Firm Profile > Lee & Ko > Seoul, South Korea

Lee & Ko > The Legal 500 Rankings

Lee & Ko > Firm Profile

• Premier full-service law firm in Korea

 

• Founded in 1977, and comprising more than 700 professionals, organized into 7 practice groups with 40 specialty teams

 

• One-stop service for all legal needs, based on efficient collaboration among highly specialized team

 

• Emphasis on responsiveness & practical solutions

 

• 7 major practice groups: (i) corporate and M&A, (ii) banking, finance and securities, (iii) litigation (both civil and criminal) & alternative dispute resolution (iv) tax & customs, (v) antitrust & competition, (vi) labour & employment and (vii) intellectual property

 

• 40 specialised teams : Within the firm’s seven major practice groups there are approximately 40 highly specialised teams of legal professionals including the following: anti-corruption & FCPA; antitrust & competition; aviation; banking; bankruptcy, insolvency & corporate restructuring; capital markets & securities; class actions & consumer claims; construction; consumer goods & services; corporate and M&A; corporate governance; derivatives; dispute resolution; energy; entertainment; environment; finance (acquisition finance, asset finance, project finance, structured finance); foreign direct investment; healthcare; industry & manufacturing; infrastructure; insurance; intellectual property; internal investigations; international practice (Chinese, European, Japanese practice); international trade; investment funds; labour & employment; maritime & shipping; overseas investment; private equity & venture capital; privatisation; product liability; real estate; regulatory compliance; tax & customs (tax consulting, audits, dispute resolution, transfer pricing); technology, media & telecommunications; and white-collar crime.

 

• Recognition & Awards

 

• “Best Firm in South Korea” – Euromoney (2018)
• “Korea Deal Firm of the Year” – Thomson Reuters (2018)
• “Korea Finance Firm of the Year” – The Asian Lawyer (2018)
• “Korea TMT Firm of the Year” – The Asian Lawyer (2019)
• “Labour and Employment Law Firm of the Year” – Thomson Reuters (2018)
• “Competition Lawyer of the Year” – The Asian Lawyer, Asia Legal Awards (2017)
• “Behavioural Matter of the Year (Asia-Pacific, Middle East and Africa)” – Global Competition Review (2017)
• “Transfer Pricing firm of the Year” – Euromoney ITR Asia Tax Awards (2016)
• “Korea Patent Firm of the Year” – Asia IP Awards (2018)
• “Korea Trademark Contentious Firm of the Year Award 2019” – MIP (2019)
• Tier 1 in all or a majority of practice areas by Asia Pacific Legal 500, IFLR 1000, Asialaw Profiles and Chambers Asia

Press Releases

South Korea

KFTC Enhances the Predictability and Clarity of Decisions but Potentially Increase the Overall Administrative Fine Levels

Facing continued criticisms that the existing rules allowed overly broad discretion to the Korea Fair Trade Commission (the “KFTC”) in setting the amount of administrative fine, the KFTC amended the Notification on Detailed Standards for Imposition of Administrative Fine (the “Notification”). The amendments (the “Amendments”) were passed by the KFTC’s full Committee of Commissioners on December 21, 2016, and came into effect on December 30, 2016.

Legal Developments

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 expected to have material implications for employers with regard to general compliance obligations and require employers to review their practices in engaging employees and other workforce flexibility measures to adapt to the legislative changes. We have summarized the notable changes as follows.

Lee & Ko successfully represents Big Hit Entertainment against unauthorized use of BTS’ photos

Lee & Ko, on behalf of Big Hit Entertainment (“Big Hit”), obtained the first-ever decision in Korea to recognize the entertainment companies’ right to independently request for injunction against those who free-ride on the customer attractiveness that is based off of popularity and fame of the artists managed by the companies. This landmark decision is expected to serve as an important pedestal in protecting the legitimate interest of entertainment companies (domestic as well as international) that manage famous artists and entertainers and remain vulnerable to unfair competition of free-riders.

First- Ever Decision by the Supreme Court of Korea …

First- Ever Decision by the Supreme Court of Korea to Find Copyright Infringement in the Selection, Arrangement or Combination of Game Elements

Key International Tax Law Amendments in the Draft 2019 Tax Revision Bill

On July 25, 2019, the Ministry of Economy and Finance publicly released the 2019 draft Tax Revision Bill (the “Draft Bill”). The Draft Bill is expected to be sent to the National Assembly on September 3, 2019 for deliberation and adoption.

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, Decision 2018Gahap51099 held on January 17, 2019).

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 importantly, bars employers from asking jobseekers to provide any information unrelated to the position and the applicant’s merit. The amended FRPA will go into effect starting July 17, 2019.

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 principle, to disclose the underlying transaction documents in full.

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 original drug “B” upon generic entry claiming patent invalidity, respectively. The automatic price reduction of the original drug B has been continuously suspended since the Administrative Commission’s suspension order issued in April 2018.

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 that absent special circumstance, a patent licensee is an “interested party” eligible for challenging the validity of a licensed patent, despite the lack of any threat or potential threat posed by the patent holder against the licensee’s right to use the patented invention. (Supreme Court En Banc Decision No. 2017Hu2819).

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 for patent infringements and further relaxation of the burden of proof for patent holders. The amendments are to be effective on July 9, 2019.

Korean TR, Finally and Officially Coming Soon

Korean TR, Finally and Officially Coming Soon

Korea is finally adopting a trade repository (“TR”), which is an infrastructure that collects and stores data related to over-the-counter (“OTC”) derivatives transactions. The Financial Services Commission (“FSC”) has decided to implement the TR system by making amendments to the Regulations on Financial Investment Business (which is aligned with Article 166-2(2) of the FSCMA), instead of making amendments to the Financial Investment Services and Capital Markets Act (“FSCMA”) or its Enforcement Decree, and has approved the amendment as of January 31, 2019. As a result, the TR is expected to be activated in July, 2020 as scheduled. Korea is introducing the TR system in order to improve transparency and systematic risk management in its OTC derivatives market as part of its effort to adhere to the G20 accord.

Key Changes to Korean Labor Standards Act in 2019

Key Changes to Korean Labor Standards Act in 2019

In 2018, Korea experienced major reforms to the employment laws including, but not limited to, the Labor Standards Act. For example, many employers scrambled – many are still struggling – to adjust their work hour structures to comply with the new 52-hour work hour limit. In 2019, legislative reforms and amendments proposed in 2018 have taken effect. For your information, we have highlighted two major changes in the employment law landscape for 2019.

Direction of Financial Regulatory Environment of Korea in 2019: Legislation Supporting Financial Inn

Direction of Financial Regulatory Environment of Korea in 2019: Legislation Supporting Financial Innovation and Reform of Supervisory System

For 2019, it is expected that the financial regulatory/legislative environment will see further developments along two key tracks, with one track consisting of the enactment of special laws favoring new business initiatives aimed at promoting innovation in the financial business sector, and the other track consisting of legislative activity aimed at reforming and improving the existing financial supervisory system to promote greater efficiency and integration.  The following specific examples of legislation are representative of the overall direction planned for the financial regulatory environment in the year ahead.

Korean Financial Regulators Advance Legislation to Introduce Regulatory Sandbox to Spark FinTech

Korean Financial Regulators Advance Legislation to Introduce Regulatory Sandbox to Spark FinTech

The 2018 year in review in Korea was notable for the sluggish overall economy, uncertainty surrounding the geo-politics and impact on Korea due to the global trade wars, on-going concerns related to the lack of jobs and unemployment, increased taxes and burdens for businesses and families, and no meaningful improvement or clarity in the current situation for 2019. In response, the Korean National Assembly passed a legislation called the Financial Innovation Support Act (the “FinISA”) on December 7, 2018 to spark the financial services industry in conjunction with FinTech products and services. The FinISA, which will soon take effect in March 2019, is intended to lay the legal foundation to introduce a regulatory sandbox for innovative financial services, where FinTech firms test their new products and services without certain regulatory oversight pursuant to exemptions for a limited period of time (“Sandbox”). As the FinISA exempts or defers application of existing finance-related regulations for new financial technology, products or services with the purpose of fostering the creation of innovative and new financial products and services, it will also support the stabilization of such services in the financial services market at the end of the testing period and is expected that the FinISA will support a revitalization of the FinTech industry which experienced sluggish growth in recent times. In particular, as companies and investors become more interested in security tokens and Security Token Offerings (“STO”) which are regulated by the Financial Investment Services and Capital Markets Act (the “FSCMA”), there have been on-going discussions and debates as to whether the FinISA could lead to a breakthrough in the crypto-asset industry based on blockchain technology. Crypto assets encompasses those assets which utilize blockchain technology where the asset is digitalized by utilization of cryptography, peer-to-peer networks and a public ledger of verified transactions resulting in a ‘units’ of such a crypto asset without any involvement by middle-persons or brokers (e.g., cryptocurrency.

Flying Under the Radar

Flying Under the Radar: Companies Must Increase Awareness of the Potentially Dormant and Disruptive Changes to the Minimum Wage in Korea

Korea has experienced unprecedented yearly increases to the statutory minimum wage since 2017 in addition to changes in the applicable legislation. While companies are aware of the more patent impacts of the recent major changes to the Labor Standards Act and have initiated proactive measures to ensure legal compliance, companies often overlook the impacts of the significant changes to the statutory minimum wages and associated legislation until it is too late. And as an employer may face criminal sanctions (i.e., imprisonment up to 2 years or criminal fine not exceeding KRW 20 million) for unpaid wages, companies must be aware of the changing legislation related to the statutory minimum wage and – as with changes to the Labor Standards Act – take proactive measures to ensure continued legal compliance.

New Legislation: Amendment to the Enforcement Decree of the Act on External Audit of Stock Companies

New Legislation: Amendment to the Enforcement Decree of the Act on External Audit of Stock Companies

The amendment to the Act on External Audit of Stock Companies (the “Act”) and the enforcement decree thereof (the “Enforcement Decree”), whose key feature pertains to the external audit and disclosure requirements for limited liability companies, became effective as of November 1, 2018. Certain provisions relating to the category of targets of external audits will become effective with respect to the fiscal years that commence on or after November 1, 2019. Therefore, for the majority of companies whose fiscal years begin on January 1 and ends on December 31 of each year, the revised category will become effective with respect to the fiscal year that begins on January 1, 2020.

New Proposed Tax Law Amendments Provide Clarification on the Taxation of Foreign Funds

On July 30, 2018, the Korean Ministry of Economy and Finance (“MOEF”) announced the proposed tax law changes/amendments for 2019 and beyond (“Proposals”). The Proposals are expected to be reviewed and finalized by the Korean National Assembly in December 2018.

Some key Proposals that should be of great interest to private equity funds and other investors relate to the Korean taxation of a foreign collective investment vehicle, referred to as an Overseas Investment Vehicle (“OIV”) in the Korean tax law. An OIV is broadly defined as an overseas vehicle that raises funds through an investment offering, manages investment assets, derives value from the acquisition and disposition of such assets, and distributes such derived value to its investors. Consequently, partnerships, limited liability companies and other types of collective investment vehicles (e.g., trusts) would likely be included in the definition of OIV.

The key provisions of the Proposals in relation to an OIV that will impact tax planning for foreign funds are summarized below.

KFTC to Expand Scope and Penalties of Korea’s Antitrust Enforcement Regime

Korea’s competition authority, the Korea Fair Trade Commission (the “KFTC, has announced a proposal to expand its existing enforcement authority to the courts and prosecutors through a full-scale reform of the Monopoly Regulation and Fair Trade  Act, Korea’s primary competition statute. If all proposed reforms are passed by the National Assembly as currently drafted, the impact on the Korean economy and antitrust enforcement will require companies doing business in Korea to tighten their risk management and compliance measures, as the scope and penalties of Korean antitrust enforcement would be broadened.

The Use of Dispatch Workers: Ironing Out Yet Another Wrinkle for its Successful Implementation

From a purely employer’s perspective, foreign companies operating in Korea are often frustrated (or at times, even amazed) at some of the protections provided to employees under the Korean employment laws. A few of the most difficult legal requirements include the strict just-cause requirement for termination, the durational limits on the use of fixed-term (contract) employees, the statutory severance obligation, and the statutory allowances for overtime, night-time, and holiday works. In light of such requirements and to minimize the burden of potential employer liabilities, many foreign companies may naturally wonder: How can we structure our workforce so that we can preserve an increased degree of flexibility when managing our personnel?

Korea’s New Supreme Court Case Excludes Mileage From Vat Taxation:

Used mileage points interpreted as sales allowance deductible from tax base

If a business operates a customer loyalty program together with other business, in which the amount of mileage points granted for the customers’ primary transaction is deducted from the purchase price of the customers’ secondary transaction and those customers only have to pay the remaining price, the amount deducted from the purchase price during the secondary transaction should not be additionally included as the value of supply(i.e. should not be subject to VAT) of the secondary transaction(Summary of Supreme Court 2015 du 58959, 2016. 08. 26.).

Korea strengthens protection of national core technology and industrial technology (Amendment of the Prevention of Divulgence and Protection of Industrial Technology Act)

On August 20, 2019, an amendment of the Prevention of Divulgence and Protection of Industrial Technology Act (hereinafter “PITA”) was passed and shall come into effect on February 21, 2020. The new amendment is likely to affect technology companies as the scope of national core technology and industrial technology under PITA is broadly defined by the Ministry of Trade, Industry and Energy (MOTIE).

Major Amendment to the Personal Information Protection Act Passed by National Assembly

On January 9, 2020, amendments to Korea’s 3 major data privacy laws (“Three Data Laws”), i.e., Personal Information Protection Act (“PIPA”), Act on the Promotion of Information and Communications Network Utilization and Information Protection (“Network Act”), and Credit Information Use and Protection Act (“Credit Information Act”), were passed at a plenary session of the National Assembly of Korea.

Korean Tax Law Adopts New Simplified Transfer Pricing Rules relating to Low Value-adding Intra-group Services

With the recent pre-announcement of a draft amendment to the Enforcement Decree of the International Tax Coordination Law (“EDITCL”), Korean tax law is expected to adopt simplified transfer pricing requirements relating to “low value-adding intra-group services”, as laid out in Action 10 of the OECD BEPS Report.

Major Amendments to the Credit Information Act Passed by National Assembly

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 and Communications Network Utilization and Information (“Network Act”). The PIPA, the Network Act, and the Credit Information Act are collectively referred to as Korea’s 3 major data privacy laws (“Three Data Laws”). The main objectives behind the Amendments are (1) promotion of the data economy in the financial sector by, inter alia, establishing the statutory basis for the analysis and utilization of big data, (2) reform of the legal framework for the regulation of industries related to credit information by, inter alia, introducing the concept of credit information self-management (“MyData”) and revamping the existing system for regulating credit bureaus (“CBs”) that carry out credit evaluations of individuals, and (3) reinforcement of data protection in the financial sector by, inter alia, introducing the right to request transmission of personal credit information and the right to challenge decisions based on profiling. The Amendments are expected to serve as a catalyst for the increased utilization of big data and convergence of data in the financial sector, and lead to the emergence of innovative services (e.g., customized financial services catering to the needs of individual customers) and new industries related to data (e.g., MyData services, non-financial CBs). In addition, the Amendments have been designed to enhance interoperability with the European Union’s General Data Protection Regulation (“GDPR”) as well as the data protection regulations of other countries and thus, are expected to facilitate the processing of data by Korean companies when they conduct business abroad. The Amendments are expected to go into effect in late July or early August of this year (which will be 6 months from their promulgation date). Key provisions of the Amendments are summarized below. 1. Key Provisions of the Amendments

• In line with the aforementioned amendments to the PIPA, the Amendments also introduce the concepts of “pseudonymized information”, “pseudonymization”, and “anonymization”. Please refer to our newsletter dated January 14, 2020 (“Major Amendment to the Personal Information Protection Act Passed by National Assembly”) for more information on these concepts.
• The Amendments permit credit information handlers to provide personal credit information to third parties without the consent of personal credit information subjects to the extent such provision is not inconsistent with the original purpose of collection after considering factors such as the circumstances surrounding the collection of personal credit information, the potential impact to personal credit information subjects, and whether necessary safeguards have been implemented to ensure the security of personal credit information.
• The Amendments breakdown CBs into subcategories (whereas under the current Credit Information Act, CBs are defined rather broadly without such distinction) such as “CBs for individuals,” “CBs for sole proprietorships,” and “CBs for corporations” while relaxing regulatory entry barriers for each subcategory. In addition, CBs are no longer prohibited from engaging in other types of commercial enterprise so long as there is no risk of harming credit information subjects or undermining the soundness of credit transactions due to such commercial endeavors.
• The concept of MyData services will be introduced which will allow individuals to, among other things, conduct integrated searches of their own credit information as well as carry out credit and asset self-management.
• The consent system will be streamlined (simplified and visualized) to enable credit information subjects to provide their “informed consent” and a rating system will be introduced for the use of information, such that different ratings will be assigned to the use of information depending on the risk(s) and benefit(s) associated with such use so that credit information subjects can make informed decisions when providing their consent (taking effect within 1 year from the promulgation date of the Amendments).
• Credit information subjects will be granted the right to challenge (i.e., request explanations and raise objections) decisions based on profiling (i.e., automated processing of data to evaluate certain things about an individual).
• Credit information subjects will be granted the right to request financial companies and public institutions to transmit their personal credit information (i.e., right to data portability of personal credit information) to other financial companies (taking effect within 1 year from the promulgation date of the Amendments).
• The maximum amount of punitive damages that may be imposed on financial companies and other credit information handlers in connection with the leakage of personal credit information has been increased to 5 times (from the current 3 times) the amount of proven damages.

2. Implications for companies likely to be affected by the Amendments

• With the introduction of the concepts of pseudonymized information and anonymized information, companies are advised to review the scope of data processing that will be permitted under the amended Credit Information Act without the need to obtain consent as well as the methods to utilize pseudonymized information, safeguards to prevent the combination of data, and ex post facto control measures.
• In light of the expected changes in the legal framework for the regulation of CBs, companies planning to expand into the CB business are advised to carefully consider the conditions for entry into this business segment, potential synergies with their existing business, and growth opportunities as well as constraining factors.
• With the introduction of MyData services, the Amendments will serve to minimize entry barriers for Fintech companies. Accordingly, companies planning to provide MyData services are advised to begin preparations in advance to obtain necessary licenses and approvals.
• Companies are advised to pay special attention to the changes to the legal provisions governing consent and the newly created rights that will be granted to credit information subjects under the amended Credit Information Act. In particular, financial regulatory authorities are expected to establish and announce corresponding amendments to consent forms and other detailed measures prior to the effective date of the amended Credit Information Act and thus, companies are advised to continue monitoring related developments on this front.
• Given that the Financial Services Commission has announced its intention to hold future discussions to canvass public opinion for corresponding amendments to the implementing rules (e.g., the Enforcement Decree of the Credit Information Act) of the Credit Information Act, companies are advised to closely monitor the amendment process and to provide their input as necessary to promote their business interests.
• Companies are also advised to closely review the amendments to the PIPA and the Network Act that were passed by the National Assembly along with the Amendments, and make the necessary preparations to their practices in light of the changes that are expected to occur once these amendments take effect.

If you have any questions regarding this article, please contact below: Kwang Bae PARK (kwangbae.park@leeko.com) Jongsoo (Jay) YOON (jay.yoon@leeko.com) Hyun Koo KANG (hyunkoo.kang@leeko.com) Hwan Kyoung KO (hwankyoung.ko@leeko.com) For more information, please visit our website: www.leeko.com

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 Civil Procedure Act.  In doing so, the Court reversed all prior Supreme Court decisions that remanded the case for a retrial based on the same ground (Supreme Court En Banc Decision No. 2016Hu2522).

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 into effect on the same day. The revised Act introduces hurdles for any foreign investor seeking to obtain control over a Protected Entity (whether through a direct investment, merger or joint venture) (“Triggering Transaction”) by introducing new pre-approval and pre-notification requirements. For a Protected Entity that holds any national core technology developed with national R&D funding, the pre-approval requirement applies, which in principle prohibits any Triggering Transaction and provides for limited exceptions. For a Protected Entity that holds any national core technology developed without national R&D funding, the pre-notification requirement applies, which in principle allows any Triggering Transaction with exceptional cases for blocking it. Any foreign investor or company seeking to obtain control over a Korean company with a strong technology portfolio would need to diligence on whether any such technology is classified as a national core technology and, if so, whether it was developed with national R&D funding and assess whether any exception may be applicable.

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

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”

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

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.

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

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.

Comparative Guides

• South Korea: Mergers & Acquisitions

  Published: March 2020

  Authors: Ki Wook Kang Kyung Chun Kim Won Joon Jang

  This country-specific Q&A provides an overview to Mergers & Acquisitions laws and regulations that may occur in South Korea.

• South Korea: Employment & Labour Law

  Published: March 2020

  Authors: Sang-Hoon Lee Jae-Hoon Choi William Kim

  This country-specific Q&A provides an overview to Employment & Labour Law laws and regulations that may occur in South Korea.

• South Korea: Patent Litigation

  Published: December 2019

  Authors: Hui Jin Yang Tae Hyung Kim Hayoun Chun Esther Inhae Chung

  This country-specific Q&A provides an overview to Patent Litigation laws and regulations that may occur in South Korea.