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16 Korean attorneys joined the firm
We are pleased to announce that 16 Korean attorneys who completed their training at the Judicial Research and Training Institute of the Supreme Court of Korea joined the firm on February 1, 2011.
They are Areum Kim, Young-Shin Kim, Jae Kyung Kim, Jin Uk Kim, Kyung Ji Ryu, Ji Eun Park, Ji Yeon Song, Mi Jin Shin, Bit Na Ra Shin,Jongmin Lee, Eun Ho Jang, Ji Woong Jang, Ji Youn Chun, Kun Hee Cho, Hyo Jin Cho and Jisoo Choi.
For more information please visit www.kimchang.com
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Enforcement of the Act on the Registration, Evaluation, Etc. of Chemicals The Act on the Registration, Evaluation, Etc. of Chemicals (“K-REACH”) and its subordinate regulations, i.e., the Enforcement Decree and the Enforcement Rules to K-REACH, took effect as of January 1, 2015. Under K-REACH, businesses handling chemicals are subject to more stringent government control; for instance, any person who intends to import (i) a new chemical, (ii) a pre-existing chemical of one ton or more per year, or (iii) a product containing hazardous chemicals, is required to file the respective report with the regulatory authority.- Kim & Chang
Enforcement of the Act on the Registration, Evaluation, Etc. of Chemicals The Act on the Registration, Evaluation, Etc. of Chemicals (“K-REACH”) and its subordinate regulations, i.e., the Enforcement Decree and the Enforcement Rules to K-REACH, took effect as of January 1, 2015. Under K-REACH, businesses handling chemicals are subject to more stringent government control; for instance, any person who intends to import (i) a new chemical, (ii) a pre-existing chemical of one ton or more per year, or (iii) a product containing hazardous chemicals, is required to file the respective report with the regulatory authority.
By announcing the Online Personal Information Processing Guidelines (the “Guidelines”) on November 12, 2014, the Korea Communications Commission (“KCC”) has further clarified the standards for (1) collecting minimum personal information, (2) destroying personal information, and (3) obtaining consent, as required under the Act on the Promotion of Information and Communications Network Use and Information Protection (the “Network Act”). The Guidelines contain the following key points:
The Government amended the Presidential Decrees of various tax laws on February 3, 2015. Included below are some highlights:
On December 10, 2014, the proposed legislation for the Environmental Pollution Damage Compensation and Recovery Act (the “Environmental Damage Compensation Act”) was passed by the National Assembly by unanimous votes of the present members. This Act will enter into force one year after the date of its promulgation, provided that, however, the obligation to subscribe environmental liability insurance under Article 17 will be enforced 18 months after tis promulgation.
On August 6, 2013, the Ministry of Strategy and Finance announced proposed tax law amendments for 2015, most of which would take effect on January 1, 2015 if enacted into law. The main items as currently proposed are summarized below but are subject to change during the National Assembly’s legislative review later this year.
On September 30, 2014, the Korea Fair Trade Commission (the “KFTC”) announced plans to amend regulations regarding the subcontracting, franchise and distribution sectors. In particular, the KFTC identified 12 action items that address the propriety and need for certain rules, and aim to mitigate burdens on industry. The KFTC plans to submit the relevant bills to the National Assembly and finalize the amended Enforcement Decrees by the end of 2014, and to update the subordinate regulations by the first quarter of 2015.
Court Decision on Collusion Case Regarding Compensation for Commission Rate Tied to Personal Life Insurance Products Following the Korea Fair Trade Commission (“KFTC”)’s correction order and imposition of administrative fines on December 15, 2011 against 16 life insurance companies for their engagement in unfair concerted action (cartel), consumers that purchased the insurance policies (the “Complainants”) brought a number of civil actions against these 16 life insurance companies. On April 25, 2014, and on June 27, 2014, the Seoul Central District Court issued judgments on a number of these civil cases in favor of the life insurance companies on grounds that the aforementioned life insurance companies had not been conclusively found to have engaged in unfair concerted action.
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.
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.