Newsletter A Quarterly Update of Legal Developments in Korea
	February 2016, Issue 1
UPDATES CORPORATE National Assembly Passes the "Special Act for Business Reinvigoration" On February 4, 2016, the National Assembly held a plenary session, and passed the "Special Act for Business Reinvigoration" (the "One-Shot Legislation"). Read more LABOR & EMPLOYMENT Key Changes to Employment and Labor Laws in 2016 Several new labor laws and regulations recently took effect, or are scheduled to take effect in 2016. Read more TAX Update on the Korea-Hong Kong Tax Treaty The Korea-Hong Tax Treaty (“Hong Kong Treaty”) has not yet been ratified. As a result, the Hong Kong treaty did not enter into force in 2015. Consequently, its provisions will not have effect in 2016. Read more ENVIRONMENT Environment Ministry Issues New Administrative Regulations to Guide the Disclosure of Information on Chemical Substance Effective December 31, 2015, Korea’s Ministry of Environment (the “MOE”) promulgated the "Regulations on the Management of Chemical Substance Investigation Results and Information Disclosure System" (the “Management Regulations”). Read more CORPORATE Latest M&A Invigoration Plan Update – The Korean National Assembly Passes the Amendment to the Korean Commercial Code SECURITIES Korea′s Top Financial Watchdog Announces Plans for Regulatory Reform Korea′s Top Financial Watchdog Plans to Improve the No-Action Letter System BANKING FSC Grants Preliminary Approval for Korea’s First Internet-Only Banks Korea’s Financial Stability Measures Focus on Global Standards and Relaxing Certain Requirements INSURANCE FSC Begins Rollout of the Amendment to the Insurance Business Supervisory Regulation REAL ESTATE & CONSTRUCTION Korean National Assembly Adopts Relaxed Measures to the Real Estate Investment Trust Act Amendments to the Tourism Promotion Act Aim to Increase Global Competitiveness TAX The Korean Government Promulgates Amendments to the Presidential Decrees of the Recently Approved Tax Laws ENVIRONMENT Chemical Laws in Korea – A Year in Review & Outlook TECHNOLOGY, MEDIA & TELECOMMUNICATIONS KCC Amends Enforcement Decree of the Broadcasting Act to Specify Specific Categories of Prohibited Conduct Korea’s Radio Research Agency Reduces Identification and Labeling Burden on Broadcasting and Communications Equipment		NEWS SELECTED REPRESENTATIONS Did Eight Affiliates of the Korean Conglomerate, Kumho Asiana Group, Violate Korean Antitrust Law by Extending Commercial Paper Maturity Periods? Cheil Industries and Samsung C&T Merger SK and SK C&C Merger Hana Bank and Korea Exchange Bank Merger Sampyo Consortium Acquires Tongyang Cement GS Engineering & Construction Sells Parnas Hotel Does a Casino Operator Have a Duty of Care to Protect Against Excessive Gambling Losses? Kim & Chang Advises on the First Ever Issuance of Covered Bonds Under the Korean Covered Bond Act of 2014 Accidental Death Claim Litigations – Insurance Companies Continue to Receive Favorable Judgments Kim & Chang Advises Korea’s Simone Investment in Its Purchase of a Commercial Building in Germany Seoul High Court Denies Including Regular Bonus in Ordinary Wage Supreme Court Renders Decision on the Scope of Duplicate Audits Pharmaceutical Company’s Money Spent on Product Presentations – Advertisement or Entertainment Expense? Patent License Dispute & New Precedent – Licensee Wins a Favorable Judgment in Terminating Its Patent License Agreement Appellate Court Issues Settlement Recommendation on Unauthorized Use of a Popular K-pop Celebrity’s Name and Photograph AWARDS & RANKINGS Top rankings for all 18 practice areas and recognition of 54 leading individuals - Chambers Asia-Pacific (2016) Tier 1 in all 15 areas - The Legal 500 Asia Pacific (2016) 10 awards including "Korea Law Firm of the Year" - ALB Korea Law Awards (2015) Ranked as “Elite” in Competition Practice - GCR 100 (2016) Leading Tax Advisory Firms - World Tax (2016) Tier 1 in M&A in South Korea - ALB (Asian Legal Business) M&A Rankings (2015) Recognized as one of the world’s Top 10 Pro Bono Firms - Who’s Who Legal Pro Bono Survey (2015) SEMINARS The 1st Thomson Reuters Annual Brief Lecture on Maritime Law Issue and Professional for Maritime Law Seminar on Issuance of Covered Bonds Kim & Chang - SIAC International Arbitration Joint Seminar
39, Sajik-ro 8-gil, Jongno-gu, Seoul 03170, Korea Tel: +82-2-3703-1114   Fax: +82-2-737-9091/9092   Email: lawkim@kimchang.com   www.kimchang.com This e-mail service is provided for general informational purposes only and should not be considered a legal opinion of Kim & Chang nor relied upon in lieu of specific advice. If you do not wish to receive our newsletter service, please click here. If you have problems viewing this message, please click the following URL or enter it into your web browser: http://www.kimchang.com/newsletter/2016newsletter/legal/en/newsletter_legal_en_february2016.html © Kim & Chang 2016.