KOREAN FINANCIAL REGULATOR EXTENDS BAN ON COVERED SHORT SALES UNTIL MARCH 30, 2025, AND ANNOUNCES SHORT SALES REFORM MEASURES
KEY TAKEAWAYS Covered short sales of KRX-listed stocks will continue to be banned until March 30, 2025.
Reimplementation of the FSS Comprehensive Audit and Amendment of Korean Anti Money Laundering Laws
I Revival of Comprehensive Audit Significance The reinstatement of a comprehensive audit of all issues (as opposed to a special audit that is instigated when a particular issue has arisen) (“Comprehensive Audit”) by the Financial Supervisory Service (“FSS”) means that the selected financial institutions will need to be better prepared for the increased breadth and …
Korean data law amendments pose new constraints for cross-border online services and data flows
Under amendments to IT Networks Act, set to take effect in March 2019, offshore online businesses, meeting thresholds of nexus to Korea, will be required to designate local agent for regulatory oversight purposes. Amended rules will also newly restrict onward transfer (to additional countries) of personal information by offshore parties, and, on a reciprocity basis, …
New Legislation Reduces Maximum Weekly Working Hours in Korea
*For better understanding of this article with other graphics , we highly recommend you to visit our firm's website as below. http://www.bkl.co.kr/upload/data/20180410/bkl-legalupdate-2018000410.html#.WsxBYIhuaHs Nearly 4 years after they first began discussions to revise the law, the Korean National Assembly passed a bill on February 28, 2018 to amend the Labor Standards Act (“LSA”), to reduce …
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Supreme Court Renders Decision Calling for “Gender Sensitivity” in Sexual Harassment Cases
Amid the widespread attention that sexual harassment/violence in the workplace has received due to international movements such as the “Me Too” movement, the Supreme Court of Korea has recently rendered a significant decision on the need to reform the judicial system’s approach to sexual harassment cases.
[South Korea] Amendment to Unfair Competition Law
A bill to amend the Unfair Competition Prevention and Trade Secret Protection Act (the “UCPA”) was promulgated on April 17, 2018, and is scheduled to take effect on July 18, 2018. The bill introduces significant amendments to the UCPA, namely stipulating store interior designs as business marks and making the unauthorized use of “ideas” an …
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[South Korea] Location information law amended to ease requirement for tracking of objects
Under changes to Location Information Act, to take effect in October 2018, businesses will be allowed to track goods after obtaining registration instead of license.
[South Korea] Amendments to Korean telecom license framework taking shape
Legislators have put forward an advanced draft of amendments to the Telecommunications Business Act, Korea’s main telecom statute. The draft amendments, proposed on March 29, 2018, would finalize changes anticipated since August 2017, so as to relax license requirements and foreign ownership restrictions for telecom carriers. Amendments seem likely to pass within 2018, with effect …
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Virtual Currency – Financial Regulations to Curb Speculation and Money Laundering
On January 23, 2018, the Financial Supervisory Service and the Financial Service Commission published additional guidelines to regulate banking and financial transactions involving cryptocurrency exchanges (each, an "Exchange"). The key points of these guidelines are summarized below.
Virtual Currency – Enhancement of Control over Korean Cryptocurrency Exchanges
On December 28, 2017, the Korean joint task force on cryptocurrency, consisting of various governmental agencies including the Office for Government Policy Coordination, Financial Supervisory Commission, the Ministry of Justice and the Ministry of Strategy and Finance, among others, announced that it will continue its implementation of its previously announced emergency measures on December 13, …
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