1. Reasons for Amendment

With an amendment to the Venture Investment Promotion Act, this Partial Amendment aims to specify the time and method of notification according to the introduction of disclosure obligations of an individual investment association, rearrange the disposition criteria against violations of the law by an individual investment association or operating partner, while improving and supplementing some shortcomings found in the operation of the registration and management system for an individual investment association.

2. Major Provisions

 A. Specify the time and method of notification according to the introduction of disclosure obligations of an individual investment association, and correct the provisions citing the Enforcement Decree in a notification related to consignment (Article 12 and 12-2).

 B. Improve provisions on the calculation of the date of investment and provisions on the transfer of written investment confirmation application documents to issue a written investment confirmation for a contract on conditional acquisition of an equity interest (Article 24 (3) and Article 25 (1)).

 C. Improve the composition of members and the procedures of the Sanctions Deliberation Committee (Articles 20 and 21).

 D. Rearrange the disposition criteria against an individual investment association (Article 18 and attached Form 1).