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.
Key Details of Bill for Protection of Virtual Asset Users
The Bill for Protection of Virtual Asset Users (the “Bill”) passed the plenary session of the National Assembly on June 30, 2023, and is expected to be enforced from the day one year has passed since its promulgation.
First Investigation Using Criminal Leniency Program – Indictment of 8 Companies for Involvement in Bid-Rigging Scheme
1. Significance of Case and Criminal Leniency Program Recently, the Fair Trade Investigation Division of the Seoul Central District Public Prosecutors’ Office (hereby referred to as the “PO”) indicted eight companies and several individuals for their involvement in a bid-rigging scheme.
FSC Plans to Introduce a Mandatory Bid Rule for Change in Management via Stock Transfer
The Financial Services Commission (the “FSC”) recently announced its plan to introduce a mandatory bid rule, which would grant the minority shareholders of listed companies an opportunity to sell their shares when a change of control takes place through transfer of stocks.
KFTC Announces Enforcement Plan for 2023
On January 26, 2023, the Korea Fair Trade Commission (the “KFTC”) announced its 2023 Enforcement Plan (the “2023 Plan”).