Newsletter A Quarterly Update of Legal Developments in Korea
	December 2014, Issue 4
UPDATES ANTITRUST & COMPETITION Regulations on Subcontracting, Franchising and Distribution to be Amended On September 30, 2014, the Korea Fair Trade Commission (the “KFTC”) announced plans to amend regulations regarding the subcontracting, franchise and distribution sectors. Read more TAX Proposed Tax Law Changes for 2015 On August 6, 2013, the Ministry of Strategy and Finance announced proposed tax law amendments for 2015, most of which would take effect on January 1, 2015 if enacted into law. Read more ENVIRONMENT Proposed Legislation for Environmental Pollution Damage Compensation Has Passed National Assembly On December 10, 2014, the proposed legislation for the Environmental Pollution Damage Compensation and Recovery Act (the “Environmental Damage Compensation Act”) was passed by the National Assembly by unanimous votes of the present members. Read more CORPORATE Proposed Amendment of the Financial Investment Services and Capital Markets Act Approved at the Cabinet Meeting ANTITRUST & COMPETITION Amendments to Criminal Referral Guidelines to Strengthen Enforcement against Individual Perpetrators of FTL Violations SECURITIES Proposed Amendments to Financial Investment Business Regulations, Etc. BANKING Plans for Strengthening Internal Controls in Financial Institutions by Enhancing Compliance Monitoring Amendments to Laws and Regulations on Sharing of Customer Data among Affiliates within a Financial Holding Company Group INSURANCE Proposed Amendments to the Insurance Business Act and Enforcement Decree Amended Regulations on Audit and Sanctions of Financial Institutions LABOR & EMPLOYMENT Updates Regarding Employee Retirement Benefit Plans in Korea REAL ESTATE Amendment to Act on Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents INTELLECTUAL PROPERTY Korean Supreme Court Case No. 2013Da41578 (Aug. 20, 2014) on Dissolution of a Jointly-Owned Patent TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Easing off and Improving Shutdown System for Online Games ENVIRONMENT MOE Notification of Korean Allowance Unit		NEWS SELECTED REPRESENTATIONS Hahn & Company acquires dedicated shipping business of Hanjin Shipping Co., Ltd. Goldman Sachs invests in Daesung Industrial Gases Cosmax’s conversion to a holding company Posco Energy acquires TongYang Power CEO found innocent of charges of breach of fiduciary duty based on a defense of reasonable business judgment, despite substantially lower fees charged to a subsidiary Supreme Court decision involving life insurance products discusses the requirements for finding collusion from information exchange Issuance of permanent exchangeable bonds by Korea Gas Corporation Merger of KB SPAC No. 2 BNP Paribas Cardif acquires shares in Ergo Daum Direct Establishment of REITs for development of Public Rental Housing Tax Tribunal decision recognizing high-technology tax exemption in cases of a consigned factory to an unrelated operator Korean Supreme Court requires review of specification to define technical meaning for claim construction Full victory in an ICC arbitration case regarding termination of a Joint Venture Agreement Supreme Court renders not guilty verdict regarding failure to comply with certain reporting requirements under the Foreign Exchange Transactions Act AWARDS & RANKINGS 9 awards including ‘Korea Law Firm of the Year’ - ALB Korea Law Award 2014 Band 1 in all 14 areas - The Legal 500 Asia Pacific (2015) Tier 1 in all practice areas - IFLR1000 (2015) Ranked No. 6 Asia Pacific Law Firm - Acritas Asia Pacific Law Firm Brand Index 2014 Ranked amongst top 100 law firms - The American Lawyer Magazine’s Global 100 (2014) PRO BONO Recognized as one of the world’s top 10 pro bono firms - Who’s Who Legal Pro Bono Survey 2014
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