JD Supra South Korea

Publisher:
JD Supra
Publication date:
2019-04-29

Publisher

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

  • Korean Dignitaries Promote Seoul as Hub of International Arbitration at 2014 Summit

    Amending the Korean International Arbitration Act to make it more consistent with the latest revision of the UNCITRAL Model Act is the latest step toward Korea’s goal of making Seoul the venue of choice for international arbitration in the Asia-Pacific region. ...

  • All-Star Lineup Takes the Field for Korean Sports Arbitration Conference

    The bases were loaded in Seoul this week as some of the heaviest hitters in sports arbitration law mixed it up in anticipation of the 2018 PyeongChang Olympic Winter Games. In his opening remarks, Conference Chair Eun Young Park of Kim & Chang ran the bases on the topics to be addressed. He then...

  • Korea Newsletter - May 2017

    Recent Representative Matters and News - ACUSHNET IPO - McDermott represented Korean private equity funds Mirae Asset Private Equity Partners Fund VII, Neoplux No.1 Private Equity Fund, and Woori Blackstone Korea Opportunity Fund in the sale of over 22 million shares of common stock in the...

  • ASIA: A Legal Guide for Business Investment and Expansion: Korea

    1 .What role will the government of Korea play in approving and regulating foreign direct investment? As the Korean government has significantly liberalized foreign direct investment, its role in approving and regulating foreign direct investment has become relatively limited. Unless a...

  • 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!)....

  • Seoul Depositions

    The capital of South Korea, Seoul, is the second largest metropolitan area in the world, and home to over half of South Korea’s population. Seoul is ranked as the world’s most wired city (and home to the world’s fastest internet connections), first in technology readiness, and is home to Samsung,...

  • Recent Developments in Korean Franchise Law

    Strict Enforcement of Annual Update Registration Deadlines - Since 2008 Korean franchise law has imposed registration and disclosure obligations on franchisors. In recent years this has seen a steady increase in the number of disclosure document registrations. The Korean Fair Trade Commission (...

  • South Korea Joins APEC Cross-Border Privacy Rules System

    On Monday, June 12, South Korea became the latest country approved to officially join the Asia-Pacific Economic Cooperation’s (APEC) Cross-Border Privacy Rules (CBPR) system. It is the fifth APEC economy to participate in the system, joining the United States, Canada, Japan, and Mexico. To date,...

  • Spotlight on Private Antitrust Enforcement at Seoul Forum

    Translation devices were provided at the 10th International Seoul Competition Forum in September, but when Korea Fair Trade Commission Chairman Sang-Jo Kim began discussing the benefits that treble damages and class actions can provide to public enforcement of antitrust laws, it was clear the...

  • 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....

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