JD Supra South Korea
- Publisher:
- JD Supra
- Publication date:
- 2019-04-29
Publisher
- JD Supra (79)
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Latest documents
- Global Legal Insights: 2022, 10th Edition - Korea
The foundation of South Korea’s cartel enforcement regime is the Monopoly Regulation and Fair Trade Act (“MRFTA”), passed in 1981. The MRFTA broadly prohibits four categories of conduct: (i) unfair collaborative acts; (ii) abuses of dominance; (iii) unfair trade practices; and (iv) mergers and acquisitions that substantially lessen competition in Korea. Recent amendments, which came into force in December 2021, significantly reform the MRFTA, including by (i) expanding the scope of the Korean Fair Trade Commission’s (the “KFTC” or the “Commission”) merger review, (ii) prohibiting exchanges of information necessary to fix prices, restrict outputs, or allocate market shares, and (iii) creating a cause of action for those allegedly harmed by unfair practices. The KFTC is a ministerial-level organisation that functions as both an administrative and quasi-judicial body to enforce Korean antitrust laws. The KFTC formulates and enforces antitrust policies pursuant to four primary mandates: (i) promoting competition; (ii) strengthening consumers’ rights; (iii) creating a competitive environment for small and medium-sized enterprises (“SMEs”); and (iv) restraining concentration of economic power. Originally published by Global Legal Group Ltd. Please see full Chapter below for more information.
- Metaverse and Trademark Infringement
Trademarks are now widely used in the metaverse. Louis Vuitton, Prada, and Chanel sell their virtual collections for avatars in Roblox, and Samsung Electronics sells its home appliances and electronics in the Samsung VR Store. As offline activities are constantly being held back due to the prolonged COVID pandemic, companies are looking to expand their business models by entering the metaverse. Trademark holders need to think about new trademark protection strategies in line with this new era. Please see full Publication below for more information.
- Issues in Calculating Average Wage and Possible Legislative Alternatives
1. Introduction - Under the Korean Labor Standards Act (“the Act”; all Article references are to the Act unless otherwise specified), the “average wage” of an employee means the amount calculated by dividing the total amount of wages paid during the three calendar months immediately before the day grounds for calculating his or her average wages occurred by the total number of calendar days in those three calendar months; this applies mutatis mutandis to an employment of less than three months (Article 2(1)(6)), and when the amount calculated pursuant to the above is lower than that of the ordinary wages of the employee, the amount of the ordinary wages shall be deemed his or her average wages (Article 2(2)). Please see full Publication below for more information.
- Number of days of annual paid leave for one-year fixed-term workers - Supreme Court Decision No. 2021Da227100 rendered in October 2021
In the Subject Ruling, the court determined that up to 11 days of annual leave are granted to any worker who has signed a one-year fixed-term employment contract. So far, the Ministry of Employment and Labor took the position that the allowance for paid leave not taken for up to 26 days should be paid when the contract term of a one-year fixed-term worker expires. But the Subject Ruling made different judgment, resolving the continuing dispute as to the number of days of annual paid leave for one-year fixed-term workers. Please see full Publication below for more information.
- 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.
Featured documents
- Successful Strategies for Doing Business in Asia: Korea (Updated)
WHAT ROLE WILL THE GOVERNMENT OF KOREA PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? The Korean government takes an active, investor-friendly role in approving and regulating foreign direct investment. Depending on the type of business, a prospective foreign investor seeking...
- Korea Quarterly - August 2016
Controlling Costs in International Arbitration - Arbitration is an efficient means for resolving business disputes because it offers more flexibility than court proceedings and enables the parties to choose arbitrators experienced in a domain relevant to the dispute. In principle, arbitral...
- Extraterritorial Application of Unfair Trade Laws: Foreign Government Agencies May Restrict U.S. Companies from Exercising Their IP Rights in the United States
** Originally published by DRI in August 2017 edition of For The Defense ** Intellectual property laws are aimed at allowing intellectual property owners to hold rights in their property for a certain period of time to the exclusion of all others. Exclusivity is the essential purpose of...
- MarkIt to Market - January 2019: Korea Amends Various IP Rights Guidelines
The beginning of 2019 brought some notable amendments to Korea’s intellectual property rights guidelines. On the trademark side, effective January 1, 2019, Korea’s Trademark Examination Guidelines were amended to include......
- Metaverse and Trademark Infringement
Trademarks are now widely used in the metaverse. Louis Vuitton, Prada, and Chanel sell their virtual collections for avatars in Roblox, and Samsung Electronics sells its home appliances and electronics in the Samsung VR Store. As offline activities are constantly being held back due to the...
- 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 rank among the...
- 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 Trademark Act of 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 data but...
- Global Legal Insights: 2022, 10th Edition - Korea
The foundation of South Korea’s cartel enforcement regime is the Monopoly Regulation and Fair Trade Act (“MRFTA”), passed in 1981. The MRFTA broadly prohibits four categories of conduct: (i) unfair collaborative acts; (ii) abuses of dominance; (iii) unfair trade practices; and (iv) mergers and...