Definition and Roles

• Business which purchases Fisheries products listed to Fisheries Wholesale Market with permission of intermediary wholesale by the establisher of the Fisheries wholesale market and sell them wholesale or mediate the sale.
• It does business of selling wholesale or mediate sale, purchasing or being entrusted unlisted Fisheries products with permission by the founder.

The Approval of Intermediary Wholesale Business

• Person who wants to do business of intermediary wholesale shall get the permission of corresponding establisher of wholesale market by kinds. (The Law, Article 25)

Requirement of Qualification of Intermediary Wholesaler

• One who was abjudicated bankruptcy and didn't get reinstated yet or incompetent or quasi-incompetent
• One who was sentenced imprisonment or more and the execution of his/her sentence was not terminated or exempted
• One whose intermediary wholesaler license was cancelled, if time didn't passed 2 years since the cancellation
• One who wants to do competitive intermediary wholesale of Wholesale Market Company as stockholder and staff of the Wholesale Market Company

Application Documents for the Permission of Wholesale (Execution Regulations Article 19)

• Person who wants to get permission of intermediary wholesale shall submit the application form for permission that the establisher assigned with each document of the following attached to the establisher.
  • Individual : Self Resume, Bank Statement of Balance, 3 Copies of Photo (3×4㎝)
  • Company : Articles of Association, Company's Transcript of Register and Stockholder's List,
    Staff Resume, 3 Copies of Photo (3×4㎝), The Proper Company's Balance Sheet as of the application date.
• Expiration Date of the Permission：3 years from the Permission)
• At the Time of Closure, Abolishment and Business Resumption：Submission of Report Document to the Establisher)
• Monthly Minimum Amount of Intermediary Wholesaler(Produce) : Company - 100 million won,
  Individual - 15 million won (Operation Ordinance Article 19)

The Duties of Intermediary Wholesaler

• Intermediary wholesaler shall pay deposit or give security for the smooth payment of transaction money to Wholesale Market Company. (Operation Ordinance Article 26)
• When the sale of Fisheries products listed to Wholesale Market is established, it shall take charge of the Fisheries products immediately. (The Law, Article 39, Clause 1)
• Intermediary wholesaler shall not obstruct the participation in transaction of registered designated bulk buyers or auctioning or being absent for bid collectively without justifiable reasons.(The Law, Article 25 Clause 4)
  • If one violated, he or she receives imprison term of up to 1 year or is fined 10 million won or less (The Law, Article 88).
    There is a duty of report in the case the establisher acknowledges the necessity especially for the stability of Fisheries products price and supply/demand and requires the report of the situation of the execution of (The Law, Article 90)
  • No report or false report: penalty of up to 5 million won (The Law, Article 90) In the case of refusal, obstruction or evasion of regulation of violation or inspection of public official affiliated with the establisher by the Acts on Agricultural Wholesale Market: penalty of up to 5 million won (The Law, Article 90)

Prohibition of Trade of Items Other Than Listed Ones by Intermediary Wholesaler and Observance of Transaction Method of Exceptional Intermediary Wholesaler (The Law, Article 31, Clauses 2 and 3)

• Intermediary wholesaler shall treat listed and entrusted Fisheries products by Wholesale Market Company and for the items with special conditions, exception which permits the treatemtn of items other than listed very limitedly is acknowledged, however there is possibility of overuse so it is limited to the items and period set by the order of the Ministry of Food, Agriculture, Forestry and Fisheries and the establisher's permission shall be acquired, and in this case, intermediary wholesaler is viewed to serve as Wholesale Market Company, thus duties of same level as Wholesale Market Company is imposed.