1. Reasons for Amendment

The Amendment prescribes general standards for same person judgments, the starting point of large business group policies, to enhance the objectivity and rationality of same person judgments, increase predictability, and otherwise make sensible improvements to the large business group system.

2. Major Provisions

 A. General principles of same person judgments (Article 38-2 (1) and (2))

1) Prescribe that where there is a natural person in de facto control of a business group after considering such factors as ownership structure and the highest position holder, the said natural person shall be regarded as the same person of the said business group.

2) Prescribe that where there is no natural person in de facto control of a business group, the domestic company, non-profit corporation, or organization in de facto control of the said business group shall be regarded as the same person.

 B. Grounds for exception from same person judgments (Article 38-2 (3))

1) Prescribe that, notwithstanding the existence of a natural person in de facto control of a business group, where the business group has the same scope of domestic affiliates irrespective of whether the same person is a natural person or a corporation and has met certain requirements, the domestic company, non-profit corporation, or organization of the said business group may be regarded as the same person.

2) Prescribe in the subparagraphs specific requirements that shall be met by business groups with the same scope of domestic affiliates irrespective of whether the same person is a natural person or a corporation.