On August 16, 2022, Mr. Soo-Hyun Yoon, the Vice Chair of the Korea Fair Trade Commission (the “KFTC”) presented the KFTC’s annual enforcement plan (the “Annual Report”) to the President, detailing the KFTC’s enforcement priorities in furtherance of the Yoon administration’s economic policy agenda.
The Annual Report identified the following as the KFTC’s key tasks for the coming year: (i) due process in competition law enforcement, (ii) promotion of free market competition, (iii) eradication of impediments to market competition, (iv) stronger foundation for fair transactions involving small and medium-sized enterprises (“SMEs”) and (v) establishment of consumer-oriented transaction practices.
With the KFTC announcing “due process in competition law enforcement” as the first item in the Annual Report, we expect the KFTC to take bold measures to ensure procedural fairness in law enforcement, in line with President Yoon’s emphasis on procedural transparency, predictability and fairness. The Annual Report also highlights the KFTC’s plans for regulatory reform, promoting fair market environment for SMEs and strengthening consumer protection in digital economy.
Please refer to the newsletter (link) for a more detailed summary of the KFTC’s Annual Report.
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