On September 15, Biung-Ghi Ju started his three-year term as the new Chairperson of the Korea Fair Trade Commission (“KFTC”). During his inaugural speech, delivered the following day, the new KFTC Chairperson stressed the need to enhance the social responsibility of corporate activities and increase the intensity of sanction for violations of the law. Chairperson Ju also said the KFTC under his leadership would focus on (i) upgrading the capacity of the market system where innovative ventures grow and smaller players enjoy an enhanced bargaining power; (ii) establish fair regulations for business groups while facilitating innovative investments and efficient management; (iii) establish a fair ecosystem in the online platform market; and (iv) protect the common people and economically underprivileged and establish consumer sovereignty. These were the same four areas of focus that he had mentioned during his confirmation hearing on September 5.

For further information on the new KFTC Chairperson, please refer to our previous newsletter on his nomination (Link).