Twitter Logo Youtube Circle Icon LinkedIn Icon

Publishing firms

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 Yulchon

View the listing for Yulchon

Implementation of the New Act on Security over Movable Property and Receivables

October 2012 - Real Estate & Property. Legal Developments by Yulchon.

More articles by this firm.

The new Act on security over Movable Property and Receivables (“The New Act”), which became effective June 11, 2012, was enacted to address the public’s need for an improved mechanism to allow non-real estate assets to be provided as collateral.

Owner and Transferee Strict Liability for Soil Contamination Damages Ruled Unconstitutional

October 2012 - Projects, Energy & Natural Resources. Legal Developments by Yulchon.

More articles by this firm.

In cases involving soil contamination, it is usually difficult to find liable parties when soil contamination damages are discovered, primarily because of the long-term nature of soil contamination.

2013 Proposed Tax Amendments

August 2012 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

On August 8, 2012 and August 9, 2012, the Korean Ministry of Strategy and Finance has announced the government’s proposed tax law amendments (“Proposal”) for 2013. Set forth below is an overview of the major items of the Proposal that may affect foreign-invested companies or foreign corporations conducting business in Korea. Please note that this is not an exhaustive list of the Proposal that may affect your organization.

Revised Korean Privacy Law Effective August 18, 2012

August 2012 - TMT ( Technology, Media & Telecoms). Legal Developments by Yulchon.

More articles by this firm.

1) The Korean government plans to apply these changes to information & communications service providers first through this Revised Act (defined below), and then subsequently expand the application to the offline sectors through updating each relevant law such as the Personal Information Protection Act.

Korean Cabinet Adopts Proposed Amendments to Antitrust Enforcement Decree

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

More articles by this firm.

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.

Korean Government to Heighten Regulation on Rebate Practices in the Healthcare Industry

June 2012 - Crime. Legal Developments by Yulchon.

More articles by this firm.

In recent years, the Korean government has introduced a number of measures to curb improper "rebate" practices within the Korean healthcare industry, including imposing criminal punishment on the recipient of improper rebates.

Supreme Court endorses application of domestic "substance over form" principle to...

June 2012 - Real Estate & Property. Legal Developments by Yulchon.

More articles by this firm.

deny tax treaty benefits

Many foreign investors, when investing in real property in Korea, have acquired property through intermediary holding companies. At the time of exit, they realize a capital gain by selling the shares in the holding companies, rather than the real property itself.  

New Korean Supreme Court case finds that broad attorney-client privilege does not exist in Korea

May 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

On Friday May 18, 2012 the Korean Supreme Court handed down judgment in the case of 2009Do6788. This case is of great importance to all parties who are or may in the future be involved in litigation or arbitration in Korea as the court for the first time made it explicit that no broad common law style attorney-client privilege exists in Korean law. The details of this case and its implications are summarized below.

Notice Amendment on imposition of penalty surcharges

May 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

The Korea Fair Trade Commission (the "KFTC") has decided to implement the 'Amendment to Notice (the "Notice") regarding the detailed criteria for imposition of penalty surcharges, etc.' (the "Notice Amendment") on March 28th, 2012 and the Notice Amendment shall enter into force on April 1st, 2012.

DEFENDANTS FOUND NOT GUILTY IN KOREA'S FIRST-EVER TRIAL UNDER FOREIGN BRIBERY PREVENTION ACT

May 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

On February 14, 2012, the Incheon District Court found two defendants charged with violating the Act on Preventing Bribery of Foreign Public Officials in International Business Transactions ("Foreign Bribery Prevention Act" or "FBPA") not guilty of violating the Act. The trial of the defendants was the first of its kind under the FBPA.

Highlights of the New Amendments to the Presidential Decree under the Korean Commercial Code

May 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

The widely-discussed new amendments to the Presidential Decree under the Korean Commercial Code (the "Decree" or, as newly amended, the "New Decree") will go into effect on April 15, 2012 together with the related amendments to the Korean Commercial Code (the "Code" or, as newly amended, the "New Code").

Korea Plans to Minimize the Collection and Use of Resident Registration Numbers

May 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

On April 20, 2012, the Korean government announced a new plan to limiting public organizations and private companies from collecting and using resident registration numbers which was originally intended to be applied only to the on-line sectors.

Korean Antitrust Enforcement Agency Issues Public Notice of Proposed...

March 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

Amendments to Antitrust Enforcement Decree

On March 14, 2012, the Korea Fair Trade Commission (the "KFTC") issued a public notice of proposed amendments to the enforcement decree of the Korean antitrust statute (the "Enforcement Decree"). The proposed amendments (the "Amendments") include, inter alia, (a) changes to the leniency program, (b) increase in fines imposed for violations of merger control regulations, and (c) adjustment in interest rates that apply to payments and refunds for fines. The Amendments will be open to public comments from March 14 to April 3 and are expected to enter into effect in mid-June. 

NEW KOREAN FREE TRADE AGREEMENTS OFFER SIGNIFICANT PROTECTIONS FOR INBOUND AND...

March 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

 OUTBOUND KOREAN INVESTMENTS

On November 22, 2011, the Korean National Assembly ratified the Korea-United States Free Trade Agreement (Korea-U.S. FTA).

New Procedure Rolled Out For Claiming Reduced Withholding Tax under Treaties

March 2012 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

After an extensive and tumultuous deliberation process, the Korean Ministry has recently rolled out a long-anticipated procedure for claiming a reduced rate of withholding under double taxation treaties.

A parent company which indirectly acquired controlling shares in a Korean company through...

March 2012 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

subsidiaries held to be liable for the deemed acquisition tax - the en banc decision of the Supreme Court

It has been a popular structure among foreign investors to indirectly acquire Korean real estate businesses through several subsidiaries in order to avoid the deemed acquisition tax (a local tax) which would apply to the acquisition of controlling shares in a company holding certain assets (e.g., real properties) subject to the acquisition tax. 

Tax Treaty benefits denied based on the substance over form principle

March 2012 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

 - the Supreme Court decision on Lone Star Fund cases

Foreign investors have frequently used intermediate holding companies located in the third countries when acquiring Korean companies. Such holding companies are generally located in jurisdictions where favorable tax treaties are available.  

Amendments to the MRFTA have been approved by the National Assembly

March 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

On February 27, 2012, the Korean National Assembly passed a bill to amend the Monopoly Regulation and Fair Trade Act (the "MRFTA"). The amendments to the MRFTA (the "Amendments") include, among other things, a clause which imposes criminal sanctions for acts of obstructing the investigation process of the Korean Fair Trade Commission (the "KFTC") with the use of force. According to this clause, if a person obstructs the KFTC's on-site investigation with the use of abusive language, violence, and intentional blocking/delay of the KFTC's access to investigation sites, the person shall be subject to imprisonment for up to three (3) years or a fine of up to 200 million Korean Won.

Korea Fair Trade Commission issues guidelines to prevent antitrust violations arising from adoption

February 2012 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

of patented technology as industry standards

On February 1, 2012, the Korea Fair Trade Commission (the "KFTC") issued guidelines aimed at preventing antitrust violations that often take place in connection with the adoption of a patented technology as an industry standard (the "Guidelines").

 

Intellectual Property Update: Appellate Rulings Clarify Standards for Determining...

January 2012 - Intellectual Property. Legal Developments by Yulchon.

More articles by this firm.

Design Similarity and Novelty

Background Recently, the Korean Supreme Court dismissed a case in which the plaintiff claimed that LG Electronics Co., Ltd. infringed its packaging design. The dismissal brings an end to a long-fought legal battle between the two companies and clarifies the legal standards for determining similarity and novelty in design rights disputes. 

Tax Tribunal Ruling: Transfer Pricing Adjustments Do Not Affect Customs Valuations

January 2012 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

The Tax Tribunal of Korea recently ruled that the customs value of imported products is not affected by a price decrease due to transfer pricing adjustments (Josim 2011 Kwan 0119, October 28, 2011).

Introduction of Patent-Approval Linkage System

January 2012 - Intellectual Property. Legal Developments by Yulchon.

More articles by this firm.

Background

In connection with the implementation of the Korea-U.S. Free Trade Agreement (the "FTA") (FTA Article 18.9.5., following Section E), the Korean government is to introduce a patent-approval linkage system for pharmaceutical products, similar to the system used in the U.S. To that end, the Korean government has recently amended the Pharmaceutical Affairs Act ("PAA") and the Enforcement Regulation thereof.

A NEW REGULATORY CHANGE FOR BUSINESS COMBINATIONS

December 2011 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

A NEW REGULATORY CHANGE FOR BUSINESS COMBINATIONS: SHARE ACQUISITIONS THROUGH TENDER OFFER TO BE SUBJECT TO PRE-CLOSING REPORTING REQUIRMENT

Amendments to the Monopoly Regulation and Fair Trade Act Introducing Consent Decrees

December 2011 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

A bill for amending the Monopoly Regulation and Fair Trade Act (the "MRFTA") to allow the Korean Fair Trade Commission (the "KFTC") to issue consent decrees was approved by the National Assembly on November 22, 2011. Upon the amended MRFTA becoming effective, it will be possible to quickly resolve KFTC's investigations by consent decree - a scheme that has already been adopted by the competition authorities of several major jurisdictions such as the United States, European Union and Japan. Below is a brief overview of the consent decree scheme that is to be introduced in Korea.

Korean Supreme Court Issues Stern Warning

October 2011 - Employment . Legal Developments by Yulchon.

More articles by this firm.

Sending Employer's Trade Secret to Your Personal Email Account May Be a Crime

The Court Finds Criminal Misappropriation When Employee Sent Trade Secrets to Personal Email Account.

Appeals Court Finds KIKO Agreements Valid

October 2011 - Finance. Legal Developments by Yulchon.

More articles by this firm.

In its initial decision on the merits, the Seoul High Court has found that Knock-In, Knock-Out (KIKO) agreements are valid, despite plaintiffs' contention that such agreements should be declared null and void (Seoul High Court Decision No. 2010Na34519 dated May 31, 2011).

Amendments to the Korean Commercial Code Set to Take Effect

October 2011 - Corporate & Commercial. Legal Developments by Yulchon.

More articles by this firm.

On March 11, 2011, the Korean National Assembly passed a bill to amend the Corporation Chapter of the Korean Commercial Code (the "KCC"), introducing significant changes such as new corporate forms and expansion of shareholding options. The amendments will take effect on April 15, 2012.

Below is a summary of some key amendments.

Determining Copyright Infringement of Musical Works

October 2011 - Intellectual Property. Legal Developments by Yulchon.

More articles by this firm.

Recently, the Seoul Central District Court decided an important case about whether CNBLUE's song Loner infringed the copyright of ynot's song Blue Bird. (Seoul Central District Court Judgment 2010GaDan86875 issued on April 13, 2011).

Introduction of the Reporting System for Foreign Financial Accounts [2]

March 2011 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

In our newsletter dated December 20, 2010, we reported on the introduction of the reporting system for foreign financial accounts. The amendment to the Enforcement Decree of the Law for Coordination of International Tax Affairs, which took effect on December 31, 2010, sets forth the detailed rules for the foreign financial account report (“FFAR”) requirement. To address numerous inquiries we have recently received from our clients regarding this new requirement, we have summarized the key points of the reporting system as set forth below.

2011 Tax Law Amendments

January 2011 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

On December 8, 2010, the National Assembly approved the tax reform proposals for 2011 submitted by the Ministry of Strategy and Finance (“MOSF”) with some revisions. Most of the changes took effect on January 1, 2011 unless specified otherwise. We have summarized some of the major items in the passed bill affecting foreign investors below.

Korea and U.S. Agree on Joint Tax Audits

December 2010 - Tax & Private Client. Legal Developments by Yulchon.

More articles by this firm.

The Korean tax authority, National Tax Service ("NTS"), announced on September 8, 2010 that it has signed an agreement with the U.S. Internal Revenue Service ("IRS") to join forces to crack down on offshore tax evasion and illegal wealth transfers abroad.

December Change: Comprehensive Severance Payment Obligation

December 2010 - Employment . Legal Developments by Yulchon.

More articles by this firm.

Under the Act on Retirement Benefit's Guarantee, all employers must provide severance pay to their employees. Until today, however, this obligation has not applied to employers with less than 5 permanent employees.