragraph (3), a statement of profit-making
private enterprises whose capital amounts to not le ss than 5 billion won a nd annual turnover amounts
to not less than 15 billion won on the basis of the taxable period or the end of the fiscal year of each
profit-making private enterprise in the preceding year, and notify the Minister of GovernmentAdministration and Home Affairs thereof not later than the 31st of October of each year.  <Amended
by Presidential Decree No. 16608, 7 December 1999;  Presidential Decree No. 17213,
27 April 2001>
Article 33-2 (Request for Confirming whether Employment is Restricted)
Any person who is subject to the restrictions of employment under Article 31 shall, if he
intends to take up an employment in a profit-making private enterprise published under Article 33 (3)
or an association published  under Article 33 (2) within 2 years from his retirement, file a request with
the head of a relevant central administrative agency or the head of a relevant local government
through the head of the agency or the public service-related organization to which he belonged at the
time of his retirement (if such agency or organization has since been abolished, then  to the head ofthe agency or public service-related organization which has succeeded the duties thereof; hereinafter
the same shall apply), to confirm whether such profit-making private enterprise or such association is
subject to the restrictions of his employment.
[This Article Newly Inserted by Presidential Decree No. 17213, 27 April 2001]
Article 33-3 (Confirmation of Whether Employment is Restricted)
(1) The head of the relevant agency or the head of the relevant public service-related organization
shall, upon receiving a request for confirming whether the employment is restricted under
Article 33-2, check and confirm the matters falling under each of the following subparagraphs andsubmit the results of such check and confirmation, accompanied with  his opinion, to the head of the
relevant central administrative agency or the head of the relevant local government:
1. whether the private enterprise in which he intends to take up an employment falls
under a profit-making private enterprise that is published under Article 33 (3);
2. whether the duties of an office, which the person who has asked to confirm whether
his employment is restricted performed three years prior  to his retirement had a close
link as prescribed in Article 32 to the profit-making private enterprise in which he
intends to take an employment;  andGPA/W/270
Page 49
3. whether the association in which he intends to take an employment falls under the
association as prescribed in Article 33 (2).
(2) The head of the relevant central administrative agency or the head of the relevant local
government shall examine the confirmation request filed and notify the person who has asked for the
confirmation of whether his employment is restricted in the profit-making enterprise or the association
under the main sentence of Article 17 (1) of the Act through the head of the relevant agency or the
head of the relevant public service-related organization. In this case, if his employment is restricted, a
notice thereon shall be served on the person who has asked for his employment confirmation and if
his employment is approved by the competent public service ethics committee, a notice shall be
served on him that his employment is possible.[This Article Newly Inserted by Presidential Decree No. 17213, 27 April 2001]
Article 34 (Approval for Employment)
(1) Any retired public official who intends to obtain approval for his employment under the
proviso of Article 17 (1) of the Act shall file an application for his employment with the competent
public service ethics committee 15 days prior to th e commencement of his employment through  the
head of an agency or the head of a public service-related organization, or the head of a central
administrative agency or the head of a local government to which he belonged at the time of his
retirement.
(2) The head of the central administrative agency or the head of the local government to which
the employment applicant belonged at the time of his retirement shall append his opinion (if the
employment applicant falls under each subparagraph of paragraph (3), the grounds thereof shall be
included) to the application for approving the employment after examining the matters of eachsubparagraph of Article 33-3 (1).
(3) The competent public service ethics committee may, if it recognizes the existence of the
special grounds falling under each of the following subparagraphs taking into account the opinion of
paragraph (2), the job performance of the employment applicant prior to his retirement and his
potential of exerting influence after his employme nt, etc., gives approval  for his employment under
the proviso of Article 17 (1) of the Act and the competent public service ethics committee shall, whenhe falls under subparagraph 2, give approval for his employment unless the special grounds exist that
make it impossible for it to do so:
1. where the applicant's employment is needed for national security or bolstering the
national competitiveness and enhancing the public interest;
2. where the applicant is dismissed regardless of his will due to the abolishment of posts
or excessive staffing following the revision of  the service regulations and the number
or budget cuts, etc.;
3. where the management of a profit-making enterprise invested by the State or a local
government needs to be improved;
4. where a qualification holder in the technical field under the National Technical
Qualifications Act (including any civil qualification holder that is officiallyrecognized by the State under the Framework Act on Qualifications) who is judged to
make contributions to the development of the relevant industrial area and the
promotion of science and technologies;GPA/W/270
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5. where the applicant is selected and appointed as a manager, an officer or an employee
of the relevant profit-making enterprise or the relevant association in compliance with
a decision made by the court or under the provisions of the Acts and subordinate
statutes;  and
6. where a close link does not exist between the duties that the retired public official was
in charge and the profit-making enterprise, and the possibility of his exerting
influence after his employment is extremely slim.
[This Article Wholly Amended by Presidential Decree No. 17213, 27 April 2001]
Article 35 (Confirmation of Employment, etc.)
(1) If a person whose employment is restricted under Article 31 retires  from his office, the head
of the government agency, a local government or public service-related organization shall confirm
whether the person is employed in the relevant profit-making private enterprise and the relevant
association through an direct inquiry or an inquiry to agencies concerned about him as provided in
Article 17 of the Act for two years after retirement, and make at least once each year a report on theresults of such examination to the comp etent public service ethics committee.  <Amended by
Presidential Decree No. 17213, 27 April 2001>
(2) The head of an agency, the head of a public service-related organization, the head of a central
administrative agency or the competent pubic service ethics committee may, if it is necessary toconfirm whether the employment is restricted or to give approval for the employment under
Articles 33-3, 34 (2) and (3) and 35 (1), ask the head of agency concerned and the head of
organization concerned to furnish relevant materials, and the head of such agency and the head of
such organization shall, upon receiving such request, promptly furnish such materials except as
specially provided for in other Acts and subordinate statutes.  <Newly Inserted by Presidential Decree
No. 17213, 27 April 2001>
Article 36 (Preparation, etc. of Annual Report)
(1) The annual report as provided in Article 20-2 of the Act shall include the following matters:
1. actual and operational situations of the property registration, report on gifts and the
restriction on employment of retired public officials during the preceding year;
2. examination of matters concerning property registration and the measures taken for
the results thereof during the preceding year, as well as the supervision thereof;
3. matters concerning the opening of matters concerning property registration to the
public during the preceding year;  and
4. other matters concerning activities of the public service ethics committees.
(2) The head of the registration agency as provided in Article 5 (1) of the  Act and the head of the
agency which is delegated with the examination  of registered matters under Article 8 (11) of the Act
shall report to the competent public service ethics committee the actual situation of, inter alia,  or
activities, etc. pertaining to the property registration, report on gifts and restriction on employment of
retired public officials during the preceding year, which are necessary for preparing the annual reportas referred to in paragraph (1), not later than the 31st of March of each year.  In this case, the
provisions of the proviso of Article 8 shall apply mutatis mutandis to the submission.  <Amended by
Presidential Decree No. 14498, 31 December 1994>GPA/W/270
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Article 36-2 (Computerization of Affairs of Property Registration)
The head of the Public Service Ethics Committee or registration agency or the head of agency
entrusted the examination of registered matters  under the provisions of Article 8 (11) of the Act may
provide the data input in a diskette or a disk or through computer networks, in case where fallingunder any of the following subparagraphs:
1. in case where persons liable for registration of the properties or make a report on
changed matters or provide the data, etc.;  and
2. in case where the heads of government agencies, local governments, public service-
related organizations, other public institutions and financial institutions under theprovisions of Article 8 (4), (5) and  (12) of the Act make a report or provide the data.
[This Article Newly Inserted by Presidential Decree No. 16608, 7 December 1999]
Article 37 (Method of Entering Secret Matters)
Matters included in the report or list as provided in Articles 8, 13, 25 and 36, which are
classified as secrets pursuant to the related Acts and subordinate statutes may be entered by such
methods as not to disclose the detailed contents.
Article 38 (Enforcement Regulations)
Matters necessary for the enforcement of this Decree shall be prescribed by the Ordinance of
the Ministry of Government Administration and Home Affairs.  <Amended by Presidential
Decree No. 16608, 7 December 1999>
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures)
Any person liable for registration at the time when this Decree enters into force shall register
the property on the enforcement date of this Decree with the registration agency within one month
after this Decree enters into force.
ADDENDA < Presidential Decree No. 14441, 23 December 1994 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided , That Article 4 (1)
through (4) of the Addenda shall enter into force on 1 January 1988.  <Amended by Presidential
Decree No. 14925, 22 February 1996>
Articles 2 through 4 Omitted.
ADDENDA < Presidential Decree No. 14498, 31 December 1994 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.GPA/W/270
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Article 2 (Transitional Measures concerning Those Liable for Registration Who become
Subject to Registration for the First Time)
Any person liable for registration who becomes subject to registration for the first time after
this Decree enters into force, shall register wi th the registration agency the property subject to
registration as of the enforcement date of this De cree within two months after this Decree enters into
force.
ADDENDUM < Presidential Decree No. 15243, 31 December 1996 >
This Decree shall enter into force on 31 December 1996.
ADDENDUM < Presidential Decree No. 15596, 31 December 1997 >
This Decree shall enter into force on 31 December 1997.
ADDENDUM < Presidential Decree No. 16031, 31 December 1998 >
This Decree shall enter into force on 31 December 1998.
ADDENDA < Presidential Decree No. 16094, 1 February 1999 >
Article 1 (Enforcement Date)
This Decree shall enter into force on 1 February 1999.
Articles 2 and 3 Omitted.
ADDENDA < Presidential Decree No. 16574, 11 October 1999 >
Article 1 (Enforcement Date)
This Decree shall enter into force on 16 October 1999.
Articles 2 and 3 Omitted.
ADDENDUM < Presidential Decree No. 16608, 7 December 1999 >
This Decree shall enter into force on 31 December 1999.
ADDENDA < Presidential Decree No. 16709, 14 February 2000 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA < Presidential Decree No. 16752, 13 March 2000 >
Article 1 Enforcement Date)
This Decree shall enter into force on 13 March 2000.GPA/W/270
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Articles 2 through 5 Omitted.
ADDENDA < Presidential Decree No. 16784, 18 April 2000 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA  <Presidential Decree No. 17213, 27 April 2001 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation:  Provided , that the amended
provisions of Article 3 (2) 9-2 and 12 shall enter into force on 31 May 2001.
Article 2 (Application Example)
The previous provisions of Article 33 (1) and (2) shall be applied until the Minister of
Government Administration and Home Affairs publishes profit-making enterprises in which theemployment is restricted under the amended provisions of Article 33 (1) and (3).
ADDENDA < Presidential Decree No. 17227, 24 May 2001 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA < Presidential Decree No. 17275, 30 June 2001 >
Article 1 (Enforcement Date)
This Decree shall enter into force on 1 July 2001.
Articles 2 and 3 Omitted.
ADDENDA < Presidential Decree No. 17420, 29 November 2001 >
Article 1 (Enforcement Date)
This Decree shall enter into force on 25 January 2002.
Article 2 Omitted.GPA/W/270
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ADDENDA < Presidential Decree No. 17538, 2 March 2002 >
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
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