FSC published a ruling on March 22, 2013 and expanded the scope of persons to whom a foreign company’s director, supervisor, manager, or shareholder holding more than 10% of the shares in the company (collectively referred to as “Foreign Company’s Insider”) may transfer his shares.  The ruling allowed an a Foreign Company’s Insider to transfer his shares in said company (1) to another foreigner if the shares are acquired before the shares are publicly traded; or (2) to the overseas company issuing the shares if the shares are transferred for the purpose of paying the share price, provided that the transfer complies with the law or regulation where the company is registered.