Newsletter A Quarterly Update of Legal Developments in Korea
	August 2014, Issue 3
UPDATES ANTITRUST & COMPETITION Court Decision on Collusion Case Regarding Compensation for Commission Rate Tied to Personal Life Insurance Products Following the Korea Fair Trade Commission’s correction order and imposition of administrative fines on December 15, 2011 against 16 life insurance companies for their engagement in unfair concerted action (cartel), consumers that purchased the insurance policies brought a number of civil actions against these 16 life insurance companies. Read more LABOR & EMPLOYMENT Court Decisions Since the Supreme Court Rulings on Ordinary Wage Since the Supreme Court rulings in Kabul Autotech cases last year, the courts rendered a number of decisions applying these Supreme Court rulings on ordinary wage and the applicability of good faith preclusion. Read more TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Amendments Strengthen Korea’s Online Privacy Regulations On May 2, 2014, the Korean National Assembly passed amendments to the Act on Promotion of Information and Telecommunications Network Utilization and Information Protection, Etc. (the “Network Act”) aimed at strengthening provisions related to the protection of personal information online. Read more CORPORATE Proposed Amendments to the Financial Investment Services and Capital Markets Act ANTITRUST & COMPETITION KFTC’s Announcement of a Draft Bill to Korean Competition Law KFTC’s Notification on Specific Types of Abuse of Superior Bargaining Position Against Distributors SECURITIES The Real Name Act Amended to Penalize Persons Who Borrow or Lend Names for Illegal Financial Transactions BANKING Regulations Enacted to Lessen FATCA Compliance Burdens on Financial Institutions INSURANCE Amendments to the Presidential Decree of the Insurance Business Act and Insurance Business Supervisory Regulations Measures to Reduce Mis-Selling of Insurance Products Supreme Court Decision on Judgment Standards for Insurance Products TAX Update on Korea-Hong Kong Tax Treaty ENVIRONMENT Amendment to Soil Environment Preservation Act - Potential Exemptions from Environmental Contamination Liabilities INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION Amendment of Civil Procedure Act on Recognition of Foreign Decisions Opening of SIMC and Expected Establishment of SICC		NEWS SELECTED REPRESENTATIONS Anheuser-Busch InBev acquires Oriental Brewery from KKR and Affinity Tyco International sells ADT Caps NH Financial Holdings acquires Woori Investment & Securities Vogo Fund buys Enuri.com KTB PE and Q Capital buys Dongbu Express IMM Private Equity acquires LNG transportation business of Hyundai Merchant Marine Korean Supreme Court decision on new car replacement claims IPO of existing shares of BGF Retail Issuance of permanent bonds by Hyundai Commercial Issuance of new shares by GS Construction KB Financial Group executes acquisition of LIG Insurance Government of Singapore Investment Corporation acquires logistics facilities in Kyunggi-do, Korea ARA Group enters into real estate investment market in Korea Supreme Court affirms High Court’s decision recognizing an intermediate holding company as beneficial owner District Court rejected preliminary injunction prohibiting patent infringement for lack of urgent necessity to preserve a right Regulatory approval obtained for location information business license Advised on filming Avengers 2: Age of Ultron in Korea Dismissal of data leakage case against mobile carrier affirmed by Supreme Court Korean companies’ first time wins in international arbitration: Post-M&A dispute under UNCITRAL rules and energy development dispute under ICC rules AWARDS & RANKINGS Recognized as one of the world’s top 150 law firms - Who's Who Legal 100 (2014) Recognized as innovative law firm - Financial Times Asia-Pacific Innovative Lawyers Awards & Report 2014 PRO BONO Kim & Chang Committee for Social Contribution signs MOU with Overseas Korean Cultural Heritage Foundation Kim & Chang Committee for Social Contribution donates for Sewol victims
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