Newsletter A Quarterly Update of Legal Developments in Korea
	August 2015, Issue 2
UPDATES BANKING FSC Introduces Internet-Primary Bank in Korea From January to April 2015, the Financial Services Commission (“FSC”) operated the Internet-Primary Bank Task Force (“TF”), which was a joint private and public sector effort. The TF reviewed related legislative bills and system reform plans regarding the introduction of the Internet-primary bank in Korea. Read more LABOR & EMPLOYMENT Supreme Court Decides on the Criteria for Distinguishing Worker Dispatch from Subcontracted Worker On February 26, 2015, the Supreme Court rendered decisions regarding subcontracted workers. In particular, the Court provided specific factors to consider when determining whether a subcontracting arrangement will be deemed worker dispatch, which can potentially result in an illegal dispatch relationship and create a de facto employment relationship. Read more ENVIRONMENT MOE’s Leniency Program: MOE Plans to Enforce Regulations to Combat Illegal Manufacturing and Importing of Chemicals On January 1, 2015, the Act on the Registration and Evaluation of Chemicals (“K-REACH”) and the Chemicals Control Act (“CCA”) took effect. In this regard, the Ministry of Environment (“MOE”) plans to provide guidelines on the violations of K-REACH and CCA, and begin to enforce regulations against the violations in the near future. Read more CORPORATE Recent Notable Court Decisions Concerning LBO Transactions Capital Market Reform – FSC Issues Private Equity Funds (PEF) Regulation Improvement Plan ANTITRUST & COMPETITION Korean Government Implements Amendment to the Fair Franchise Transactions Act SECURITIES FSC Promulgates an Amendment to the Enforcement Decree of the FSCMA BANKING FSC and FSS Announce Reforms to Audit and Sanctions of Financial Companies FSC Eliminates the Requirement of Authenticated Certificate in Electronic Financial Transactions INSURANCE The Cabinet Passes the Proposed Amendment to the Insurance Business Act ENVIRONMENT Pending Legislation: Proposed Amendment to Regulations on Unfair Environmental Labeling and Advertising Guides Companies and Consumers TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Amendments to the Broadcasting Act and IPTV Act Permit US Companies to Indirectly Invest in Korean Program Providers National Assembly Passes the Cloud Computing Act		NEWS SELECTED REPRESENTATIONS Aramco Overseas Company acquires additional shares of S-Oil NH Financial Group completes sale of Equity Stake in Woori Aviva Life Insurance J-Trust acquires SC Savings Bank and SC Capital Price Fixing - The Supreme Court clarifies standards for determining the “Completion Date” in collusion cases Supreme Court affirms appellate decision to overturn KFTC sanctions against S-Oil for alleged collusive market allocation Supreme Court renders favorable decision for Shinsegae regarding KFTC allegations of an “Unjust” affiliate transaction Woori Bank issues Tier 1 Subordinated Notes Fila Korea issues Shogun Bonds Anbang Life Insurance executes acquisition of TONGYANG Life Insurance Kim & Chang helps a former representative director obtain a favorable outcome in a disciplinary warning revocation case JR 17th REIT acquires D-Cube Department Store and signs master lease with Hyundai Department Store NPS acquires a shopping center in Sweden Supreme Court affirms High Court’s decision rejecting the characterization of consideration on share transfer as loan Supreme Court renders judgment in data breach lawsuit against online shopping site iHQ acquires CU Media Supreme Court revokes Korean Customs’ assessment involving importers’ advertising & promotional expenses AWARDS & RANKINGS Best Asian Law Firm 2015: Gold Award - International Legal Alliance Summit & Awards 2015 South Korea National Law Firm of the Year - Chambers Asia-Pacific Awards 2015 Korea Law Firm of the Year - Who’s Who Legal Awards 2015 PRO BONO Kim & Chang’s Committee for Social Contribution launches “Dream Project for Future Lawyers of Seongbuk” Kim & Chang establishes a printing office for people with disabilities, and helps it obtain disabled-friendly business certification
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