Newsletter A Quarterly Update of Legal Developments in Korea
	December 2013
UPDATES CORPORATE Accounting System Reformation Plan and Expansion of External Audit for Limited Liability Company (Yuhan Heosa) On October 28, 2013, the Financial Services Commission (the “FSC”) announced an accounting system reformation plan related to the amendment to the Act on External Audit of Stock Companies (the “Plan”) aiming primarily at improving transparency of limited companies (yuhan heosa) and non-listed large company’s accounting system. Read more LABOR & EMPLOYMENT Supreme Court Defines the Scope of Ordinary Wage Ordinary wage, the standard in assessing compensation for overtime, nighttime and holiday work and unused annual leaves, refers to any money paid regularly, uniformly and on a fixed basis. On December 18, 2013, the Supreme Court rendered two full bench decisions on the scope of ordinary wage. Read more ENVIRONMENT Update on K-REACH and CCA As noted in our previous issue, the Act on Registration, Evaluation, Authorization and Restriction of Chemical Substances (K-REACH) and Chemicals Control Act (CCA) were recently enacted. Read more CORPORATE Supreme Court Decision on PEF Recent Korean Supreme Court Case involving an LBO Amendment to the Enforcement Decree of the Capital Markets Act and the Financial Investment Services LITIGATION Public Institutions to be Less Restrictive in Applying Disqualification Criteria on Contractors ANTITRUST & COMPETITION Summary of the Enforcement Decree of the Franchise Law SECURITIES Amendments to the Enforcement Decree of the FSCMA and the Regulations on Financial Investment Business BANKING Strengthening IT Security of Electronic Financial Transactions Streamlining Plan for Monetary Sanctions INSURANCE Changes in the Operating Expenses System for Savings-related Insurance Products, including Pension Insurance Consolidated Risk-Based Capital (“RBC”) System to be Implemented for Insurance Companies Recent Court Ruling: Post Office Insurance Agent is Not an "Employee" REAL ESTATE Amendment to Commercial Lease Protection Act Amendments to the National Land Planning and Utilization Act LABOR & EMPLOYMENT Ministry of Employment and Labor Revises its Manual for Administering Paid Time Off TAX Proposed Tax Law Changes for Year 2014 INTELLECTUAL PROPERTY Amendments to the Unfair Competition Law No Infringement Found for Licensee that Exceeded the Scope of its Exclusive License When Limitations on the Scope Was Not Recorded Trademark Use Recognized Despite Partial Use of an English and Korean Combination Word Mark BROADCASTING & TELECOMMUNICATION Restrictions on the Location-Based Business Sector Relaxed Obligation to Indicate Grade of EMF on Wireless Devices Restrictions on Foreign Investments in Facilities-Based Telecommunications Service Providers Relaxed INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION Increase in the Use of an Emergency Arbitrator to Resolve International Disputes and Its Impact	NEWS SELECTED REPRESENTATIONS Vogo Fund acquires Samyang Optic Hanjin Group establishes Hanjin KAL through a horizontal spin-off Baring Private Equity Asia acquires Logen Inc Citi Venture Capital International acquires GNS BHC Co., Ltd. KIKO products are not unfair products Seoul High Court reverses KFTC’s order on unfair collusion case involving life insurance products MBK Partners acquires ING Life Insurance Korea Ltd. Samsung C&T forward sells Mapo Shilla Hotel GE sells a portfolio of office buildings Fame of COSTCO mark for large discount stores recognized in Korea Joint Venture between KT and the government of Rwanda AWARDS & RANKINGS Tier 1 in all practice areas – IFLR 1000 (2014 edition) Korea Law Firm of the Year – ALB Korea Law Awards 2013 Korea Firm of the Year – China Law & Practice Awards 2013 Korea Law Firm of the Year – The Macallan ALB Hong Kong Law Awards 2013 Recognized as one of world’s top 10 Pro Bono firms – Who’s Who Legal Pro Bono Survey 2013 SEMINARS & ANNOUCEMENT International Conference on Advancement of Arbitral System and Revitalization of Arbitration 8th Annual Asset Management Seminar in Singapore ECCK (European Chamber of Commerce in Korea) Taxation Conference 2013
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