This is a quaterly update of legal developments in Korea from Kim & Chang.

This issue includes:

• Responding to Expanded SAPA Application Scope that Includes Smaller Businesses (50 Workers or Fewer)
• New Developments on Dual-Class Shares
• Proposed Amendment to the “Act on Prevention of Divulgence and Protection of Industrial Technology”
• KFTC Proposes Amendment to Review Guidelines Regarding Greenwashing
• KFTC Reviews Guidelines Regarding Determination and Verification of Same Persons
• Improvement of Internal Control System for Banking Sector
• Key Changes in Regulations of Listed Companies’ M&As, Corporate Governance and Corporate Finance
• Amendments to Regulations on Method 4 to Enter into Force on January 1, 2024
• Proposed Amendments to Lower Regulations of Act on the Promotion of Transition to a Circular Economy and Society
• Selection of “National High-Tech Strategic Technologies”
• Establishment of Joint Investigation Unit to Counter Virtual Asset Crimes
• Amended Insurance Regulations Became Effective on July 1, 2023
• UNCITRAL Adopts Code of Conduct for Arbitrators in International Investment Disputes
• Entry Into Force of Foreign Subsidies Regulation of the European Union and Need for Preparation by Korean Companies
• Supreme Court Abolishes “Social Norm Reasonableness” Standard for Disadvantageous Changes to Rules of Employment
• Recent Supreme Court Ruling Clarifies Payment Priority for Overdue Rents Under Commercial Building Lease Protection Act
• Introduction of Administrative Penalty for Market Abuse Behaviors and Implementation of Leniency Program
• 2023 Proposed Tax Law Amendments – Notable Items
• Proposed Amendment to Enforcement Decree of the PIPA Integrating Online and Offline Regulations Entered into Force

To view the newsletter, please click on the link below.
Kim & Chang Legal Newsletter (2023 Issue 3)