Newsletter A Quarterly Update of Legal Developments in Korea
	July 2017, Issue 2
UPDATES ANTITRUST & COMPETITION KFTC Announces Standard Distribution Agreement for F&B Businesses On February15, 2017, the Korea Fair Trade Commission announced the Standard Distribution Agreement for transactions between suppliers and distributors in the food & beverage industry. Read more LABOR & EMPLOYMENT Supreme Court Rules that Distributor's Sales Agents Are Distributor's Employees, Entitling Them to Severance Payment from the Distributor In a recent decision, the Supreme Court held that although a company executed service agreements with its sales agents who worked in the Distributor's retail space at a department store, the Sales Agents were the Distributor's "employees" as defined under the Labor Standards Act and entitled to statutory severance from the Distributor. Read more ENVIRONMENT MOE Moves to Further Stringently Regulate Hazardous Chemical Substances The Amendment to the Chemicals Control Act, as proposed by the Ministry of Environment and promulgated on December 27, 2016, is scheduled to take effect on December 28, 2017. Read more CORPORATE The Supreme Court Overturns Precedents and Sets New Guidelines Affecting Shareholders' Registry BANKING FSC Proposes Amendment to the Enforcement Decree to the Act on Corporate Governance of Financial Companies to Allow “Dual Hatting” and Clarifies Rate of Deferred Payment for Performance-Based Compensation SECURITIES FSS Announces Its 2017 Business Plan Korean Lawmakers Pass 11 Major Banking & Finance Law Amendments to Reform Financial Industry Sanction System Enforcement Decree of Foreign Exchange Transactions Act Amended, Seeking Registration and Minimum Capital Requirements INSURANCE Korean Lawmakers Pass Amendments to the Insurance Business Act, Increasing Sanctions on Insurance Companies FSS Holds Its Annual Financial Supervision Briefing, Seeking to Share Industry Opinion on Its Transition to the IFRS 17 TAX Notice on Introduction of Country-by-Country Reporting Requirements and Scope of Reports REAL ESTATE REIT Act Amended, Relaxing Certain Restrictions While Increasing Max Shareholding Cap Per Shareholder LABOR & EMPLOYMENT The New Administration’s Labor Policies INTELLECTUAL PROPERTY New Patent Cancellation System Enacted for Patents Registered on or After March 1 ENVIRONMENT Korean Government Adds Stronger Regulatory Measures for Potentially Risky Products and Reporting of Occupational Accidents TECHNOLOGY, MEDIA & TELECOMMUNICATIONS KFTC Prepares Standard Agreements for the Online Shopping Industry Amended Enforcement Decree of the Telecommunications Business Act Now Effective, Specifically Classifying and Regulating Certain Prohibited Acts of Telecom Service Providers Amendments to the Enforcement Decree of the Network Act Provide Rules on Mobile Apps’ Access to User Information INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION The ICC Amends Arbitration Rules to Adopt Expedited Procedures		NEWS SELECTED REPRESENTATIONS Hankook Tire Acquires JAX Tyres, Australia’s Largest Tire Dealer In a Complicated Transaction Structure, Goldman Sachs Consortium Sells Daesung Industrial Gases, Korea's Largest and Only Nationwide Industrial Gas Supplier Hyundai Department Store Group-Owned Fashion Company “Handsome” Acquires SK Networks’ Fashion Division GE Sells Entire Stake in South Korea’s Hyundai Card to a Consortium BMW Cleared of Allegation of Unfair Advertising Seoul Administrative Court Rules in Favor of E-Commerce Service Provider in a Challenge Against the Administrative Decisions of the National Health Insurance Service and KCOMWEL Samsung Asset Management Split into Two to Enhance Expertise and Efficiency of Its Fund Management ING Life Insurance Company Listed on the KOSPI Market Recent Supreme Court Decision Sets Important Precedent on Classification of Income Derived from Retirement of Stocks and its Calculation South Korea’s Top Mutual Fund Manager, Mirae Asset, Acquires Office Building in Canberra, Australia In a First-of-Its-Kind Decision, the Korean Patent Court Dismisses Generic Companies' Challenges to PTE Terms AWARDS & RANKINGS For the 12th consecutive year, Who’s Who Legal names Kim & Chang as “Korea Law Firm of the Year" Who’s Who Legal names Kim & Chang as the “Pro Bono Firm of the Year” in global survey Kim & Chang Again Recognized As One of the Most Valuable Law Firm Brands in Asia - Acritas “Asia Pacific Law Firm Brand Index 2017” Kim & Chang Wins “Best Asian Law Firm 2017: Gold Award” at the Tenth Annual International Legal Alliance Summit & Awards Kim & Chang recognized by the International Tax Review as “South Korea Tax Firm of the Year” and “Asia Tax Transactions Firm of the Year” at the 2017 Asia Tax Awards International Tax Review’s Tax Transactional Survey 2017 - Recognized as a Top-tier Tax Law Firm in Korea Winner of Asian-MENA Counsel Deals of the Year 2016 SEMINARS & ANNOUNCEMENTS Kim & Chang’s International Arbitrator Wins Award at KCAB’s 51st Ceremony & International Arbitration Conference
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