Article 1 (Purpose) The purpose of this Ordinance is to facilitate the development of the financial industry of Seoul Metropolitan City and to contribute to developing the regional economy, by promoting and supporting the financial industry of Seoul Metropolitan City.

Article 2 (Definitions) The terms used in this Ordinance are defined as follows:
1. The term "financial hub of Seoul " means the Yeouido district in Yeongdeungpo-gu, Seoul Metropolitan City, designated as a financial hub of the Seoul Metropolitan Government (hereinafter referred to as the "Seoul Government") by the Financial Services Commission pursuant to Article 4 of the Enforcement Decree of the Act on the Creation and Development of Financial Hubs (hereinafter referred to as the "Decree");
2. The term "Korean financial institution" means any entity defined in subparagraph 2 of Article 2 of the Act on the Creation and Development of Financial Hubs (hereinafter referred to as the "Act");
3. The term "foreign financial institution" means any entity defined in subparagraph 3 of Article 2 of the Act;
4. The term "regional headquarters" means any place of business where a foreign financial institution that provides financial services in at least three regions, exercises control over financial services-related affairs over at least two regions, excluding the Republic of Korea;
5. The term "subsidy" means "funds for building business facilities," "funds for new employment," and "funds for education and training" granted to a Korean financial institution or foreign financial institution pursuant to Articles 4 through 8, for such purposes as attracting and clustering financial institutions;
6. The term "funds for building business facilities" means funds required to build, purchase, or lease business facilities, other than land or buildings, or funds required to transport existing business facilities in a foreign country to the Republic of Korea and to building such facilities therein, and expenses incidental to such transportation and construction;
7. The term "institution providing social finance" means any enterprise, nonprofit corporation, or nonprofit private organization, that engages in the financial activities defined in subparagraph 3 of Article 2 of the Seoul Metropolitan Government Ordinance on Establishment and Management of　the Social Investment Fund;
8. The term "exchange" means any exchange defined in Article 8-2 (2) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as the "Capital Markets Act") or any alternative trading system defined in Article 8-2 (5).

Article 3 (Establishment of Promotion Plan) (1) The Mayor of the Seoul Metropolitan Government (hereinafter referred to as the "Mayor') shall establish and implement a plan to promote the financial industry.
(2) Each promotion plan referred to in paragraph (1), shall include the following:
1. Direction-setting for, and objectives of, implementing the policies to promote the financial industry;
2. Attraction of, and support for, financial institutions;
3. Training of finance specialists;
4. Other matters necessary to promote the financial industry.

Article 4 (Entities Eligible for Subsidies) (1) The Mayor may partially fund a financial institution defined in subparagraph 2 or 3 of Article 2 that provides or intends to provide financial services in the financial hub of Seoul (hereinafter referred to as "financial institution"), within the budget: Provided, That no funds shall be provided to any financial institution that receives funding pursuant to the Foreign Investment Promotion Act, other statutes, regulations, and ordinances.
(2) To be eligible for funding under paragraph (1), either of the following conditions shall be satisfied and the number of regular Korean employees hired by the relevant financial institution shall be at least ten:
1. Where a financial institution commences business;
2. Where a foreign financial institution relocates its regional headquarters or branch in a foreign country, or establishes a new regional headquarters or branch, to or in, the Republic of Korea.
(3) Notwithstanding paragraph (2), a financial institution becomes ineligible for funding in the following circumstances:
1. Where the financial institution relocates its existing place of business in the Republic of Korea to the financial hub of Seoul ;
2. Where the financial institution is a financial investment business entity registered under the Capital Markets Act, which provides either investment advisory services referred to in Article 6 (1) 4 of the Act, or discretionary investment services referred to in Article 6 (1) 5 of the Act (including where it concurrently provides investment advisory services and discretionary investment services only).

Article 5 (Subsidy for Building Business Facilities) (1) The Mayor may pay a subsidy for building business facilities, to a financial institution eligible under either of the subparagraphs of Article 4 (2).
(2) The Mayor may make an advance payment of the subsidy referred to in paragraph (1) through negotiation if necessary for attracting a new foreign financial institution.

Article 6 (Subsidy for New Employment) The Mayor may pay a subsidy for new employment, to a financial institution that newly employs a Korean national, in consideration of the scale of employment, effects on the development of the local economy, and other factors.

Article 7 (Subsidy for Education and Training) (1) The Mayor may pay a subsidy for education and training, to a financial institution that educates and trains a Korean national it has newly employed, in consideration of the scale of employment, effects on the development of the local economy, and other factors.
(2) The subsidy for education and training payable under paragraph (1) shall be limited to the expenses incurred in respect of conducting education and training entrusted to the following local institutes:
1. A graduate school of business referred to in Article 22-2 (1) 1 of the Enforcement Decree of the Higher Education Act;
2. A graduate school of finance referred to in Article 22-2 (1) 2 of the Enforcement Decree of the Higher Education Act.

Article 8 (Maximum Limits of Subsidies) (1) Each year, the Mayor shall manage the subsidies prescribed in Articles 5 through 7 by properly allocating annual maximum limits of such subsidies, to each type of business conducted by financial institutions and to each area in order to ensure the balanced development of the financial industry in the financial hub of Seoul.
(2) Maximum limits of each type of subsidy the Mayor may pay to financial institutions under this Ordinance, are as specified in the Appendix.

Article 9 (Filing Applications for Subsidies, etc.) (1) To apply for any of the subsidies prescribed in Articles 5 through 7, a financial institution eligible under Article 4 shall submit to the Mayor, supporting documents about its type of business, investment, and employment as well as its plans.
(2) Where the Mayor becomes aware of any of the following events has occurred after he/she paid a subsidy based on an application filed under paragraph (1), he/she shall recover the subsidy and determine detailed procedures for recovery by rule:
1. Where any of the submitted documents is found to be false subsequently;
2. Where a financial institution fails to implement its plan submitted under paragraph (1): Provided, That this shall not apply where the Committee deems that such failure is due to a cause not imputable to the relevant financial institution, or force majeure, such as a natural disaster;
3. Where the Committee deems it necessary to recover the subsidy due to a violation of a relevant law or other reasons.
(3) Where a financial institution dismisses an employee in respect of whom it has received a partial subsidy for new employment or education and training, the Mayor may recover the subsidy for new employment or education and training paid, in proportion to the period for which such subsidy has been paid.

Article 10 (Special Cases concerning Subsidy for New Employment for Institutions Providing Social Finance) The Mayor may pay a subsidy for new employment to an institution providing social finance in Seoul Metropolitan City: Provided, That maximum limits of such subsidy are as specified in the Appendix.

Article 11 (Committee on Financial Industry Policies) The Mayor may establish a Committee on Financial Industry Policies (hereinafter referred to as the "Committee"), which is comprised of around 20 financial industry experts and financial investment specialists, including one member of the Seoul Metropolitan Council, to deliberate and render advice on matters relating to promotion of the financial industry. <Amended by Ordinance No. 6333, Sep. 29, 2016>

Article 12 (Functions of Committee) The functions of the Committee shall be as follows: <Amended by Ordinance No. 6333, Sep. 29, 2016>
1. To deliberate and render advice on plans to promote the financial industry;
2. To render advice on the direction setting for creating and developing the financial hub;
3. To deliberate and render advice on plans for assisting new entrants to the financial institution market;
4. To suggest policies, and render advice on an institutional reform, to attract investment from financial institutions;
5. To render advice on matters deemed necessary by the Mayor.

Article 13 (Working Committee for Deliberation on Subsidies) (1) The Committee may establish a working committee for deliberation on subsidies to financial institutions (hereinafter referred to as "working committee"), which is comprised of around seven finance and accounting specialists, where necessary for efficiently performing the business affairs relating to payment of subsidies.
(2) The term of office for a member of the working committee shall be two years.
(3) Other details necessary for operating the working committee shall be prescribed by rule.
[This Article Wholly Amended by Ordinance No. 6333, Sep. 29, 2016]

Article 14 (Post Management) (1) The Mayor may request relevant materials from financial institutions that have received subsidies, or require a subordinate public official to visit such financial institutions and conduct inspections where necessary to manage subsidies and verify whether the subsidies paid under this Ordinance have been duly appropriated properly.
(2) The Seoul Metropolitan Government Ordinance on Management of Subsidies shall apply mutatis mutandis to other matters necessary for the administration of subsidies.

Article 15 (Creating Environment for Promoting Financial Industry and Attracting Investment) (1) In order to develop the financial industry in Seoul Metropolitan City and attract foreign financial institutions, the Mayor may:
1. Identify international trends in developing the financial industry and in creating financial centers;
2. Implement publicity campaigns to attract foreign financial institutions to the financial hub of Seoul;
3. Conduct other projects necessary for attracting investment from foreign financial institutions.
(2) The Mayor may subsidize any entity that engages in activities provided for in paragraph (1), within the budget, to cover its working or operating expenses.

Article 16 (Cooperation with Relevant Institutions) The Mayor may conduct projects necessary for developing the financial industry in Seoul Metropolitan City in collaboration or jointly with relevant institutions, and provide budget support or administrative support for such projects.

Article 17 (Administrative Support, etc.) The Mayor may render administrative support in terms of authorization and permission where a financial institution commences a new business in the financial hub of Seoul or a foreign financial institution relocates its office to the financial hub of Seoul.

Article 18 (Enforcement Rule) Matters necessary for the enforcement of this Ordinance shall be prescribed by rule.

ADDENDUM
This Ordinance shall enter into force on the date of its promulgation.