On February 6, 2024, amendments to the Monopoly Regulation and Fair Trade Law (“FTL”) were promulgated after receiving approvals from the National Assembly. These amendments include (i) changes to the merger notification threshold and expansion of exemption from notification, and (ii) the introduction of a voluntary remedy system. These amendments to the FTL will soon come into effect.

In line with the latest amendments to the FTL, on June 13, 2024, the Korea Fair Trade Commission (“KFTC”) issued an advance notice on a set of new proposed rules and amendments relating to the introduction of a voluntary remedy system, and the public comment period for these proposed rules and amendments is set to end on July 2, 2024.

Additionally, on June 17, 2024, the KFTC issued an advance notice on amendments to the Merger Filing Guidelines and Merger Review Guidelines, which, among others, will (i) expand the scope of exemptions from merger notification requirements, and (ii) introduce a pre-notification consultation system for complex mergers. The public comment period for these amendments is set to end on July 8, 2024.

Please refer to the attached file for more details on the proposed guidelines.