FSC Plans to Introduce a Mandatory Bid Rule for Change in Management via Stock Transfer
The Financial Services Commission (the “FSC”) recently announced its plan to introduce a mandatory bid rule, which would grant the minority shareholders of listed companies an opportunity to sell their shares when a change of control takes place through transfer of stocks.
KFTC Announces Enforcement Plan for 2023
On January 26, 2023, the Korea Fair Trade Commission (the “KFTC”) announced its 2023 Enforcement Plan (the “2023 Plan”).
Key Details and Implications of the Serious Accident Reduction Roadmap
On November 30, 2022, the Ministry of Employment and Labor (the “MOEL”) announced the Serious Accident Reduction Roadmap (the “Roadmap”).
User Protection and Regulation of Unfair Trade in the Digital Asset Industry
The following bills, which are designed for user protection and fair trade in the digital asset industry, were proposed at the National Assembly in October and November 2022 (the “Bills”): (i) the “Proposed Act on the Restoration of Fairness in the Digital Asset Market and the Creation of Safe Trading Environment” and (ii) the “Proposed …
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Financial Authorities Move to Strengthen Regulation of Corporate Restructuring
As companies have recently been seeking various business activities to restructure their corporate governance and business structures, there is a growing interest in the protection of shareholders and investors. As a result, legal procedures related to corporate management and regulations on related disclosures have been strengthened.
SAPA Indictments and Their Implications
Since the Prosecutors’ Office (the “PO”) issued its first indictment for a violation of the Serious Accidents Punishment Act (the “SAPA”) on June 27, 2022, it has issued indictments on three separate cases on October 19 and November 3, 2022.
US’ CHIPS Act of 2022, Inflation Reduction Act and Their Implications to Korean Companies
In August 2022, US President Joe Biden signed the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022, and therefore, the two laws entered into force. The two laws provide significant incentives to encourage semiconductor manufacturing in the US and wide-ranging incentives for climate change policies in areas including the clean …
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Seven Compliance Check Items Under the Enforcement Decree of the SAPA
Under the Enforcement Decree of the Serious Accidents Punishment Act (the “SAPA”), companies subject to the SAPA must check their compliance status – at least once every six months – with respect to the seven items enumerated below. The SAPA duties are imposed on each company’s “responsible management personnel” (the “RMP”) as defined by the …
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Regulatory and Legislative Trends Regarding Restructurings of Listed Companies
In response to the concerns raised by various stakeholders, the National Assembly and the government have been preparing legislation and policies that would protect the rights and interests of minority shareholders pertaining to restructurings of listed companies and strengthen relevant procedural requirements.
New Administration’s National Agenda on ICT and Fintech Industries
In this article, we introduce the goals and tasks of the Presidential Transition Committee relating to digital finance, digital economy, and the media, prior to the inauguration of the 20th administration in May 2022.