[SOUTH KOREA] Supreme Court Affirms Lower Decision, Finding Invalid the Regulations on Foreign …
Supreme Court Affirms Lower Court Decision, Finding Invalid the Regulations on Foreign Exchange Report on Incorporation of Offshore Subsidiary by an Offshore Company On June 15, 2017, the Korean Supreme Court affirmed an appellate court decision which ruled that a Korean company is not guilty of a violation of the Foreign Exchange Transactions Act (the …
[SOUTH KOREA] MOE Moves to Further Stringently Regulate Hazardous Chemical Substances
The Amendment to the Chemicals Control Act (“CCA”), as proposed by the MOE and promulgated on December 27, 2016, is scheduled to take effect on December 28, 2017 (the “Amendment”).
[SOUTH KOREA] Supreme Court Rules that Distributor’s Sales Agents Are Distributor’s Employees …
Supreme Court Rules that Distributor's Sales Agents Are Distributor's Employees, Entitling Them to Severance Payment from the Distributor In a recent decision, the Supreme Court held that although a company (the "Distributor") executed service agreements with its sales agents (the "Sales Agents") who worked in the Distributor's retail space at a department store, the Sales …
[SOUTH KOREA] KFTC Announces Standard Distribution Agreement for F&B Businesses
On February 15, 2017, the Korea Fair Trade Commission (“KFTC”) announced the Standard Distribution Agreement for transactions between suppliers and distributors in the food & beverage (“F&B”) industry.
[SOUTH KOREA] Ministry of Environment (i) Strengthens Safety/Labeling Standards for …
Ministry of Environment (i) Strengthens Safety/Labeling Standards for Potentially Risky Products and (ii) Introduces Biocides Act Modeled After EU’s Similar Regulation On December 30, 2016, Korea’s Ministry of Environment (“MOE”) announced an amendment to the “Potentially Risky Product Designation & Safety/Labeling Standards” (“MOE’s Notice”), which strengthens the safety and labeling standards relating to potentially risky …
[SOUTH KOREA] KFTC Announces Its Enforcement Plan Detailing Its Focus Areas for 2017
On January 5, 2017, the Korea Fair Trade Commission ("KFTC") announced its enforcement plan for 2017 (the "Plan"), and set out detailed policies to: (i) monitor and remedy anti-competitive structure and behavior; (ii) establish a healthy business system among large conglomerates and small and medium-sized enterprises (“SMEs”); and (iii) build a consumer-friendly environment promoting consumers’ …
[SOUTH KOREA] Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing …
Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing Business in Korea May Be Found to Have a Permanent Establishment In 2016, the Korean Supreme Court issued several rulings shedding light on its approach when analyzing whether a foreign company conducting business in Korea may be found to have a permanent establishment …
[SOUTH KOREA] Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight
In the midst of growing public concern over the health hazards of certain household chemical products,¹ concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics. Primarily, these recent concerns focus on the health hazards associated with biocides contained in household products. …
[SOUTH KOREA] (1) Hong Kong Tax Treaty, and (2) Amendment to the Korea–India Tax Treaty
Much earlier than expected, on September 12, 2016, the Korean government notified the Hong Kong government of the Korean National Assembly’s ratification of the Korea–Hong Kong Tax Treaty (“Treaty”). On September 27, 2016, the Treaty entered into force.
[SOUTH KOREA] KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard
KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard to Reinforce Consumer Protection On October 26, 2016, the Korea Fair Trade Commission (the “KFTC”) announced that it would enforce its amendment to the Consumer Dispute Resolution Standard (the “Standard” or such amendment the “Amendment”).