On February 16, 2017, the "MSIP" announced a regulatory reform plan in the areas of artificial intelligence ("AI"), Virtual Reality ("VR") and Fintech (the "Regulatory Reform Plan").

On September 1, 2016, the 6th Bankruptcy Division of the Seoul Central District Court issued an order to commence the rehabilitation proceedings of Hanjin Shipping Co., Ltd.

The requirement for Korean insurance companies to account for their assets using IFRS9 from January 2018 is likely to raise capital-related issues for foreign-owned insurance companies...

The requirement for Korean insurance companies to account for their assets using IFRS9 from January 2018 is likely to raise capital-related issues for foreign-owned insurance companies in Korea...

On December 2, 2016, the anticipated amendments to the Pharmaceutical Affairs Act and Medical Device Act of Korea came into effect and similar amendments to the Medical Affairs Act, . . .

Hanjin Shipping Co., Ltd. ("Hanjin"), South Korea's largest shipping operator, has applied for rehabilitation proceedings with the Seoul Central District Court (the "Court") on August 31, 2016.

Effective as of January 1, 2016, the Patent Court now has exclusive appellate jurisdiction over all patent infringement cases, as well as actions for cancellation of decisions issued by the KIPTAB.

For the first time, a Korean court has approved the imposition of punitive-damages against both a worker-dispatch agency and the company using the dispatched workers, for discrimination prohibited under the DWPA.

On June 3, 2017, Korea's version of the "Sunshine Act" will go into effect.

On September 12, 2016, the Bankruptcy Division of the Seoul Central District Court in charge of the rehabilitation proceedings of Hanjin Shipping Co., Ltd. amended the initial schedule of the rehabilitation proceedings as follows:

The Financial Supervisory Commission ("FSC") and Financial Supervisory Service ("FSS") of Korea first published their "Guidelines on Personal-Information Protection in the Financial Sector" in July of 2013.

The going concern value and the liquidation value to be stated on the inspection report will serve as a decisive factor in evaluating whether rehabilitation proceedings of Hanjin Shipping may continue.

On 28 July 2016, the Constitutional Court of Korea upheld the constitutionality of the Korean "Anti-corruption and Bribery Prohibition Act" (the "Act") which was enacted in 2015.

In June 2016, the Seoul Southern District Court ruled in favor of 97 former fixed-term contract employees of a broadcasting company who had been converted to indefinite-term employees.

Under the DWPA, both a worker-dispatch agency and the company using its workers are prohibited from subjecting the dispatched workers to discriminatory treatment.

The Guidelines set out standards and procedures for the proper de-identification of personal information, particularly in order to reduce any uncertainties involved in the utilization of big data.

In February 2016, the Supreme Court set aside a lower-court decision that had overturned the conversion of a branch of an industrial union into an independent enterprise union

On April 29, 2016, the Korea Communications Commission issued the Guidelines on the Right to Request Access Restrictions on Personal Internet Postings.

Given the global nature of the operations by the companies, their fate will have a substantial impact on the economy globally.

On December 3, 2015, the National Assembly of Korea passed the Act on Fair Transactions with Dealers. To take effect on December 23, 2016, the Act will be applicable to the contracts...