Newsletter A Quarterly Update of Legal Developments in Korea
	February 2014, Issue 1
UPDATES ANTITRUST & COMPETITION KFTC’s First Application of the Consent Decree Process On November 27, 2013, the Korea Fair Trade Commission (“KFTC”) agreed to apply for the first time the consent decree process in its investigation of Naver and Naver Business Platform (jointly, “Naver”) and Daum Communications (“Daum”) for their alleged violations of Korea’s Monopoly Regulation and Fair Trade Law (“FTL”). Read more LABOR & EMPLOYMENT Supreme Court Decisions on Ordinary Wage – Action Plan for Employers On December 18, 2013, the Supreme Court, sitting en banc, rendered its decisions on the ordinary wage cases of Kabul Autotech. The Supreme Court’s ruling provided some guidance on how to resolve a substantial portion of the employers’ past obligations related to ordinary wages. Read more ENVIRONMENT K-REACH and Chemicals Control Act: Advance Notice of Draft Subordinate Statutes On February 18, 2014, the Ministry of Environment of Korea (“MoE”) announced an advance notice for the draft subordinate statutes of the K-REACH and Chemicals Control Act (“CCA”). Read more CORPORATE The FSC Announces Plan for Reform of Private Equity Fund Regulations Extension of Sunset Clause under the Corporate Restructuring Promotion Act LITIGATION Korean Patent Court Recognizes Protection of Use Patents ANTITRUST & COMPETITION Consent Decree System Introduced in the Amendments to the Act on Fair Labeling and Advertising SECURITIES Change in Short Sale Rules BANKING Amendments to the Banking Act Enforcement Decree Increased Capital Regulations on Domestic Banks in Line with Basel 3 Enforcement INSURANCE Improvement on Operating Expense System for Savings-Related Insurance Products Revisions to the Reinsurance Best Practices Guidelines FSC Announces Plan to Improve Competitiveness of the Financial Services Industry REAL ESTATE Amendments to Enforcement Decrees of Real Estate Investment Trust Act Amendments to City and Residential Environment Maintenance Act TAX Final Tax Law Changes for Year 2014 Supreme Court Decision on Tax Transfer of Korean Shares Held by Foreign Company INTELLECTUAL PROPERTY Amendments to Invention Promotion Act and Related Enforcement Decree Local Public Recognition of Trademark No Longer Required to Defeat Cybersquatters BROADCASTING & TELECOMMUNICATION Guidelines on Regulation of Internet Access Service Traffic INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION Amendment to KCAB Internal Regulations: Arbitrators Appointed Outside Korea and First Case	NEWS SELECTED REPRESENTATIONS Macquarie Fund acquires Yeongyang Wind Power Corporation AIA acquires AIA Tower building Groupon acquires Ticket Monster MBK acquires ING Life Insurance Korea H&Q acquires stake in JobKorea from Monster Worldwide Carlyle acquires Yakjin Trading Hahn & Company acquires Woongjin Foods SkyLake and Carlyle acquire Tapex Anchor acquires shares in Geo Young from GS PIA Insurance business license issued to Kyobo Lifeplanet Insurance business license issued to Hyundai Highcar for additional lines of business Mastern REIT No. 7 acquires PCA Life Tower building NPS acquires prime office building in Munich, Germany Mirae Asset acquires Four Seasons Hotel in Sydney Supreme Court dismisses KFTC’s appeal on online music providers’ unlawful collusion Supreme Court decision on the legal character of a fund prospectus AWARDS & RANKINGS Band 1 in all 14 areas - The Legal 500 Asia Pacific (2014) No. 1 M&A advisor in Korea - Mergermarket M&A League Tables of Legal Advisors 2013 No.1 M&A advisor in Asia Pacific (excluding Japan) - Bloomberg Asia Pacific Legal Advisory M&A Rankings 2013 Ranked as top-tier tax law firm in Korea - Tax Directors Handbook 2014 SEMINARS & ANNOUCEMENT Seminar on ‘Recent issues on construction projects in Middle East and strategies for Korean companies’ Seminar on 'Issues and solutions of offshore tax evasion' Seminar on ‘Labeling and advertising for cosmetics in compliance with global standards’ Korea P&I Club’s Renewal Strategy Seminar Academy for Better Company The 3rd Asia Economics Daily Finance IT Forum
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