Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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International Cooperation in Merger Review
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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.
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Paving Way for Introduction of Full-Service Investment Bank, Are under Delay
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Design Similarity and Novelty
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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).
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Background
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An
amendment to the Employee Retirement Benefits Security Act (the “Act”) was
promulgated on July 25, 2011 and is scheduled to take effect on July 26, 2012.
The following is a brief summary of the key provisions of the amendment.
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A NEW REGULATORY CHANGE FOR BUSINESS COMBINATIONS:
SHARE ACQUISITIONS THROUGH TENDER OFFER TO BE SUBJECT TO
PRE-CLOSING REPORTING REQUIRMENT
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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.
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The
recent amendments to the Act on Prevention of Divulgence and Protection of
Industrial Technology, which were passed by the National Assembly on June 30,
2011, were promulgated on July 25, 2011. The amendments are scheduled to become
effective six months from the promulgation date - on January 26, 2012.