Implementation of Pre-approval System for Cross-border M&A for Companies with National Core Technology
The Act on Prevention of Divulgence and Protection of Industrial Technology (the “Act”) provides for the protection of national core technologies held by Korean companies, research institutes, professional institutions and universities (each a “Protected Entity”) and prevention of their leakage. The Act was revised as of February 21, 2020 and the revised Act was went …
New Supreme Court Decision Constrains Patentee’s Strategic Use of Correction Petition in Pending Patent Case
On January 22, 2020, the Supreme Court ruled, en banc, that if a petition to correct a patent specification or drawings is granted after the conclusion of the appellate phase of a patent invalidation action, the decision granting such petition cannot be a ground for retrial under Article 451, Paragraph 1, Subparagraph 8 of the …
Greater Reforms for Promoting Work-Life Balance – Changes to the Gender Equal Employment….
Greater Reforms for Promoting Work-Life Balance – Changes to the Gender Equal Employment and Work-Life Balance Support Act Starting 1 October 2019, employees would benefit from significant changes to the Gender Equal Employment and Work-Life Balance Support Act (“GEEA”), particularly concerning paternity leave and workhours reduction for childcare and family care. These changes are also …
Russian Court’s Judgment Recognized for Enforcement in Korea
Recently, based on the premise that requirements for “mutual guarantee” or “reciprocity” in relation to the recognition and enforcement of foreign judgments can be allowed between Russia and Korea, a District Court of Korea rendered its decision which allowed a judgment concluded by a Russian court to be enforceable in Korea (see Changwon District Court, …
Continue reading “Russian Court’s Judgment Recognized for Enforcement in Korea”
Korean National Assembly Passes “Blind Hiring” Bill to Reform Hiring Culture
Recently, the National Assembly of Korea passed legislative amendments to the Fair Recruitment Procedure Act (“FRPA”) as part of the reform efforts to address the country’s recruitment culture. The latest amendment – dubbed the “blind hiring” bill – expands the FRPA to prohibit any type of recruitment irregularities (e.g., improper solicitation, coercion, pressure) and, more …
Continue reading “Korean National Assembly Passes “Blind Hiring” Bill to Reform Hiring Culture”
Korean Financial Supervisory Service Mandating Disclosure of Transaction Documents When Filing Repor
Korean Financial Supervisory Service Mandating Disclosure of Transaction Documents When Filing Report on Material Facts In light of the recent amendment to the internal policies of the Financial Supervisory Service of Korea (FSS), companies that file a “Report on Material Facts” on or after April 29, 2019, will also be required, as a matter of …
Successful Challenges to Korean Health Insurance Regulator’s 13-Year Old System…
Successful Challenges to Korean Health Insurance Regulator’s 13-Year Old System of Automatic Reduction of Original Drug Price The Seoul Administrative Court and the Seoul High Court issued orders suspending the automatic reduction of the price of the original drug “A” upon generic entry claiming patent non-infringement and the automatic reduction of the price of the …
Continue reading “Successful Challenges to Korean Health Insurance Regulator’s 13-Year Old System…”
Korean Supreme Court Confirms Licensee’s Standing to Challenge Patent Validity
On February 21, 2019, the Supreme Court of Korea issued an en banc decision overruling its prior precedents on the issue of whether a licensee who is continuing to make royalty payments under an existing license agreement nevertheless has standing to challenge the validity of the licensed patent. In short, the Korean Supreme Court held …
Continue reading “Korean Supreme Court Confirms Licensee’s Standing to Challenge Patent Validity”
Amendments to the KFTC Merger Review Guidelines
The Korea Fair Trade Commission (the “KFTC”) recently amended its Guidelines for Merger Review (the ”Guidelines”), which took effect from February 27, 2019. The Guidelines now provide for particular issues relating to “innovation markets” and “big data” that will be considered during the KFTC’s review of mergers within R&D-intensive (i.e. innovative) industries.
Korea strengthens protection against IP infringement and unfair competition (Amendment of the Patent
Korea strengthens protection against IP infringement and unfair competition (Amendment of the Patent Act and the Unfair Competition Prevention Act) On December 7, 2018 the Korea National Assembly approved a bill to amend the Patent Act and the Unfair Competition Prevention and Trade Secret Protection Act (“UCPA”). Highlights of the proposed amendments include stronger penalties …