Korea introduces new law strengthening protection against intentional infringement of IP rights
Following the July 2019 amendment to the Patent Act introducing punitive damages for patent infringement, the Korean National Assembly has since passed additional legislation to strengthen the protection of IP rights. The new legislation includes amendments to the Trademark Act, the Design Protection Act and the UCPA (Unfair Competition Prevention and Trade Secret Protection Act), …
KFTC Announces the Proposal for the “Fair Intermediation Transactions on Online Platform Act”
One of the most significant changes brought upon by COVID-19 is the increase in contact-free transactions, which triggered rapid increases in the market concentration of the online platform industry. In response to such changes, the Korea Fair Trade Commission (the KFTC) proposed the “Fair Intermediation Transactions on Online Platform Act” (the Online Platform Act) to …
Proposed Pharmaceutical Affairs Act Amendment Regarding Patent-Approval Linkage System
On August 20, 2020, the Ministry of Food and Drug Safety (“MFDS”) announced a proposed amendment to the Pharmaceutical Affairs Act (“PPA”) aimed to address certain deficiencies in the Patent-Approval Linkage System that went into effect in 2015. Key features of the proposed amendment may be summarized as follows.
Key Tax Law Amendments in the Draft 2020 Tax Revision Bill
On July 22, 2020, the Ministry of Economy and Finance publicly released the 2020 draft Tax Revision Bill (the ‘Draft Bill’).
Amendments to the Personal Information Protection Act and Credit Information Use and Protection Act
Amendments to the Personal Information Protection Act (‘PIPA’) and Credit Information Use and Protection Act (‘Credit Information Act’) that were promulgated on February 4, 2020 took effect on August 5, 2020, along with their respective implementing regulations that were also amended to reflect the changes in the two laws. By balancing the need for the protection …
Key Tax Law Amendments in the Draft 2020 Tax Revision Bill
On July 22, 2020, the Ministry of Economy and Finance publicly released the 2020 draft Tax Revision Bill (the ‘Draft Bill’). Amidst the increasing risk of a global recession caused by the COVID 19 pandemic, the Draft Bill aims to: (i) promote investment and spending; (ii) enhance tax benefits to low-income earners and mid-sized and …
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Important Upcoming Changes to the Korean Electricity Business Act regarding Solar Farm Developments
There have been recent amendments to the Electricity Business Act (‘EB Act’) (the main Act governing the granting of permits required to develop and operate renewable energy projects in Korea) that are likely to affect a large majority of potential investors in Korean solar farm projects. As is discussed below, the legislative amendments are due …
Important Upcoming Changes to the Korean Electricity Business Act regarding Solar Farm Developments
There have been recent amendments to the Electricity Business Act (‘EB Act’) (the main Act governing the granting of permits required to develop and operate renewable energy projects in Korea) that are likely to affect a large majority of potential investors in Korean solar farm projects. As is discussed below, the legislative amendments are due …
News Alert – Recent Amendment to Korean Patent
New hybrid approach covering full scope of infringing sales (lost profits + reasonable royalty) On May 20, 2020, the Korea National Assembly approved a bill to amend the Patent Act, adopting a so-called hybrid damages approach – where a patentee will be entitled to seek a royalty, as additional damages, for sales that exceed the …
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COVID-19 Outbreak: Managing Legal Issues from the Korean Law Perspective
While Korea has had considerable success in containing and curtailing the first wave of the novel coronavirus outbreak (‘COVID-19’), the ongoing spread of the pandemic continues to disrupt the global economy, significantly impacting businesses and companies in all industries worldwide. As a result, businesses and companies both within Korea and throughout the world are increasingly confronting …
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