「TELECOMMUNICATIONS BUSINESS ACT」
4. Where a corporation deemed a foreign person in relation to a party to a free trade
agreement determined and publicly notified by the Minister of Science and ICT, among
bilateral or multilateral free trade agreements entered into and in effect between the
Republic of Korea and foreign countries, or to a member of the Convention on the
Organization for Economic Cooperation and Development holds more than 49/100 of the
total number of the issued shares of a facilities-based telecommunications business
operator under Article 8 (1);
5. Where any person who has de facto management rights for a facilities-based
telecommunications business operator changes, as prescribed by Presidential Decree.
(2) Where a facilities-based telecommunications business operator or any shareholder of a
facilities-based telecommunications business operator falls under any subparagraph of
paragraph (1), he or she shall report thereon to the Minister of Science and ICT within 30
days from the date such case occurs. <Amended on Mar. 23, 2013; Jul. 26, 2017>
(3) Where a facilities-based telecommunications business operator (including a person who
intends to file a registration for the facilities-based telecommunications business; hereafter
in this Article, the same shall apply) or any shareholder of a facilities-based
telecommunications business operator falls within any subparagraph of paragraph (1), he
or she may request the Minister of Science and ICT to conduct a public interest test before
such case occurs. <Amended on Mar. 23, 2013; Jul. 26, 2017; Oct. 19, 2021>
(4) Where the Minister of Science and ICT receives a report under paragraph (2) or a
request for testing under paragraph (3), he or she shall refer such matters to the
Committee for deliberation. <Amended on Mar. 23, 2013; Jul. 26, 2017>
(5) Where the Minister of Science and ICT deems, based on the results of a public interest
test conducted under paragraph (1), that each case of the subparagraphs of paragraph (1)
is likely to impair the public interest, he or she may issue an order to modify the details of
the relevant agreement, to suspend the implementation of the agreement, to suspend the
exercise of voting rights, or to sell relevant shares. <Amended on Mar. 23, 2013; Jul. 26,
2017>
(6) The scope of facilities-based telecommunications business operators that shall report as
required under paragraph (2) or may request a public interest test pursuant to paragraph
(3) shall be as follows: <Amended on Aug. 13, 2013; Jul. 26, 2017; Dec. 24, 2018; Oct. 19,
2021; Jun. 10, 2022>
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