Article 1(Purposes) #
The purpose of this Rule is to provide for the matters necessary for the enforcement of the Korea Technology Credit Guarantee Fund Act and its Enforcement Decree. <Amended by Ordinance of the Ministry of Finance and Economy No. 458, Aug. 26, 2005>
Article 2(Definitions) #
Except as otherwise provided for in this Rule, the definitions of terms used in this Rule shall be governed by the Korea Technology Credit Guarantee Fund Act (hereinafter referred to as the "Act") and its Enforcement Decree (hereinafter referred to as the "Decree"). <Amended by Ordinance of the Ministry of Finance and Economy No. 458, Aug. 26, 2005>
Article 3(Scope of Loans Extended by Venture Capitalist) #
(1) The scope of loans that become the basis of contributions made to the Korea Technology Credit Guarantee Fund by a specialized credit financial company that has registered a venture capital business under the Specialized Credit Finance Business Act (hereinafter referred to as a "venture capitalist") pursuant to Article 13 (3) of the Act shall be the amount calculated by deducting loans falling under subparagraph 2 from loans falling under subparagraph 1 (hereinafter referred to as "loans that become the basis of contributions by a venture capitalist"):
1. New Technology Financial Loans on balance sheet; and
2. Loans falling under the following subparagraphs:
(a) Loans from Government Funds or Public Funds the financial resources of which are funds provided by the State, local governments or public organizations;
(b) Loans from Foreign Funds;
(c) Loans the financial resources of which are borrowed from financial institutions; and
(d) Loans the interest margins of which are guaranteed by the Government.
(2) Loans described in each subparagraph of paragraph (1) shall be determined according to the balance sheet and its account headings that are submitted by a venture capitalist to the Financial Services Commission established under the Act on the Establishment, etc. of Financial Services Commission pursuant to Article 54 of the Specialized Credit Finance Business Act and Article 23-2 of its Enforcement Decree. <Amended by Ordinance of the Ministry of Prime Minister No. 875, Mar. 3, 2008>
[This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007]
Article 4(Scope of Loans Extended by Financial Institution) #
(1) The scope of loans that become the basis of contributions made to the Korea Technology Credit Guarantee Fund by a financial institution pursuant to Article 13 (3) of the Act shall be the amount calculated by deducting loans falling under subparagraph 2 from loans falling under subparagraph 1 (hereinafter referred to as "loans that become the basis of contributions by a financial institution"): <Amended by Ordinance of the Ministry of Prime Minister No. 875, Mar. 3, 2008; Ordinance of the Prime Minister No. 896, Mar. 31, 2009; Ordinance of the Prime Minister No. 919, Nov. 26, 2009>
1. Loans falling under the following items on Balance Sheet:
(a) Loans in banking account;
(b) The following headings on Trust Account:
(i) Loans;
(ii) Privately placed bonds (limited to those directly purchased from companies);
(iii) Bills bought (limited to commercial papers directly bought from companies); and
(iv) Credit card receivables (limited to corporate purchasing card receivables and corporate sales card receivables);
(c) The following headings on merchant banking account:
(i) Discounted notes;
(ii) Discounted trade bills ;
(iii) Factoring; and
(iv) Advances for customers; and
(v) CMA assets;
2. Loans falling under the following items:
(a) The following descriptions in the heading "Loans" in banking account:
(i) Won-denominated loans in falling under the following:
a) Equipment loans to Enterprises; and
b) Loans to Households;
(ii) Foreign Currency-denominated loans falling under the following:
a) Loans for Equipment;
b) Loans extended in foreign countries by overseas branches, agents, places of business or other offices established by financial institutions; and
c) Loans extended (for up to one year) to import companies by financial institutions in a manner that the financial institutions directly remit the import prices to the parties to the import companies;
(iii) Domestic Banker's Usance;
(iv) Foreign Currency-denominated Off-shore Loans in ;
(v) Call Loans;
(vi) Bills Purchased in Won (excluding commercial papers purchased directly from companies);
(vii) Bills Purchased in Foreign Currencies;
(viii) Credit Card Receivables (excluding Corporate Purchasing Card Receivables and Corporate Sales Card Receivables);
(ix) Debit Card Receivables (excluding Corporate Purchasing Card Receivables and Corporate Sales Card Receivables);
(x) Bonds Purchased under Resale Agreements;
(xi) Factoring Receivables (excluding those for which an agreement is concluded to the effect that a financial institution can excercise the right to claim repayment against a transferrer of account receivables);
(xii) Receivables Convertible to Equity Securities; and
(xiii) Gold Loans;
(b) The following descriptions in the heading "Loans" in Trust Account:
(i) Equipment Loans to Enterprises;
(ii) Loans to Households;
(c) The following descriptions in the headings "Discounted Notes" and "CMA Assets" in Merchant Bank Account:
(i) Discounted Notes that are sold within five business days from the purchase day; and
(ii) The following descriptions under the heading "CMA Assets":
a) Discounted Notes sold within five business days from the purchase date;
b) Securities;
c) Deposits; and
d) Other operating assets;
(d) Loans from Government Funds or Public Funds whose financial resources are funds provided by the State or local governments;
(e) Loans from Foreign Funds;
(f) Loans between Financial Institutions; and
(g) Loans from the Export-Import Bank of Korea under Article 18 of the Export-Import Bank of Korea Act (excluding loans extended (for up to one year) for unspecified export trades);
(h) Loans that Become the Basis of Contributions for the Fund under Article 3 of the Enforcement Rule of the Korea Housing Finance Corporation Act and loans that Become the Basis of the Contributions for the Account under Article 5 of the same Enforcement Rule;
(i) Loans extended to the Non-performing Loan Resolution Fund established under Article 38 of the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation
(j) Loans extended to the Deposit Insurance Fund established under Article 24 (1) of the Depositor Protection Act;
(k) Loans extended to the Export Insurance Fund established under Article 30 of the Export Insurance Act;
(l) Specific Equipment Loans for the Promotion of Enterprise's Investment;
(m) Won-denominated Loans for the Promotion of the Enterprise's Equipment Investments financed by foreign currency and are designated by the Financial Services Commission;
(n) Loans for the Support for the Structural Improvement Projects of Small or Medium-Sized Enterprises that are designated by the Financial Services Commission;
(o) Loans whose financial resources are borrowings from the Korea Development Bank, among those extended to corporations that are relocated to an area outside the Seoul Metropolitan area pursuant to Article 63-2 (1) of the Restriction of Special Taxation Act;
(p) Loans on Property Formation Savings provided for in Article 45 (1) of Act No. 3930, the Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers;
(q) Loans extended to Enterprises Subject to Rationalization under Article 12 (2) of the Addenda of Act No. 5584, the amended Restriction of Special Taxation Act for which interest is exempted or reduced or deterred from collection;
(r) Loans financial resources for which are borrowings from the Bank of Korea and which are extended to the Korea Asset Management Corporation under the Act on the Efficient disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation (hereinafter referred to as the "Korea Asset Management Corporation") for the purpose of supporting the rehabilitation of persons who have defaulted on financial debt, to cover their living expenses;
(s) Loans extended to the Korea Asset Management corporation or a company contributed by the Korea Asset Management Corporation, the financial resources of which are the borrowings from the Bank of Korea or proprietary funds, in order to secure the a bank's capital; or
(t) Loans, the financial resources of which are the borrowings from the Korea Finance Corporation under the Korea Finance Corporation Act.
(2) Loans described in each subparagraph of paragraph (1) shall be determined according to the balance sheet and its headings submitted to the Financial Services Commission under the Act on the Establishment, etc. of Financial Services Commission pursuant to Article 47 of the Banking Act, Articles 47 and 49 of the Korea Development Bank Act, Articles 16 and 48 of the Industrial Bank of Korea Act, Articles 39 and 41 of the Export-Import Bank of Korea Act, and other related Acts and subordinate statutes. <Amended by Ordinance of the Ministry of Prime Minister No. 875, Mar. 3, 2008; Ordinance of the Prime Minister No. 919, Nov. 26, 2009>
[This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007]
Article 5(Amount of Contributions and Time and Method of Making Contribution) #
(1) Each venture capitalist shall contribute to the Korea Technology Credit Guarantee Fund an amount at an annual rate of 3/1000 of the average quarterly balance of loans that become the basis of contributions by a venture capitalist at the end of each quarter, by not later than the last day of the month following the end of each quarter. <Amended by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007>
(2) Each financial institution shall contribute to the Korea Technology Credit Guarantee Fund an amount at the contribution rate stated in annexed Table of average monthly balance of loans that become the basis of contributions by a financial institution at the end of each month, by not later than the last day of the following month. <Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007>
(3) Each venture capitalist or financial institution shall submit the following documents to the Korea Technology Credit Guarantee Fund when making contributions pursuant to paragraph (1) or (2): <Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007; Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
1. Calculation statements of contributions;
2. Documents verifying average monthly balance or average quarterly balance;
3. Detailed statement of loans described in each item of Article 3 (1) 2 and each item of Article 4 (1) 2; and
4. Other documents designated and publicly announced by the Financial Services Commission.
(4) Notwithstanding the provisions of paragraphs (1) and (2), where the Korea Technology Credit Guarantee Fund requests a venture capitalist or financial institution to pay contributions in advance after obtaining approval of the Financial Services Commission on contributions receivable, time of receipt, method of ex-post settlement, etc., the venture capitalist or financial institution may prepay such contributions. <Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 485, Aug. 26, 2005; Ordinance of the Ministry of Finance and Economy No. 562, Jun. 4, 2007; Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
Article 6 #
Deleted.<by Ordinance of the Ministry of Finance and Economy No. 668, Dec. 31, 1997>