Newsletter A Quarterly Update of Legal Developments in Korea
	July 2016, Issue 2
UPDATES ANTITRUST & COMPETITION KFTC Issues Amended Guidelines on the Review of Unfair Trade Practices On December 31, 2015, the Amendment to the Guidelines on the Review of Unfair Trade Practices came into effect. The Guidelines are intended to provide guidance to companies about when their unilateral conduct may be considered an “unfair trade practice.” Read more TAX Ministry of Strategy and Finance Issues Notice of a New Filing Requirement, and Those Companies Subject to the Comprehensive Report on International Transactions Taxpayers are required to submit an Individual Company Report, and a Comprehensive Report on International Transactions if their annual sales amount exceeds KRW 100 billion and annual cross-border intercompany transactions exceeds KRW 50 billion. The new filing requirement is effective for fiscal years commencing on or after January 1, 2016. Read more ENVIRONMENT Government to Strengthen Investigation of Environmental Crimes through a Newly Established Task Force In an effort to strengthen its ability to better enforce major criminal violations of environmental regulations, the Ministry of Environment newly established the "Central Environmental Crime Investigation Task Force". Read more ANTITRUST & COMPETITION KFTC’s Amended Cartel Leniency Regime and Leniency Application Procedures KFTC’s Amended IP Rights Guidelines Seek to Address “De Facto” SEP-related Criticisms KFTC Adopts Investigation Procedure Rules SECURITIES Korea’s National Assembly Passes the Amended Banking Act, Establishing a Legislative Framework for Contingent Capital Instruments during Financial Stress FSC Announces Plans to Boost the Investment Advisory Business Detailed Rules on Disclosure and Reporting of Net Short Position Take Effect CORPORATE National Assembly Passes A New Corporate Restructuring Promotion Act with Significant Impact to Corporate Restructuring Proceedings BANKING Korean Legislature Introduces New Rules to Apply to Kun-Guarantees under the Amended Korean Civil Code REAL ESTATE & CONSTRUCTION Real Estate Investment Trust Act Amended to Diversify Investment Targets and Profit Structures, Lower Barriers to Use of REITs Amendments to Enforcement Decrees of “Industrial Cluster Development and Factory Establishment Act” Aim to Ease Restrictions on Industrial Land and Plant Dispositions LABOR & EMPLOYMENT New and Revised Guidelines on the Protection of Non-Regular Workers Now In Effect Korea’s Labor Ministry Announces Guidelines on Ordinary Dismissal and Procedures for Changing Working Terms and Conditions ENVIRONMENT Act on Integrated Management of Environmental Pollution Facilities to Take Effect on January 1, 2017 TAX Ministry of Strategy and Finance Announces the 2016 Amendments to the Ministerial Decree of Corporate Income Tax Law TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Amendment to the E-Commerce Act Addresses Several Debated Issues Supreme Court Overturns Seoul High Court’s Decision Regarding Personal Data Turnover to Investigative Authorities under the Telecommunications Business Act INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION New Amendments to the Korean Arbitration Act Expected to Allow for More Efficient Arbitration in Korea Korean Supreme Court Approves Recent Revisions to the KCAB International Arbitration Rules INTELLECTUAL PROPERTY Patent Infringement and Damages Become Easier to Prove under the Amended Patent Act INSURANCE Amendments to the Standard Automobile Insurance Policy Form		NEWS SELECTED REPRESENTATIONS Apro Service Group Acquires Citi Capital Korea Assets H-Line Shipping, A Portfolio Company of Korea’s Leading PEF, Acquires Bulk Shipping Business from Hyundai Merchant CJ Korea Express Acquires China’s Largest Cold Food Chain Logistic Company with Support from STIC Investments Korea’s Largest Entertainment Company Sells Newly-Issued Shares to Alibaba Group Kim & Chang Advises on USD 100 Million Offshore Issuance of Privately Placed Bonds by Lotte Shopping Ponte Gadea Group, Owned by the Spanish Billionaire and Owner of Zara, Amancio Ortega, Acquires M-Plaza Building in the Heart of Seoul KFTC Clears Oracle of All Anticompetitive and Unfair Business Practice Allegations Pacific Life Re Limited Receives Reinsurer License in Korea Supreme Court Overturns A KFTC Decision against Ramen Manufacturers for Price Fixing Busan High Court Reverses Lower Court's Judgment in Ordinary Wage Case in Favor of the Employer Kim & Chang Successfully Represents a Foreign Ship Components Supplier in a KCAB International Arbitration Successful Dismissal of an Application for Interim Relief under the Emergency Arbitration Procedures of the ICC Supreme Court Delineates Factors to Determine the “Place of Effective Management” under the Corporate Income Tax Law AWARDS & RANKINGS Kim & Chang Breaks into Top 5 Ranking - Financial Times Asia-Pacific Innovative Lawyers Report 2016 Korea Law Firm of the Year - Who’s Who Legal Awards 2016 South Korea National Law Firm of the Year - Chambers Asia-Pacific Awards 2016 Korea Law Firm of the Year - IFLR Asia Awards 2016 Top rankings for all 7 practice areas and recognition of 28 leading individuals - Chambers Global 2016 SEMINARS Auto Parts Industry Development Strategies Spring Seminar 2016 Korea Pharmaceutical Manufacturers Association’s Compliance & Ethical Management Workshop Seminar on Law and Policy of Korea Fair Trade Commission’s Investigation PRO BONO Former Constitutional Court Justice and Former Chief Prosecutor Among the Many Who Donate Their Voice and Time to Become “Storybook Readers” for Multicultural Children Kim & Chang Committee for Social Contribution and Jongno-gu District Office Sign MOU to Collaborate on Outreach and Welfare Promotion for Underprivileged Youth
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