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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

KFTC to Expand Scope and Penalties of Korea’s Antitrust Enforcement Regime

November 2018 - EU & Competition. Legal Developments by Lee & Ko .

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Korea’s competition authority, the Korea Fair Trade Commission (the “KFTC, has announced a proposal to expand its existing enforcement authority to the courts and prosecutors through a full-scale reform of the Monopoly Regulation and Fair Trade  Act, Korea’s primary competition statute. If all proposed reforms are passed by the National Assembly as currently drafted, the impact on the Korean economy and antitrust enforcement will require companies doing business in Korea to tighten their risk management and compliance measures, as the scope and penalties of Korean antitrust enforcement would be broadened.

BKL Named “Competition & Antitrust Firm of the Year” by Asialaw

December 2017 - EU & Competition. Legal Developments by Bae, Kim & Lee LLC.

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Bae, Kim & Lee LLC ("BKL") was named as the "Competition & Antitrust Firm of the Year" at the Asialaw Asia-Pacific Legal Practice Awards 2017 at the JW Marriott Hotel in Hong Kong on November 28, 2017. The "Competition & Antitrust Firm of the Year" is a highly coveted award bestowed by Asialaw, which is the Asia Pacific's leading legal publisher owned by Euromoney, a global business and finance magazine.

[SOUTH KOREA] KFTC Announces Its Enforcement Plan Detailing Its Focus Areas for 2017

May 2017 - EU & Competition. Legal Developments by Kim & Chang .

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On January 5, 2017, the Korea Fair Trade Commission ("KFTC") announced its enforcement plan for 2017 (the "Plan"), and set out detailed policies to: (i) monitor and remedy anti-competitive structure and behavior; (ii) establish a healthy business system among large conglomerates and small and medium-sized enterprises (“SMEs”); and (iii) build a consumer-friendly environment promoting consumers’ rights.  

Protecting the ‘Little-Guy’ in Distributorship Arrangements in Korea

September 2016 - EU & Competition. Legal Developments by Lee & Ko .

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- Enforcement Decree to the Fair Retail Agency Transactions Act

On July 26, 2016, the Korea Fair Trade Commission (the “KFTC”) issued a public notice of draft legislation regarding its proposed Enforcement Decree to the Fair Retail Agency Transactions Act (the “draft Decree”). With the public notice/comment period (July 26, 2016 to September 4, 2016) now expired, the draft Decree awaits legislative review and proclamation, after which it will take effect as of December 23, 2016, together with the Fair Retail Agency Transactions Act (the “FRATA”).

[South Korea] KFTC Issues Amended Guidelines on the Review of Unfair Trade Practices

July 2016 - EU & Competition. Legal Developments by Kim & Chang .

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On December 31, 2015, the Amendment to the Guidelines on the Review of Unfair Trade Practices (“Amendment” and “Guidelines,” respectively) came into effect. The Guidelines are intended to provide guidance to companies about when their unilateral conduct may be considered an “unfair trade practice.”

Korean High Court Overrules the KFTC’s decision in Strike by Physicians

June 2016 - EU & Competition. Legal Developments by Lee & Ko .

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Strike by the Korean Medical Association physicians leads to the Korea Fair Trade Commission sanctions.

In March 2016, the Korean Medical Association (the "KMA"), an association of more than 100,000 Korean physicians, won a decisive victory over the Korea Fair Trade Commission (the "KFTC") when the Seoul High Court entirely overruled the KFTC's sanctions against the KMA in connection with a general strike of member physicians organized by the KMA. The decision of the lawsuit, where Lee & Ko represented the KMA, is a meaningful one, as the arguments presented in the case covered fundamental matters in Korean competition law such as the reach of the Monopoly Regulations and Fair Trade Act of Korea (the "MRFTA"), the meaning and assessment standards of anti-competitive effects, and the antitrust law as it applies to the medical field.

Essilor’s Proposed Combination with an Optical Lens Maker in Korea is Blocked

November 2014 - EU & Competition. Legal Developments by Shin & Kim.

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In its press release on March 17, 2014, the Korea Fair Trade Commission (the "KFTC") blocked the proposed acquisition of 50% shares by Essilor Amera Investment Pte. Ltd. (a subsidiary of Essilor International S.A., the largest optical lens maker in the world) in Daemyung Optical Co., Ltd. (the second largest optical lens maker in Korea) citing inter alia the likely lessening effect on price competition and the probable future abuses of the enhanced market power. On top of the expressed competitive concerns, the KFTC observed that allowing foreign firms to acquire local firms and turn them into their local sub-contractors worsens the competitive market structure of the domestic optical lens industry.

Essilor’s Proposed Combination with an Optical Lens Maker in Korea is Blocked

October 2014 - EU & Competition. Legal Developments by Shin & Kim.

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In its press release on March 17, 2014, the Korea Fair Trade Commission (the "KFTC") blocked the proposed acquisition of 50% shares by Essilor Amera Investment Pte. Ltd. (a subsidiary of Essilor International S.A., the largest optical lens maker in the world) in Daemyung Optical Co., Ltd. (the second largest optical lens maker in Korea) citing inter alia the likely lessening effect on price competition and the probable future abuses of the enhanced market power. On top of the expressed competitive concerns, the KFTC observed that allowing foreign firms to acquire local firms and turn them into their local sub-contractors worsens the competitive market structure of the domestic optical lens industry.

Korean merger control developments signal tighter review by regulators

March 2014 - EU & Competition. Legal Developments by Bae, Kim & Lee LLC.

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Capsule summary: Under amended business combination reporting rules effective from January 1, 2012, stock acquisitions by large companies will generally trigger prior review by the Korean Fair Trade Commission (KFTC). Other rule changes will allow a broader range of presumptively harmless transactions to use a simplified or fast-track merger review process, but at the same time the changes will permit closer scrutiny of anti-competitive effect in case of transactions that do not qualify for that process. Also, in a late 2011 ruling, the KFTC for the first time imposed corrective measures for an offshore business combination.

South Korea: New Presidential Administration Announces National Policy Agenda (Fair Trade)

October 2013 - EU & Competition. Legal Developments by Kim & Chang .

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On February 21, 2013, the Presidential Transition Team announced the New Presidential Administration's five strategic policy areas, including 140 specific policy items. At the top of the New Presidential Administration's policy agenda is the establishment of an "employment-based creative economy" based on fair trade. In order to achieve this, the Presidential Transition Team proposed to "establish a market economy based on sound principles," by way of (i) reforming the current regulatory system under which the Monopoly Regulation and Fair Trade Act ("MRFTA") is enforced and (ii) enforcing the MRFTA in a manner that protects consumers and the economically disadvantaged.

South Korea: Establishment of Rules on Management of and Procedures for the Consent Decree System

August 2012 - EU & Competition. Legal Developments by Kim & Chang .

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In connection with the consent decree system adopted on December 2, 2011, the KFTC introduced the Rules on Management of and Procedures for the Consent Decree System (the "Rules") on March 28, 2012.

Korean Cabinet Adopts Proposed Amendments to Antitrust Enforcement Decree

June 2012 - EU & Competition. Legal Developments by Yulchon.

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On June 12, 2012, the Korean cabinet formally adopted proposed amendments to the enforcement decree of the Korean antitrust statute (the "Amendments"). The Amendments were proposed by the Korea Fair Trade Commission (the "KFTC") on March 14, 2012.

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Dinner with GC -
Korea 2018

  • China and Hong Kong GC Powerlist

    In May, The Legal 500 and GC Magazine added another country to the list of destinations for their exclusive Dinner with GC series, as South Korea’s elite in-house counsel came together at Mugunghwa in Seoul, for a closed-door discussion on the realities of the role.

    Dinner with GC - Korea 2018