Newsletter A Quarterly Update of Legal Developments in Korea
	May 2014, Issue 2
UPDATES ANTITRUST & COMPETITION KFTC Approves First Consent Decree On March 12, 2014, the Commissioners of the Korea Fair Trade Commission ("KFTC") approved a consent decree with Korea's major Internet portal companies, Naver and Naver Business Platform (collectively "Naver") and Daum Communications ("Daum"). Read more ENVIRONMENT Draft Act on Compensation and Relief of Environmental Pollution Damage The Korean Government has launched a government project to establish a system to compensate and insure against environmental pollution damage, and is pursuing the introduction of a legal relief system for environmental pollution damage. Read more TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Recent Developments in Broadcasting Regulations Recent regulatory developments in the ever-changing broadcasting environment are summarized as follows. Read more CORPORATE M&A Promotion Plan Announced by Government Preliminary Announcement on Special Act to Promote Growth and Strengthen Competitiveness of Medium-Size Enterprises LITIGATION Supreme Court Decision on Lawsuits for Recovery of Smoking-Related Damages Win for Soju Companies in Recent Supreme Court Decision on “Unlawful Concerted Acts” under Monopoly Regulation and Fair Trade Law ANTITRUST & COMPETITION The KFTC’s 2014 Policy Priorities The KFTC's Announcement of Amendment to Detailed Guideline for Calculation of Administrative Fine Supreme Court Affirms Lower Court’s Decision on System Operator’s Abuse of Superior Bargaining Position SECURITIES Proposal for Amending Presidential Decree of Financial Investment Services and Capital Markets Act and Financial Investment Business Regulations BANKING 3-Year Plan for Economic Innovation & Plan for Implementing Finance Policy Matters Amendments to Bank Business Supervisory Regulations INSURANCE Amendments to Insurance Section of Korean Commercial Code Government Announces Comprehensive Plan to Prevent Personal Information Leakage in Finance Sector REAL ESTATE Amendments to Enforcement Decrees of Real Estate Investment Trust Act Amendments to Framework Act on Construction Industry LABOR & EMPLOYMENT Major Changes in Labor Laws and Regulations in 2014 TAX Changes to Presidential Decrees of Tax Laws for 2014 INTELLECTUAL PROPERTY Proposed Revisions to Korean Patent Act to Implement Patent Law Treaty "Free" Software May Be Expensive Infringement of Copyright Supreme Court Rules Distinctiveness May Be Evaluated at Time of Deciding a Scope Confirmation Trial		NEWS SELECTED REPRESENTATIONS GS acquires stake in STX Energy Toray Advanced Materials Korea acquires stake in Woongjin Chemical IMM PE invests in T-Broad Holdings Woori Bank acquires stake in Bank Saudara Corning acquires stake in Samsung Corning Precision Materials S-Oil acquires Ulsan Oil storage site of Korea National Oil Corporation Tax Tribunal overturns tax assessment applying domestic withholding rate for dividend paid to Luxembourg Holding Company Appeals Court to dismiss claims filed by distributors of a mobile telecommunications company Defense of Twitter in domain name litigation AWARDS & RANKINGS Top rankings in five practice areas and recognition of 27 leading individuals - Chambers Global 2014 Korea Law Firm of the Year - IFLR Asia Awards 2014 Regional Firm of the Year - Global Competition Review (GCR) Awards 2014 The highest ranked Korean law firm - Global Arbitration Review’s GAR 100 (2014) No.1 M&A advisor in Korea - Bloomberg Asia Pacific Legal Advisory M&A Rankings Q1 2014 Hwa Soo Chung and Kyungsun Kyle Choi received ‘All-Star Award’ - The Asian Lawyer All-Star Legal Awards 2014 SEMINARS & ANNOUCEMENT Kim & Chang Committee for Social Contribution leads to International Badminton Federation’s cancellation of its disciplinary action Kim & Chang Committee for Social Contribution signs agreement of legal support with Korea Special Olympic Committee
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