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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 Shin & Kim

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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.

Recent Issues of Data Protection Regulation in Korea

October 2014 - TMT ( Technology, Media & Telecoms). Legal Developments by Shin & Kim.

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The Personal Information Protection Act ("PIPA") was enacted as a general law of personal information in March 2011 to fulfill the need for presiding rules to govern personal information protection. In fact, there have already been a number of special laws governing personal information protection in various special areas and cases, such as The Act on Promotion of Information and Communications Network Utilization Information Protection ("Network Act") governing information and communications services, and the Use and Protection of Credit Information Act ("Credit Information Act") governing personal credit information. Special laws prevail over the general law, when in conflict with individual articles of the general law.

Comprehensive Measures to Protect Personal Data in the Financial Sector

October 2014 - Finance. Legal Developments by Shin & Kim.

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The following is a summary of the press releases made by the Financial Services Commission on 10 March 2014. These are action items and policies that the FSC and relevant ministries are seeking to implement. The following measures have developed from a series of measures previously announced since the data leakage from the three credit card companies were revealed last January.

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

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

More articles by this firm.

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.

Ordinary Wage: After the 2013 Supreme Court Decision

October 2014 - Corporate & Commercial. Legal Developments by Shin & Kim.

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1. First Trial Court Decision on Employer's Good Faith Argument
On December 18, 2013, the Supreme Court of Korea made an en banc decision that ordinary wage includes regularly paid fixed bonus amounts. The Supreme Court also expressly noted that if an employer is able to prove that (i) there is an agreement between the employer and the labor union that fixed bonuses are excluded from ordinary wages and (ii) paying employees for past underpayment of overtime wages will cause a substantial detriment to the management or a major threat to the existence of the company due to the unexpected financial burden, then employees' claims for past underpayment can be denied based on the principle of good faith. However, the Supreme Court did not provide specific criteria for such denial, which caused controversy over the definite scope of application of its judgment (please refer to our newsletter of December 19, 2013 in this regard).

Recently, the Seoul Central District Court had the opportunity to review the good faith argument for the first time in rendering its decision on ordinary wage.

Criminal Breach of Duty (Bae-im) under Korean Law

October 2014 - Crime. Legal Developments by Shin & Kim.

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Criminal breach of duty, or bae-im in Korean, is a typical crime on which owners, directors, officers or managers of corporations and businesses in Korea are frequently indicted. A person commits bae-im when he or she, in dealing with the affairs of another person, breaches his or her duty and obtains, or enables a third person to obtain, a pecuniary advantage through such breach, thereby causing a loss to the person to whom the duty is owed. Bae-im is similar to the concept of Untreue under German law, while bae-im is broader in scope than Untreue in that a mere attempt to commit bae-im is also punishable in Korea.

Greater Labor Protections for Non-regular Employees

October 2014 - Corporate & Commercial. Legal Developments by Shin & Kim.

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On September 19, 2014, the Act on Protection of Fixed-Term and Part-time Workers ("Temporary Workers Act") and the Act on Protection of Dispatch Workers ("Dispatch Workers Act") were amended to offer greater protections to non-regular workers. In particular, (i) employers will be subject to greater economic implications if they receive a corrective order for discriminatory treatment of non-regular workers and (ii) part-time workers will be entitled to receive compensation for any overtime work performed.

Landmark labor case: Scope of ordinary wages

February 2014 - Employment . Legal Developments by Shin & Kim.

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On December 18, 2013, the Supreme Court of Korea held that the ordinary wages of employees of KB Auto Tech include fixed bonuses regularly paid. The decision impacts all employers in Korea, as ordinary wages are used to calculate overtime and compensation for unused annual leave, which may in turn impact severance pay. The following is a summary of the relevant issues.

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The New Covered Bonds Act of Korea

January 2014 - Finance. Legal Developments by Shin & Kim.

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A new legislative bill proposing the Covered Bonds Act (the "Act") was passed by Korea's National Assembly on December 19, 2013. This Act will come into full force and effect 3 months after its promulgation by the President, which is expected shortly. Read more...

 

Key provision of Korean Industrial Technology Protection Act Declared Unconstitutional

November 2013 - Litigation & Dispute Resolution. Legal Developments by Shin & Kim.

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Korean Constitutional Court ruled that a key provision of the Act on Prevention of Divulgence and Protection of Industrial Technology (as established as Act No. 8062 on October 27, 2006, and before amended by Act No. 10962 on July 25, 2011, the "Industrial Technology Protection Act" or "the Act") is unconstitutional (July 25, 2013, 2011Heonba39).

 

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Amendments to the Commercial Building Lease Protection Act

November 2013 - Real Estate & Property. Legal Developments by Shin & Kim.

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Amendments to the Commercial Building Lease Protection Act (the "Act", and as amended, the "Amended Act") were promulgated on August 13, 2013.

Korean Laws on Recovery and Confiscation of Proceeds of Crime

November 2013 - Litigation & Dispute Resolution. Legal Developments by Shin & Kim.

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Korean Constitutional Court ruled that a key provision of the Act on Prevention of Divulgence and Protection of Industrial Technology (as established as Act No. 8062 on October 27, 2006, and before amended by Act No. 10962 on July 25, 2011, the "Industrial Technology Protection Act" or "the Act") is unconstitutional (July 25, 2013, 2011Heonba39).

Amendments to the KFTC’s Notification on Detailed Criteria for the Imposition of Administrative...

July 2013 - EU & Competition. Legal Developments by Shin & Kim.

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On June 11, 2013, the Korea Fair Trade Commission (the "KFTC") announced amendments to the Notification on Detailed Criteria for the Imposition of Administrative Surcharges (the "Administrative Surcharge Notification"), which took effect on June 17, 2013.

China Eastern Airlines Case: Ruling and its Implications

July 2013 - Crime. Legal Developments by Shin & Kim.

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shinkim_criminaldispute_legal_update_201307_enOn February 1, 2013, the Seoul High Court affirmed the lower court's decision, finding two individuals who bribed the CEO of the Korean subsidiary of China Eastern Airlines not guilty in Korea's first-ever trial under the Act on Preventing Bribery of Foreign Public Officials in International Business Transactions ("FBPA"). This case is noteworthy not only as the first court trial of a FBPA violation, but also for addressing the scope of "foreign public official" for purposes of the FBPA.

Amendments to the Financial Investment Services and Capital Markets Act - Private Equity Funds

July 2013 - Finance. Legal Developments by Shin & Kim.

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The amended Capital Markets Act (the "Amended Act") requires that an entity intending to manage a private equity fund as its general partner register with the Financial Services Commission (the "FSC"), which requires satisfaction of certain registration requirements (the "Registration Requirements").

Proposed Regulations on Delegation of Information Processing and IT Facilities of Financial Companie

May 2013 - Finance. Legal Developments by Shin & Kim.

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On April 16, 2013, the Financial Services Commission ("FSC") proposed draft Regulations on the Delegation of Information Processing and IT Facilities of Financial Companies (the "Regulations"). Currently, the delegation of information processing and use of offshore IT facilities are permitted on a very limited basis pursuant to the Regulations on Delegation of Businesses of Financial Institutions.

The Supreme Court Rules that the Korea Fair Trade Commission’s Notice of Non-confirmation of Lenie

April 2013 - Corporate & Commercial. Legal Developments by Shin & Kim.

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For the first time in Korea, Shin & Kim’s Antitrust Practice Group obtained a landmark decision from the Supreme Court, which held that a notice of non-confirmation of leniency status issued by the Korea Fair Trade Commission (the “KFTC”) to a leniency applicant involved in unfair collusion (i.e., cartel) would constitute an administrative disposition, and thus, the leniency applicant would be able to immediately appeal such ecision of the KFTC through an administrative proceeding.

National Assembly Passes FISCMA Revision Bill

April 2013 - Finance. Legal Developments by Shin & Kim.

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On March 5, 2013, the Legislation and Judiciary Committee of the National Assembly passed a bill (the “Bill”) proposing changes to the Financial Investment Services and Capital Markets Act (“FISCMA”). The Bill introduces a clearing system for financial investment agreements and amends relevant provisions of the FISCMA to set out certain exceptions with respect to listed companies in accordance with the amendments to the Commercial Code which took effect in April, 2012. The proposed changes aim to establish sound market order while keeping pace with the needs of the rapidly changing financial industry.