KIM&CHANG
Newsletter
A Quarterly Update of Legal Developments in Korea
July 2018, Issue 2
CORPORATE
FSC Proposes Changing the Law Governing External Audits
On April 19, 2018, the Financial Services Commission proposed an amendment of the Act on External Audit of Stock Companies and its Enforcement Decree. Read more
ANTITRUST & COMPETITION
KFTC Announces and Implements Regulations on Digital Forensic Investigation Procedures
On April 3, 2018, the Korea Fair Trade Commission promulgated and implemented the Regulations on the Collection, Analysis and Management of Digital Evidence as well as guidelines that set forth greater details on the KFTC’s forensic review procedure. Read more
ENVIRONMENT
National Assembly Passes the Act on the Safe Control of Common Household Chemical Products and Biocides
On February 28, 2018, the Korean National Assembly passed the Act on the Safe Control of Common Household Chemical Products and Biocides, which was proposed by the Ministry of Environment on August 16, 2017. The new Biocides Act was promulgated on March 20, 2018, and is scheduled to become effective on January 1, 2019. Read more
INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION
Successful Setting Aside of an Arbitration Award in Korean Courts
Members of Kim & Chang’s International Arbitration & Cross Border Litigation Practice successfully set aside an arbitration award for violation of a Korean bank and a foreign party’s arbitration agreement. Read more
UPDATES
ANTITRUST & COMPETITION
KFTC Amends Criminal Referral Guidelines and Plans to Aggressively Pursue Employee and Corporate Violations of the FTL in Its Investigations
BANKING & SECURITIES
FSC Announces Key Changes to the Corporate Governance Act
INSURANCE
The Establishment Act of the FSC Amended to Toll the Statute of Limitations When Request for Mediation is Made Regarding Financial or Insurance Products
TAX
Existing NTS Model No Longer Accepted as a Legitimate Transfer Pricing Calculation Method for Payment Guarantee Fees
LABOR & EMPLOYMENT
National Assembly Passes Partial Amendment to the Minimum Wage Act, Affecting the Scope of Minimum Wage Calculation
INTELLECTUAL PROPERTY
UCPA Amended to Protect Trade Dress for Service Providers and to Introduce New Protection Against Idea Theft
Korean Supreme Court Confirms that Scope Confirmation Actions May Be Filed Regardless of Pending Infringement Actions
ENVIRONMENT
Amendments to the Laws Related to Chemical Substances
TECHNOLOGY, MEDIA & TELECOMMUNICATIONS
Korean Government to Relax Regulations on Location Information
NEWS
SELECTED REPRESENTATIONS
Temasek, a Singaporean Sovereign Wealth Fund, Sells Shares in Celltrion Healthcare and Celltrion
Doosan Engine’s Investment Division Merges with Doosan Heavy Industries, and Shares Subsequently Sold to Socius-Well to Sea Investment PEF
Recent Supreme Court Decision on Strata Ownership
KFTC Clears Consumer Goods Companies of Alleged Abuse of Market Dominance
KFTC Declares Duty-Free Shops’ Commitment to Restrict Competition at Incheon International Airport Does Not Constitute an Unfair Collaborative Act
After a Six-year Investigation, the KFTC Finds No Evidence of Collusion Among a Vehicle Importer and Eight Dealerships
KFTC Finds No Evidence of Collusion in the Pricing of Four Vehicle Importers’ Car Parts, New Car Release Date Schedule and Promotion Plans
Kakao Lists Its Global Depositary Receipts on the Singapore Exchange
Mirae Asset Capital Invests in China’s Leading Car Sharing Operator, Didi Chuxing
Kim & Chang Wins Lawsuit on Levying Corporate Income Tax for Dividends in Applying the Reduced Tax Rate (5%) under the Korea-Japan Tax Treaty
Supreme Court Decides on Places of Tax Payment for Acquisition Tax of Leased Vehicles
Deutsche Asset Management Purchases Logiport Icheon Warehouse for KRW 61.2 Billion
Supreme Court Rules in Favor of Just Cause for Termination of Employment with Only One Case of Employee Misconduct
AWARDS & RANKINGS
"Country and State Awards: Korea" for 13 Straight Years – Who's Who Legal Awards 2018
Most Professionals Ever Recognized from Kim & Chang as Leading Lawyers – Asialaw Leading Lawyers 2018
Again Named as “Employer of Choice” 2018 – Asian Legal Business 2018
Winner of Asian-MENA Counsel Deals of the Year 2017
Top Tier Rankings in All Categories Surveyed – Benchmark Litigation Asia Pacific 2018
Kim & Chang Takes Home Three Distinguished Awards – The Asia Legal Awards 2018
Antitrust & Competition Practice Ranked as “Elite” – GCR 100 (2018)
“South Korea Tax Firm of the Year” and "South Korea Transfer Pricing Firm of the Year" – 2018 Asia Tax Awards
Only Korean Law Firm in Top Tier – International Tax Review’s Tax Planning Survey 2018
PRO BONO
Kim & Chang’s Social Contribution Committee Signs MOU with Korean Women Lawyers Association to Support Female Victims of Violence
Kim & Chang Attorneys Provide Translation and Interpretation to the Ecuadorian Ambassador to Korea and to Elementary School Students in His Talk on World History and Culture
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