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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

 

Legal Developments Worldwide

Articles contributed by Lee & Ko

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Korea strengthens taxation on multi-national enterprises in 2017

September 2016 - Tax & Private Client. Legal Developments by Lee & Ko .

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On July 28, 2016, the Ministry of Strategy and Finance (“MOSF”) announced the annual proposal to amend the tax law for 2017 (the “Proposal”). The Proposal was submitted to the National Assembly on 2 September 2016.

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”).

Substantial Developments in Korean Bankruptcy Laws

August 2016 - Corporate & Commercial. Legal Developments by Lee & Ko .

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Substantial Developments in Korean Bankruptcy Laws Reflecting Practical Needs of the Parties Involved: CRPA and DRBA

Recently, substantial developments have been made with regard to the two bodies of laws that regulate the corporate restructuring process in Korea to reflect the needs of the parties involved in such process.

Breaking Down the Just-Cause Barrier

August 2016 - Employment . Legal Developments by Lee & Ko .

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A Systematic Approach of Securing Greater Flexibility in Managing Poor Performing Employees

Imagine being a foreign employer in Korea and maintaining a business operation with over 50 local employees.Imagine further that amongst these employees, one individual (“Employee X") has been missing his sales targets by a margin greater than 70% for the past four consecutive months. Although he has no history of disciplinary sanctions, Employee X slouches around the office, is unmotivated and appears overly relaxed. He also shows no outward display of initiative to turn his performance situation around. As an employer, you decide that he is unfit for continued employment, and as you may have done in other jurisdictions, you seek to terminate Employee X for inadequate performance. However, under Korean law, you may lack just-cause for terminating Employee X despite his blatant performance shortcomings, and employers in Korea have often expressed tremendous frustration when they are forced to continue retaining an employee who, like Employee X, consistently fails to perform.

Korean Regulator, Encouraging Financial Institutions by Relaxing the Chinese Wall Regulations

August 2016 - Finance. Legal Developments by Lee & Ko .

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On 28 June 2016, the Korean government enacted an amendment (the "2016 Amendment") to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (the "FSCMA") which, among others, expands the exception (the “Wall-Cross exception”) to the Chinese wall regulations, i.e., restriction on the communication and exchange of information between business sectors within financial institutions (The term “financial institutions” as used in this article refers to dealers, brokers, fund managers, investment advisors, discretionary investment companies and trust companies (all of which are regulated under the FSCMA) to the exclusion of all other types of financial business entities such as merchant banks.) The 2016 Amendment seeks to enhance the competitiveness of financial institutions by allowing them to integrate activities which do not - or are unlikely to - conflict with one another, and further simplifies the regulatory scheme by removing the exceptions to the Chinese wall regulations from the Regulation on Financial Investment Business and incorporating the same in the Enforcement Decree.

Court Holds Royalties for Foreign-Registered Patents are Not Subject to Withholding Tax in Korea

June 2016 - Tax & Private Client. Legal Developments by Lee & Ko .

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Court adhered to the existing position on the determination of royalty payment

In May 2016, a Korean taxpayer won its victory over the Korean tax authority when the Seoul High Court overruled the tax authority’s assessment against the taxpayer in connection with its royalty payments made with respect to non-Korean registered patents. The tax authority challenged against the Supreme Court’s well-established position on the determination of source with respect to royalty payments and the tax payer, represented by Lee& Ko, successfully persuaded the Seoul High Court to adhere to the Supreme Court’s existing position.

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.

Korea Trade Commission “Overrules” Intellectual Property Tribunal’s Decision

January 2012 - Intellectual Property. Legal Developments by Lee & Ko .

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On September 21, 2011, the Korea Trade Commission (“KTC”) (equivalent to the International Trade Commission in the U.S.) found no cause against local companies that manufacture and export photosensitive drums for recycled cartridges in an investigation sought by Canon, a Japan-based printer manufacturer.

Extensive Amendments to the Financial Investment Services and Capital Markets Act

January 2012 - Finance. Legal Developments by Lee & Ko .

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Paving Way for Introduction of Full-Service Investment Bank, Are under Delay

The amendments to the Financial Investment Services and Capital Markets Act (FSCMA), the first draft of which was announced in July 2011, are likely to be submitted to the National Assembly at the earliest sometime this month, which makes it unlikely for the amendments to be enacted until sometime this year.  

Korea: Regulatory Hurdles to Islamic Finance

November 2010 - Finance. Legal Developments by Lee & Ko .

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Over the last couple of years, market participants in Korea have been following developments in the Islamic finance market with keen interest. They realise that becoming a direct or indirect participant in the Islamic finance market, with its huge potential for market growth, will provide them with advantages.