Amendment of FSCMA and Its Subordinate Regulations to Introduce “Prior Disclosure Regime” for Insider Trading
On December 28, 2023, the National Assembly passed a proposed amendment to the Financial Investment Services and Capital Markets Act (the “Amended FSCMA”)
Amendments to Protect IP Rights Holders Under the Trade Secret Protection Act and Patent Act
On January 25, 2024, the Korean National Assembly passed significant amendments to the Patent Act (the “Amended Patent Act”) and the Unfair Competition Prevention and Trade Secret Protection Act (the “Amended UCPA,”
Promulgation and Implementation of the Amended MRFTA
The amendment to the Monopoly Regulation and Fair Trade Act (the “MRFTA”) was promulgated on February 6, 2024,
Approved Amendments to ITA to Prevent Leakage of National Core Technology and Trends for Future Amendments
The Ministry of Trade, Industry and Energy (the “MOTIE”) announced proposed amendments to the Act on Prevention of Divulgence and Protection of Industrial Technology (the “Industrial Technology Protection Act” or “ITA”) in the second quarter of last year,
New Subcontract Price Linkage System Takes Effect
A new price linkage system was introduced through amendments to the Enforcement Decrees to the Fair Transactions in Subcontracting Act (the “FTSA”) and the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises (the “Mutual Growth Act”),
Recent Updates on Financial Authorities’ Short Sale Regulations
The Financial Services Commission (the “FSC”) resolved that all short sale transactions be banned from November 6, 2023 to the end of June 2024.
Proposed Amendment to the “Act on Prevention of Divulgence and Protection of Industrial Technology”
On June 28, 2023, the Ministry of Trade, Industry and Energy (the “MOTIE”) pre-announced proposed amendments to the Act on Prevention of Divulgence and Protection of Industrial Technology (the “Industrial Technology Protection Act” or “ITA”) which would broaden the scope of the application of the ITA and reinforce the regulatory framework (MOTIE Public Notice No. …
New Developments on Dual-Class Shares
The amended Act on Special Measures for the Promotion of Venture Businesses (the “Amended Act”),
Responding to Expanded SAPA Application Scope that Includes Smaller Businesses (50 Workers or Fewer)
The Serious Accidents Punishment Act (the “SAPA”), which imposed the duty to ensure safety and health on businesses’ Responsible Management Personnel (“RMP”), became effective on January 27, 2022 and applies to businesses with at least 50 full-time employees (or a total construction cost of at least KRW 5 billion for construction businesses).
Key Points of the Amended UCPA
An amendment to the Unfair Competition Prevention and Trade Secret Protection Act (the “UCPA”) was promulgated on March 28, 2023 and will become effective on September 29, 2023.