SEOUL METROPOLITAN GOVERNMENT ORDINANCE ON PROMOTION OF FINANCIAL INDUSTRY
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:
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.
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.
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).
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.
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.
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.
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>
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.
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.
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:
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.
- Table 1 (Standards for Payment of Subsidies and Maximum Limits) |