Changes to KFTC Merger Guidelines Took Effect on December 30, 2021
Expanding Scope of Business Combinations Eligible for Simplified Review The Korea Fair Trade Commission (the “KFTC”) amended the KFTC Guidelines on Merger Review (the “Amended Merger Review Guidelines”) to expand the scope of business combinations eligible for a simplified review, and the Amended Merger Review Guidelines took effect on December 30, 2021. A simplified review …
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Digital Finance: Current Issues and Laws NFTs: Key Korean Legal Considerations
NFTs, or non-fungible tokens, have exploded in popularity recently in line with the surge in interest in the metaverse among companies like Meta (former Facebook) as well as investors and consumers. We discuss the characteristics of NFTs and the legal and regulatory issues relating to them.
Court Allows Lessee to Terminate Commercial Lease as COVID-19 Force Majeure
Court Allows Lessee to Terminate Commercial Lease as COVID-19 Force Majeure.1
Amendments to Korea’s Unfair Competition Prevention and Trade Secret Protection Act Provide More Protection for Data and Famous People.
Korea’s recent amendments to the Unfair Competition Prevention and Trade Secret Protection Act (the UCPA) strengthened the statutory framework for:
Arbitration Agreement Survives Franchise Law Challenge
The Supreme Court recently issued a judgment upholding the validity of an arbitration agreement in an international franchise agreement,(1) notwithstanding the franchisee’s objection that the arbitration agreement violated mandatory provisions of Korean law intended to protect franchisees.
Tax Alert – the Korean Ministry of Economy and Finance Announces 2022 Tax Amendment Proposals
On July 26, 2021, the Ministry of Economy and Finance announced the government’s tax amendment proposals for 2022 (the Proposals). The Proposals are intended to (i) encourage economic recovery from the COVID-19 pandemic, facilitate job creation and drive the growth of industry sectors that will boom in the post-COVID era; (ii) reduce the economic inequality …
PIPC Sanctions Facebook and Netflix for Privacy Violations
On August 25, 2021, the Personal Information Protection Commission (PIPC) announced that it had imposed various administrative sanctions (i.e., administrative penalty surcharges totaling KRW 6.66 billion, administrative fines totaling KRW 29 million, corrective orders, improvement recommendations, and publications) on Facebook[1]and Netflix for violations of the Personal Information Protection Act (PIPA). Google was also investigated but …
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Digital Finance: Current Issues and Laws – Guidelines for AI issued for financial sector
We introduce the key points and implications of the newly issued Financial Sector Artificial Intelligence Guidelines as below.
Pharmaceutical Affairs Act Amended to Limit ‘Joint Use of Bioequivalence Test’
The amendment to the Pharmaceutical Affairs Act (PAA) passed the National Assembly on June 29, 2021, and is expected to be promulgated sometime in July.
Changes to CISO Designation Rules and Public Disclosure Requirement for Information Security
Certain amendments to the Act on Promotion of Information and Communications Network Utilization and Information Protection (“Network Act”) and the Act on the Promotion of Information Security Industry (“Information Security Industry Act”) were promulgated on June 8, 2021 and are scheduled to go into effect on December 9, 2021. These amendments contain several major changes …