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- Korea Launches Powerful Anti-Corruption Investigative Body
Companies with business operations in Korea should assess the risk of possible violations subject to the CIO’s jurisdiction. Gwon-lyeog-hyeong bi-li, a Korean phrase that translates as “power-type corruption” in English, refers to corruption involving senior government officials. In January 2021, the Korean government launched the Corruption Investigation Office for High-Ranking Officials (CIO) to investigate this type of corruption along with other crimes committed by senior government officials. Given the CIO’s expansive authority, companies with business operations in Korea are advised to assess the risks associated with interacting with high-ranking government officials in Korea. Please see full Alert below for more information.
- Phase 1 Clinical Trial of Aflibercept (Eylea®) Biosimilar Completed by Alteogen
Alteogen recently announced that it has successfully completed a Phase 1 clinical trial for its Eylea® biosimilar, ALT-L9. Alteogen conducted the clinical trials in South Korea, where its headquarters are located.
- 2021 Venture Capital Guide - South Korea
World Law Group member firms recently collaborated on a Global Venture Capital Guide that covers more than 30 jurisdictions on investment approval processes, typical investment sectors and investment structures on Venture Capital deals (and more!).
- K-OSHA Amendments Effective January 16, 2021
We write to alert you to an important and imminent deadline. Consideration for confidential business information (CBI) for hazardous substance ingredient disclosure on safety data sheets (SDS) will require formal submission and approval in South Korea starting January 16, 2021.
- Asia-Pacific Signals Strong Commitment to Economic Integration and Cooperation with RCEP Signing
After eight years of negotiations, the Regional Comprehensive Economic Partnership (RCEP)—covering 15 economies in the Asia-Pacific region, accounting for 30 percent of the global population, 30 percent of global GDP, and 34 percent of global investment flows—was finally signed on November 15, 2020. The RCEP is expected to enter into force in 2021.
- Privacy vs. Pandemic Control in South Korea
The Republic of Korea (South Korea or ROK) had been tracking the spread of the novel coronavirus in a manner sensitive to the privacy of its citizens, but the government has now admitted that personally identifiable data is crucial to its efforts and may be kept for the long term.
- COVID-19 related subsidies available for employers in South Korea
Like many other countries, South Korea has experienced its share of challenges caused by the COVID-19 virus. Although Korea, as a whole, has avoided the need for lock-downs, mass business closures, and the like, the country’s economy has nonetheless suffered. In particular, the retail sector, as well as larger industries, such as the automotive sector, hospitality, airlines, etc. have been hit hard.
- SOUTH KOREA: COVID-19 (Coronavirus) – Employer FAQs
In response to the COVID-19 outbreak, the government of South Korea has implemented strict measures to combat it. The following Frequently Asked Questions (FAQs) are designed to address some of the more common questions that employers with operations in South Korea currently face, including how to handle safety and health rules, travel restrictions, privacy of…
- How AI Can Help South Korea’s Political Risk
On April 15, 2020, South Korea’s next legislative election will be held to fill the 300 seats of the National Assembly. While President Moon Jae-in’s Democratic Party is expected to perform well in the election, the recent coronavirus (COVID-19) outbreak has sparked public anger over the president’s and the government’s response to the crisis.
- South Korea’s Hydrogen Energy Initiative
As the impacts of climate change compound, emissions-free energy alternatives have gained traction around the globe. The solar energy market, for instance, is growing in many parts of the world, including India, China, Japan, Morocco, Germany, and the US. One energy alternative that has not yet gained as much attention as solar energy is hydrogen power. Still nascent, hydrogen energy has yet to prove itself as a competitor in the global sustainable energy market....
- Global infrastructure: South Korea's vision - South Korea: Building for the future
South Korea is taking big strides globally with infrastructure financing, as both state-owned agencies and private banks fuel new investment in major ventures. With projects under way in countries as far flung as Mexico, Australia, China and India, South Korean companies today...
- The Impacts of South Korean Hanjin Shipping Co Ltd. Filing for Court Receivership
South Korea’s Hanjin Shipping Co Ltd. filed for court receivership on Wednesday, August 31st in South Korea after losing the support of its banks, setting the stage for its assets to be frozen as West Coast ports deny access to its vessels. This recent development will have an immediate impact on a ...
- Obtaining Statutory Damages for Trademark Infringement – A Cross Border Approach under the Trademark Act of the Republic of Korea
** Originally published by DRI in the DRI IP Committee newsletter** Recently the Korea Supreme Court issued a significant ruling, providing guidance on the availability of statutory damages in trademark infringement actions. This article discusses that ruling. Under the...
- South Korea Taking Steps To Secure Data Transfer Blessing From EU
Local data protection representative – the South Korea version. “South Korea updated its Act on the Promotion of IT Network Use and Information Protection (Network Act) in December 2018. Starting March 19, the law will require digital communications providers who deal with South Korean...
- Rising to the challenge: South Korea: Building for the future
South Korea is one of Asia's powerhouses, and its strong exports sector and willingness to adapt its economy make it highly attractive to investors. South Korea's economic development has been remarkable. It became the first nation to transition from being a recipient of the...
- Holiday Help for Hanjin Headaches: A Few Practical Pointers
As most readers are aware, Hanjin Shipping Co. Ltd. (“Hanjin”) commenced insolvency proceedings in South Korea on August 31, 2016. Shippers, motor carriers, transportation intermediaries, and others are scrambling to react to fluid circumstances surrounding these unfolding developments....
- Sad Tale of a Trademark Fail
Earlier this month, Unilever made headlines by accidently naming its new soap after Kim Jong Un. The shower gel line, created by a Korean designer and aimed at urban millennials in China, is called KJU....
- Insights from the Airline Economics Growth Frontiers Korea 2019 Conference
Matthew Leigh, an aviation finance partner in our Singapore office, led the Commercial Aviation Banking Panel at the Airline Economics Conference in Seoul at the end of March....
- S. Korea strengthens Building Code after Quake
As an update to my post on the Japanese earthquake, there is news from South Korea that the government there is already working to strengthen quake-resistant capacity. “We are seeking to revise a construction law to strengthen quake-resistant capacity for two-story and smaller buildings,”...
- South Korean companies: progress with risk in the United States - South Korea: Building for the future
South Korean companies have made great strides in the US consumer product market, yet they must be more proactive in preventing US class action lawsuits. South Korean companies have progressively exposed themselves to one particular threat that is characteristic to the US...