On August 18, 2016, the government preliminarily announced its amendments to the Invention Promotion Act.

Please be advised that the initial rehabilitation schedule has been postponed as described above, and it is necessary for the interested parties to exercise their rights within the amended due dates set forth above.

Financial Services Commission ("FSC") recently announced proposed changes to regulations regarding asset management businesses and called for industry feedback.

These heightened criminal penalties, however, will not be imposed retroactively on violations that took place prior to the effective date of the amendments.

On November 26, 2020, the Supreme Court of Korea held that generic drug manufacturers were not responsible for damages incurred by an original pharmaceutical company resulting from the automatic price reduction ...

The Stewardship Code is a set of principles or guidelines on fiduciary responsibilities released on December 19, 2016 by Korea Corporate Governance Service.

Financial Services Commission ("FSC") recently announced proposed changes to regulations regarding asset management businesses and called for industry feedback.

Tax laws including the Law for Coordination of International Tax Affairs, the Corporate Income Tax Law, the Individual Income Tax Law and the Special Tax Treatment Control Law have been amended in order to enforce BEPS related international taxation guidelines.

Stimulation of broadcast content and advertising markets is expected to come through introduction of new broadcast services including a territorial UHDMMS channel, as well as deregulation...

The FSS of Korea published the draft ‘Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Transactions' on 14 December 2016 and invited comments to be submitted by 2 January 2017.

Similar to the WTO Customs Valuation Agreement, the Korean Customs Act provides that if the seller and buyer are related parties, the transaction value is examined...

Korea's key ICT-related agencies, the Ministry of Science, ICT and Future Planning, and the Korea Communications Commission, have adopted as a top priority plans to foster new industries in response to the Fourth Industrial Revolution.

The Ministry of Strategy and Finance finalized scope of Combined Report of International Transactions and confirmed taxpayers subject to the CRIT requirement through its official announcement...

On Feb. 4, 2016, the Special Act on Imported Food Safety Management (the "Imported Food Act") goes into effect.

For investors in enterprises in the Korean semiconductor industry and other national strategic industries, a new tax bill has been passed that (i) increases the base tax credits received by these enterprises...

The AGFI adopts enhanced soundness standards by employing broadened qualification tests for major shareholders.

On December 30, 2015, the Ministry of Employment and Labor (MOEL) issued a discussion draft of guidance on two highly controversial current issues in Korean employment law.

The amended Enforcement Decree imposes certain new obligations on those data controllers who are information or communicationsservice providers.

On June 7, 2017, Korea signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at a signing ceremony hosted by the OECD in Paris.

The KFTC established the KFTC Rules on Investigative Procedures and amended the KFTC Rules on Internal Commission Meeting Process and Enforcement Procedures. Those Rules came into force on February 4, 2016.