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December 2010 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On September 28, 2010, the Korean government announced a list of 470 companies whose emissions of greenhouse gases ("GHG") shall be regulated ("Regulated Companies") pursuant to the Framework Act on Low Carbon Green Growth ("Framework Act") and the Guidelines on the Designation and Supervision of GHG and Energy Regulated Companies.

According to the Government, 374 companies from the industry & power generation sector, 46 companies from the building & transportation sector, 27 companies from the agriculture & livestock sector, and 23 companies from the waste sector have been designated as "Regulated Companies."

Regulated Companies will need to submit their Annual Statements about their GHG emissions and energy consumptions during the period between 2007 and 2010 (four years in total). According to the Framework Act and the Enforcement Decree promulgated thereunder, the extent of information that is required to be provided in the Annual Statements is quite extensive, and the Annual Statements are to be publicly disclosed. Regulated Companies which seek non-disclosure of information in their Annual Statements should submit an explanation of the reasons for non-disclosure when they submit their Annual Statements, and the Review Committee shall decide on whether or not to permit non-disclosure. Please note that Regulated Companies may be subject to correction or supplementation orders for defects or omissions in their Annual Statements and failure to comply with such correction or supplementation orders may further lead to administrative fines. Therefore, maintaining accuracy in Annual Statements will be critical.

Further, Regulated Companies will be subject to GHG emission and energy consumption targets to be set by the government by September 2011, and will need to comply with the targets, beginning in 2012. According to the government, further guidelines for the allocation of such targets will be announced in the near future. For your reference, Regulated Companies that wish to object to their designation should submit a written objection to the relevant ministry by October 30, 2010.

By Yoon Jeong Lee and Seong Ik Hwang of Kim & Chang

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