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

This issue includes:

• Korea Introduces Anti-Circumvention System in Customs Act  
• Trends in Institutional Improvements Aimed at Enhancing Corporate Value and Protecting Shareholder Value  
• Cases With RMP Cleared From Suspicion Under SAPA
• FTSA Amendment Strengthening Punitive Damages Liability for Technology Misappropriation to Take Effect on August 28, 2024
• Amendment to E-Commerce Act Strengthening Regulations on Dark Patterns to Take Effect on February 14, 2025
• Stress Capital Buffer Requirement for Banks: The Financial Supervisory Service’s Risk Assessment and Implications
• Strengthened Regulations and Disclosure Requirements on Exercise of Minority Shareholders’ Rights and Operation of General Shareholders’ Meetings
• Domestic and Overseas Climate Disclosure Standards and Policy Trends
• Supreme Court Eases Plaintiff’s Burden to Prove Causation for Environmental Damage
• Enactment of Regulations on the Investigation of Virtual Asset Markets
• Enforcement of Framework Act on Supply Chain Stabilization Support for Economic Security
• Amendment to Notification Regarding Designation of National Core Technologies
• Measures for Stable Implementation of New Insurance Accounting Standard IFRS 17
• Supreme Court Rules That Amount Exceeding Co-Payment Ceiling Is Not Covered by First-Generation Indemnity Medical Insurance
• First-Time Ruling Classifies Use of Mark in Mobile Applications as Use for Services Provided by App
• Implementation of New Heightened Measures for Collecting Customs Valuation Data During Customs Audits
• Recent Court Decision Recognizing a Bank’s Wage Peak System
• Key Improvements to REITs System in 2024
• Procedures for Amending Subordinate Regulations of Corporate Governance Act That Introduces Responsibilities Map Completed and Effective Since July 3, 2024
• Tax Tribunal Rules That Whether a Distribution Fee Constitutes a Royalty for Use of Copyright Under a Tax Treaty Should Be Determined in Accordance With Copyright Act of Korea
• PIPC Releases Draft Subordinate Regulation and Guidance on Data Subject Rights Regarding Automated Decisions

To view the newsletter, please click on the link below.
Kim & Chang Legal Newsletter (2024 Issue 2)