New Administration’s Corporate Law and Governance Policy and the Impact Thereof on Businesses
On May 10, President Yoon Suk-yeol took office as the 20th President of the Republic of Korea. In line with the new government’s corporate governance and capital market policies, relevant regulations are expected to change. Timely strategic responses from businesses will thus become more important.
Big Blur: Competition with Big Tech Causing Banks to Launch New Businesses, and New Administration’s Regulatory Response
The “Big Blur”, a reference to the growing ambiguity between financial and non-financial sectors, is expected to continue in the near future. As competition intensifies between existing financial institutions and big-tech companies, regulatory authorities are once again thinking of ways to reshape the regulatory framework to enhance the competitiveness of the financial industry.
New Administration’s National Agenda on Fair Trade and Implications
On May 3, 2022, the 20th Presidential Transition Committee (the “Committee”) announced 110 national agenda items (the “National Agenda”) for the Yoon Suk-yeol Administration, which lists the new administration’s key policy objectives and direction. They include detailed tasks relating to the field of fair trade under the objective of creating “a country where SMEs are at …
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FSC Draws a Blueprint on the Future of Banking Business
On October 28, 2021, Mr. Seung-Beom Koh, Chairman of the Financial Services Commission (the “FSC”) held a meeting with the banking industry, including the heads of commercial banks and representatives from industry associations, other regulatory bodies and research institutions.
Legal, Regulatory and Policy Updates on Online Platforms and Content Provision Businesses
As the size and social influence of online platforms and content provision businesses grow, various regulatory bills are being proposed and government authorities are accelerating discussions on establishing relevant policies.
[SOUTH KOREA] Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical …
Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical Substances Continuing its policy to enhance the safe control of chemical substances, the Ministry of Environment (“MOE”) has been making legislative efforts to further heighten regulations of chemical substances.
[SOUTH KOREA] KFTC Announces Plan to Eliminate Technology Misappropriation
On September 8, 2017, to promote joint growth of enterprises of all sizes and their collaborative efforts, the Korean Fair Trade Commission (“KFTC”) and the ruling Democratic Party of Korea held a consultation conference to step up efforts to eliminate unfair demands of technical information and/or misappropriation of technology by large conglomerates against small and …
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[SOUTH KOREA] Amendments to the Patent and Design Protection Acts Now Effective, Key Changes That…
Several amendments to the Patent Act (“PA”) and the Design Protection Act ("DPA"), which passed the National Assembly on March 2, 2017, went into effect on September 22, 2017. We highlight below the major changes:
[SOUTH KOREA] Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an …
Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an Ordinary Wage Case On August 31, 2017, the Seoul Central District Court held for around 27,000 employees of KIA Motors ("KIA") in their claim seeking payment of unpaid allowances. These allowances were not paid, because the defendant, KIA, had not included the employees' …
[SOUTH KOREA] New Administration’s Key Environmental Policies
To step forward as an environment-friendly government, the Moon Jae-in Administration has announced its key environmental policies, including improving safety in chemical substances and household chemical products, and reinforcing implementation measures of the Paris Agreement. Under the “sustainable development” paradigm, the new administration will continually promote new regulations to protect the environment and strengthen its …
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