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Important Upcoming Changes to the Korean Electricity Business Act regarding Solar Farm Developments

Lee & Ko | July 16, 2020

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 …

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News Alert – Recent Amendment to Korean Patent

Lee & Ko | July 16, 2020

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

Lee & Ko | July 16, 2020

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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Latest Supreme Court Decision Sets New Standards for Inventiveness

Lee & Ko | June 17, 2020

Benefit of invention now a more important factor for inventiveness On May 14, 2020, the Supreme Court held, for the first time, that even if there are no facially apparent difficulties in combining certain prior art technologies to arrive at a particular patented invention, such combination would not be easy and thus inventiveness of the …

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Amendments to the Pharmaceutical Affairs Act to Strengthen Administrative & Criminal Sanctions for Data Manipulation Related to Applications for Regulatory Approvals

Lee & Ko | May 19, 2020

On April 7, 2020, an amendment to the Pharmaceutical Affairs Act (the ‘PAA’) came into effect to provide a statutory basis for administrative and criminal sanctions to be enforced against companies that have obtained regulatory approval for a drug product through deceitful or otherwise improper means.

Amended Act on Reporting and Using Specified Financial Transaction Information Now Governs Virtual Assets

Lee & Ko | March 13, 2020

The amendment to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter, the “Specified Financial Information Act”), which defines cryptocurrency as a “virtual asset” and focuses on a reporting system for cryptocurrency exchanges, was ratified in the National Assembly’s plenary session on March 5, 2020.

Recent Decision by the Tax Tribunal Regarding Application of the Flat Tax Rate to Foreign Employees

Lee & Ko | March 11, 2020

Application of the flat tax rate to “a foreign employee who worked in Korea for a period which ended before January 1, 2014, and recommenced working in Korea after January 1, 2014”

Implementation of Pre-approval System for Cross-border M&A for Companies with National Core Technology

Lee & Ko | February 24, 2020

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 …

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New Supreme Court Decision Constrains Patentee’s Strategic Use of Correction Petition in Pending Patent Case

Lee & Ko | February 6, 2020

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 …

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Major Amendments to the Credit Information Act Passed by National Assembly

Lee & Ko | January 23, 2020

On January 9, 2020, amendments to the Credit Information Use and Protection Act (“Credit Information Act”) were passed during a plenary session of the National Assembly. These amendments to the Credit Information Act (“Amendments”) were passed in tandem with respective amendments to the Personal Information Protection Act (“PIPA”) and the Act on Promotion of Information …

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