Newsletter A Quarterly Update of Legal Developments in Korea
	April 2018, Issue 1
UPDATES CORPORATE Supreme Court Recognizes Beneficial Shareholders’ Right to Claim for the Access to the Register of Beneficial Shareholders On November 9, 2017, the Supreme Court ruled that beneficial shareholders may claim access to beneficial ownership information of their companies. The Court reasoned that under Article 396(2) of the Commercial Act, the register of beneficial shareholders prepared pursuant to the Financial Investment Services and Capital Markets Act (“FSCMA”) has the same effect as the register of shareholders under the Commercial Act. Read more ANTITRUST & COMPETITION National Assembly Passes Amendments to Three Key Fair Trade Statutes On December 29, 2017, the National Assembly passed the amendments to the Fair Agency Transactions Act (“Agency Act”), Fair Transactions in the Franchise Business Act (“Franchise Act”), and the Fair Transactions in Subcontracting Act (“Subcontracting Act”). Read more LABOR & EMPLOYMENT Key Amendments to 2018 Labor Laws We highlight below key labor law changes that have become effective earlier this year, and those that will become effective in May of this year. Read more SECURITIES FSC Strengthens Anti-Money Laundering Regulations INSURANCE FSS to Strengthen Regulation of Telemarketing Channel TAX National Assembly Enacts Final Tax Law Changes for 2018 Draft Bill to Capital Gains Tax Exemption Under Korean Domestic Law (“25% Rule”) Updated REAL ESTATE Korean Government Attempts to Make Private Rented Sector More Stable LABOR & EMPLOYMENT National Assembly Passes Amendment to Reduce Working Hours INTELLECTUAL PROPERTY Korean Courts to Establish New "International Chambers" Where IP Cases Can Be Heard in Foreign Languages ENVIRONMENT MOE Launches Leniency Program for Violation of Chemical Regulations and Assumes New Role in Managing the Greenhouse Gas Emission Trading System TECHNOLOGY, MEDIA & TELECOMMUNICATIONS KFTC Announces Standard Terms and Conditions for Mobile Games KFTC Uses the Temporary Suspension Order System for the First Time to Stop All Online Transactions of an E-commerce Company		NEWS SELECTED REPRESENTATIONS Lotte Group Launches Holding Company to Resolve Pending Issues and Enhance Transparency Kim & Chang Successfully Represents Korea Gas Corporation in the Complex Transaction to Sell and Securitize Its Beneficial Rights Held on the Natural Gas from Myanmar Gas Fields Kim & Chang Successfully Represents a Consortium of Bain Capital Asia and Goldman Sachs, and Founder/Individual Shareholder in Their Sale and Transfer of Interest Held in Carver Korea to Unilever for Over EUR 2 Billion Following Toshiba Corporation’s Separation of Its Memory Business, Toshiba Electronics Korea Transfers Its Memory Sales Business to a New Entity, Toshiba Memory Korea Seoul High Court Recognizes Trade Secret Infringement on Software Source Codes and Grants Injunction on Use Without Time Limits KFTC Finds No Violation of Fair Trade Law for Three Vehicle Importers Alleged of Vehicle Repair Price Fixing TissueGene Becomes the First US Biopharma Company to List Successfully on the KOSPI Korean Low-cost Carrier Jin Air Files for KRW 318 Billion IPO on the KOSPI AIA International Limited’s Korea Branch Converted from Branch to a New Subsidiary Vestas Investment Management Sells Prime Office Building in Seoul for KRW 240 Billion Kim & Chang’s Arbitration Team Obtains over USD 45 Million for French Industrial Gas Supplier in an ICC Arbitration AWARDS & RANKINGS Kim & Chang Wins "South Korea National Law Firm of the Year" for the Fifth Time – Chambers Asia-Pacific Awards 2018 For the 16th Consecutive Year, Kim & Chang Named Best Law Firm in Korea – IFLR Asia Awards 2018 Recognized as “Korea’s Best Law Firm” for Eight Consecutive Years – Hankyung Business 2017 Korea's Best Law Firm “Legal Advisor of the Year” – The Fifteenth Korea IB Awards No. 1 M&A Advisor in Korea – Bloomberg Asia Pacific Legal Advisory M&A Rankings 2017 No. 1 M&A Advisor in Korea – Mergermarket 2017 Full Year Global M&A Trend Report: Legal Advisors Top Tier Tax Firm in Korea for the Fifteenth Consecutive Year – World Tax 2018 and World Transfer Pricing 2018 PRO BONO Mentoring Youth Through Legal Education
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