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Editorial

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

 

[SOUTH KOREA] Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical ...

February 2018 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical Substances

Continuing its policy to enhance the safe control of chemical substances, the Ministry of Environment (“MOE”) has been making legislative efforts to further heighten regulations of chemical substances. 

[SOUTH KOREA] KFTC Announces Plan to Eliminate Technology Misappropriation

February 2018 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On September 8, 2017, to promote joint growth of enterprises of all sizes and their collaborative efforts, the Korean Fair Trade Commission (“KFTC”) and the ruling Democratic Party of Korea held a consultation conference to step up efforts to eliminate unfair demands of technical information and/or misappropriation of technology by large conglomerates against small and medium-sized enterprises.

[SOUTH KOREA] Supreme Court Affirms Lower Decision, Finding Invalid the Regulations on Foreign ...

December 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Supreme Court Affirms Lower Court Decision, Finding Invalid the Regulations on Foreign Exchange Report on Incorporation of Offshore Subsidiary by an Offshore Company

On June 15, 2017, the Korean Supreme Court affirmed an appellate court decision which ruled that a Korean company is not guilty of a violation of the Foreign Exchange Transactions Act (the “FETA”) for failing to file a foreign exchange report after its offshore branch office established an offshore subsidiary.  This Supreme Court decision is a milestone decision that requires a clear legal basis in relevant statutes for finance-related regulations. 

[SOUTH KOREA] New Administration’s Key Environmental Policies

December 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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To step forward as an environment-friendly government, the Moon Jae-in Administration has announced its key environmental policies, including improving safety in chemical substances and household chemical products, and reinforcing implementation measures of the Paris Agreement.  Under the “sustainable development” paradigm, the new administration will continually promote new regulations to protect the environment and strengthen its enforcement of environmental regulations.

[SOUTH KOREA] KFTC Announces Standard Distribution Agreement for F&B Businesses

August 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On February 15, 2017, the Korea Fair Trade Commission (“KFTC”) announced the Standard Distribution Agreement for transactions between suppliers and distributors in the food & beverage (“F&B”) industry. 

[SOUTH KOREA] MOE Moves to Further Stringently Regulate Hazardous Chemical Substances

August 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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The Amendment to the Chemicals Control Act (“CCA”), as proposed by the MOE and promulgated on December 27, 2016, is scheduled to take effect on December 28, 2017 (the “Amendment”). 

[SOUTH KOREA] Ministry of Environment (i) Strengthens Safety/Labeling Standards for ...

May 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Ministry of Environment (i) Strengthens Safety/Labeling Standards for Potentially Risky Products and (ii) Introduces Biocides Act Modeled After EU’s Similar Regulation 

On December 30, 2016, Korea’s Ministry of Environment (“MOE”) announced an amendment to the “Potentially Risky Product Designation & Safety/Labeling Standards” (“MOE’s Notice”), which strengthens the safety and labeling standards relating to potentially risky products, as well as the “Act on the Safe Control of Household Chemical Products & Biocides” (“Biocides Act”) modeled after the EU BPR (Biocidal Products Regulation) to regulate active substances and biocidal products.

[SOUTH KOREA] Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight

February 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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In the midst of growing public concern over the health hazards of certain household chemical products,¹ concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics.   

Primarily, these recent concerns focus on the health hazards associated with biocides contained in household products. In particular, Korean people are concerned about chemicals that were used as biocides in some humidifier sterilizers, such as chloromethyl-methylisothiazolone (“CMIT/MIT”).  

[SOUTH KOREA] KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard

February 2017 - Corporate & Commercial. Legal Developments by Kim & Chang .

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KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard to Reinforce Consumer Protection   

On October 26, 2016, the Korea Fair Trade Commission (the “KFTC”) announced that it would enforce its amendment to the Consumer Dispute Resolution Standard (the “Standard” or such amendment the “Amendment”).   

[South Korea] Korea’s Environment Ministry Preparing Tougher and More Expansive Regulations for ..

October 2016 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Korea’s Environment Ministry Preparing Tougher and More Expansive Regulations for Chemical Substances & Products

Korean public interest in chemical safety has been higher than ever. The public has been hearing news reports that continue to raise health and safety risks of certain household and industrial products (e.g., humidifier sanitizers, air fresheners, filters used in air purifiers or air conditioners). Meanwhile, South Korea’s environment authority, the Ministry of Environment (“MOE”), has been taking active consumer protection measures, such as product recalls. Specifically, the MOE recently conducted a comprehensive inspection of “potentially risky products.” Based on the data gathered, the MOE is preparing an amendment to the regulations to: (i) expand the list of regulated products; and (ii) strengthen the safety and labeling standards applicable to these products.

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.

[South Korea] Extension of Corporate Restructuring Promotion Act

By Dong Woo SEO, Jeena KIM, Annie Eunah LEE and Kyu Sang CHUNG

Related Practice Areas: Bankruptcy & Corporate Restructuring

May 16th, 2016

The Corporate Restructuring Promotion Act (“CRPA”) which facilitates out-of-court restructuring for participating financial creditors and “insolvency-symptomatic company” (or “distressed company”, defined in the CRPA as a company unable to repay its debt without external financial assistance) is once again in place. The latest CRPA which came into effect on March 18, 2016 is the fifth revived version of the original CRPA enacted in 2001. As in the case of earlier CRPAs, the new CRPA contains a sunset clause and is scheduled to expire on June 30, 2018. The subordinate regulations to the new CRPA, i.e., the Presidential Decree and the Rules on Supervision of Financial Institutions to Promote Corporate Restructuring also came into effect on April 29, 2016 and May 3, 2016, respectively.

[South Korea] National Assembly Passes the "Special Act for Business Reinvigoration"

March 2016 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On February 4, 2016, the National Assembly held a plenary session, and passed the "Special Act for Business Reinvigoration" (the "One-Shot Legislation").

The act is a temporary legislation. It will become effective on August 13, 2016, and stay in effect for 3 years.

[South Korea] Ministry of Industry, Trade and Energy Amends Regulations on Export Control of...

December 2015 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Ministry of Industry, Trade and Energy Amends Regulations on Export Control of Strategic Goods

On July 20, 2015, the Ministry of Industry, Trade and Energy ("MOTIE") amended the Regulations on Export Control of Strategic Goods ("Regulations").

[South Korea] Regulations on Subcontracting, Franchising and Distribution to be Amended

June 2015 - Corporate & Commercial. Legal Developments by Kim & Chang .

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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..

February 2015 - Corporate & Commercial. Legal Developments by Kim & Chang .

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  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.

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.

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.

South Korea: KFTC Approves First Consent Decree

September 2014 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On March 12, 2014, the Commissioners of the Korea Fair Trade Commission ("KFTC") approved a consent decree with Korea's major Internet portal companies, Naver and Naver Business Platform (collectively "Naver") and Daum Communications ("Daum"). This was the first time since its introduction that a consent decree was used to conclude a case before the KFTC. With this consent decree, the KFTC's investigation of Naver and Daum for their alleged abuse of market dominance ended without any finding of liability.

Accounting System Reformation Plan and Expansion of External Audit for Limited Liability Company

May 2014 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On October 28, 2013, the Financial Services Commission (the “FSC”) announced an accounting system reformation plan related to the amendment to the Act on External Audit of Stock Companies (the “Plan”) aiming primarily at improving transparency of limited companies (yuhan heosa) and non-listed large company’s accounting system.

South Korea: KFTC’s First Application of the Consent Decree Process

April 2014 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On November 27, 2013, the Korea Fair Trade Commission ("KFTC") agreed to apply for the first time the consent decree process in its investigation of Naver and Naver Business Platform (jointly, "Naver") and Daum Communications ("Daum") for their alleged violations of Korea's Monopoly Regulation and Fair Trade Law ("FTL").

South Korea: Notice on Proposed Partial Amendment to Commercial Code

October 2013 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On July 17, 2013, the Ministry of Justice issued an advance legislative notice of a proposed partial amendment to the Commercial Code in order to improve corporate governance. The proposed amendment is schedule to be submitted to the National Assembly in the latter half of this year after the advance notice period expires on August 25, 2013.
 

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.

Key Amendments to Korea’s Labor Laws - Second Half 2012

June 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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1. The Obligation to Hire Illegal Dispatch Workers Arises Immediately When the Violation is Found.

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

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

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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.

South Korea: Effectiveness of Amendments to Enforcement Decrees of the...

May 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Public Health Control Act Legalizing Serviced Residences 

Serviced residences combine features of the hotel business and short-term leasing business and typically target medium or long-term guests. On April 15, 2010, the Supreme Court ruled that operating a serviced residence constitutes accommodation business rather than real estate leasing business and therefore the operation of a serviced residence without reporting itself as an accommodation business was illegal.

Notice Amendment on imposition of penalty surcharges

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

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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.

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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.

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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.

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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.

Recent Amendments to Korea’s Monopoly Regulation and Fair Trade Law

April 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On February 27, 2012, the National Assembly passed the draft amendments to the Monopoly Regulation and Fair Trade Law (the “FTL”) (the “Draft Amendments”), which will become effective on June 22, 2012. The following summarizes the major changes to the FTL that will be effectuated through the Draft Amendments:

Amendments to the Enforcement Decree of the Korean Commercial Code

April 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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New amendments to the Enforcement Decree of the Korean Commercial Code (the "Amendments") were passed by the National Cabinet on April 3, 2012.

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

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

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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.

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 OUTBOUND KOREAN INVESTMENTS

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

New Proposed Legislation to Strengthen Financial Consumer Protection

March 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On December 16, 2011, the Financial Services Commission (the "FSC") proposed to enact two new pieces of legislation, the Act on Financial Consumer Protection (the "AFCP") and an amendment to the Act on Establishment of Financial Services Commission (together with the AFCP, the "Proposed Legislation"). The Proposed Legislation aims to strengthen the protection of consumers of financial products from financial institutions.

Amendments to the MRFTA have been approved by the National Assembly

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

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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.

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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").

 

New Leniency Program for Suspected Concerted Actions

February 2012 - Corporate & Commercial. Legal Developments by LCS & PARTNERS .

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A leniency program for potential unlawful actions constituting “concerted action” under the ROC Fair Trade Act of 2011 (the “FTA”) was recently instituted towards the end of 2011, due in part to discussions between the Taiwan Fair Trade Commission (“TFTC”) and the Organisation for Economic Co-operation and Development (OECD).

Korea Fair Trade Commission’s 2012 Business Plan

February 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On December 15, 2011, the Korea Fair Trade Commission (the “KFTC”) announced the key elements of its 2012 business plan. According to the 2012 business plan, the KFTC’s main goal is to establish a fair market economy that benefits the small and medium-sized enterprises, large conglomerates and consumers altogether. The key points of the KFTC’s 2012 business plan are outlined below.

Announcement of Proposed Amendment to the Enforcement Decree of the Korean Commercial Code

February 2012 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On December 28, 2011, the Ministry of Justice announced a proposed amendment to the Enforcement Decree of the Korean Commercial Code (the "Amendment"). The Amendment elaborates on certain provisions in the newly-amended Korean Commercial Code – which will come into effect on April 15, 2012 – and aim to improve and supplement the current regime.

A NEW REGULATORY CHANGE FOR BUSINESS COMBINATIONS

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

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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.

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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.

REPORT ON THE FUTURE PLANS OF THE KOREA FAIR TRADE COMMISSION

November 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On September 22, 2011, the Korea Fair Trade Commission (the “KFTC”) reported its future plans to the National Assembly’s Government Affairs Committee (the “Committee”) during the National Assembly’s Audit, details of which are described below.

AMENDMENT TO KOREA’S ACT ON PREVENTION OF DIVULGENCE AND PROTECTION OF INDUSTRIAL TECHNOLOGY

November 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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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.

Amendments to the Korean Commercial Code Set to Take Effect

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

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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.

MORE STRINGENT PRIVACY PROTECTION LAWS

September 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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1. Separate Consent for Privacy Matters

The Amendment to the Act on Promotion of Information Telecommunication Networks and Protection of Information ("APITN") came into effect on July 6, 2011.

ASBESTOS SAFETY ACT

September 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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Shortly after the enactment of the Act on Relief of Asbestos-Related Damages on January 1, 2011, the Asbestos Safety Act (the "Asbestos Act") was approved by the National Assembly and thereafter promulgated on April 28, 2011. The Asbestos Act is scheduled to become effective on April 29, 2012.

BKL Newsletter - Summer 2011

September 2011 - Corporate & Commercial. Legal Developments by Bae, Kim & Lee LLC.

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KOREAN LAW DEVELOPMENTS

CORPORATE, TAX / ADMINISTRATIVE LAW, ANTITRUST / FAIR TRADE, DATA PRIVACY, SECURITIES, BANKING & FINANCING

KFTC ACTION PLAN FOR ESTABLISHING A PLATFORM FOR GROWTH AND PROMOTION OF COMPETITION

August 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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During a meeting with the State Affairs Committee held on June 13, 2011, the Korea Fair Trade Commission (the "KFTC") reported that "establishing a platform for growth and strengthening law enforcement" was the KFTC's top priority.

RECENT AMENDMENTS TO THE KOREAN COMMERCIAL CODE

August 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On March 11, 2011, the National Assembly passed a number of proposed amendments to the Korean Commercial Code (the "KCC"). These amendments, which comprise the final phase of an amendment process that began in 2005, represent the most large-scale revisions to the KCC since its inception. Notably, they include an array of provisions that aim for more flexibility in relation to corporate financing and enhanced transparency in relation to corporate governance.

BKL Newsletter - Spring 2011

KOREAN LAW DEVELOPMENTS

ANTITRUST, CORPORATE LAW, TECHNOLOGY, TELECOMMUNICATIONS, MEDIA & TECHNOLOGY

Korea Passes Major Amendments to Company Law

Revision of Commercial Code, to take effect in 2012, brings
significant flexibility in terms of equity structure, debt financing,
corporate consolidation and dividends; clarifies directors’ duties;
introduces new electronic registration for securities; introduces
new types of business entity

New Law to Help Pave Way for Hybrid Products and “Convergence” Industries

Industrial Convergence Promotion Act seeks to expedite government clearances and provide stimulus for categorycrossing innovations such as smartphones.

HEIGHTENED CONTROLS ON TRANSACTIONS WITH IRAN

February 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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The Korean government recently amended the guideline of the Bank of Korea ("BOK") regarding certain advance reporting or approval of the BOK that a Korean resident trading with Iranian entities and individuals need to be obtain (the "Amended Guideline").

PROVISIONS ON POST-MANUFACTURE OR IMPORT ENFORCEMENT OF CHEMICAL SUBSTANCES CONTROL

February 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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The Ministry of Environment on December 3, 2010 issued "Provisions on Post-Import or Manufacture Enforcement of Chemical Substances Control" under the Toxic Chemicals Control Law (the "TCCL"). The provisions apply to the commissioners of local environmental agencies, to whom certain authorities are delegated by the Minister of Environment, in enforcing the TCCL with respect to manufacturers and importers of chemical substances.

KOREA FAIR TRADE COMMISSION'S 2011 BUSINESS PLAN

February 2011 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On December 15, 2010, the Korea Fair Trade Commission ("KFTC") announced the key elements of its business plan for the year 2011. The KFTC's 2011 business plan aims to foster stability in the everyday life of the average consumer and to promote the development of small, medium and large-sized businesses through the reinforcement of its competition policies.

LIST OF 470 GREENHOUSE GAS REGULATED COMPANIES ANNOUNCED BY KOREAN GOVERNMENT

December 2010 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On September 28, 2010, the Korean government announced a list of 470 companies whose emissions of greenhouse gases ("GHG") shall be regulated ("Regulated Companies") pursuant to the Framework Act on Low Carbon Green Growth ("Framework Act") and the Guidelines on the Designation and Supervision of GHG and Energy Regulated Companies.

No.1 legal advisor in Korea - mergermarket M&A League Tables of Legal Advisors for Q1~Q3 2010

December 2010 - Corporate & Commercial. Legal Developments by Kim & Chang .

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In mergermarket M&A League Tables of Legal Advisers up until Q3 in 2010, Kim & Chang ranked as the no.1 legal advisor in Korea based on both deal volume and count.

New Guidelines of the Korea Fair Trade Commission on Unfair Exercise of Intellectual Property Rights

May 2010 - Corporate & Commercial. Legal Developments by Kim & Chang .

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The Korea Fair Trade Commission (“KFTC”) recently approved the “Guidelines on the Exercise of Intellectual Property Rights” (“Guidelines”), which specify a basic principle of applying the Monopoly Regulation and Fair Trade Law (“FTL”) against abuse of IP rights and provide guidance on the scope of transactions to be covered and the standards for determining when enforcement of IP rights may constitute a violation of the FTL. The Guidelines has come into effect as of April 7, 2010 and the main contents of the Guidelines are as follows:

The Ministry of Justice of Korea Announces Poison Pill Legislation

March 2010 - Corporate & Commercial. Legal Developments by Kim & Chang .

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On December 1, 2009, the Ministry of Justice announced amendments to the Commercial Code setting forth proposed legislation on poison pills. A poison pill is a defensive tactic used by companies to protect management rights in the event of a hostile takeover. It typically works by granting existing shareholders the right to increase their holdings by purchasing newly issued securities at a below-market price. Despite repeated requests from Korean conglomerates to allow poison pills as a management rights protection device, the introduction of poison pill legislation had been delayed due to conflicting views held among different government circles. The government authorities have, however, reached a consensus on the issue, culminating in the announcement of pending legislation by the Ministry of Justice.

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Dinner with GC -
Korea 2018

  • China and Hong Kong GC Powerlist

    In May, The Legal 500 and GC Magazine added another country to the list of destinations for their exclusive Dinner with GC series, as South Korea’s elite in-house counsel came together at Mugunghwa in Seoul, for a closed-door discussion on the realities of the role.

    Dinner with GC - Korea 2018