Newsletter A Quarterly Update of Legal Developments in Korea
	November 2015, Issue 3
UPDATES LABOR & EMPLOYMENT A Step Forward for the Korean Labor Market – Presidential Advisory Commission Agrees on 5 Key Labor Issues On September 15, 2015, after one year of deliberations, the Economic and Social Development Commission (the "ESDC") came to an agreement on 5 key issues relating to labor policies. Read more TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Korea’s Food and Drug Safety Ministry Expands Its Regulatory Scope to Include Wellness Products The convergence of two fast growing industries – the healthcare industry with the information & communications technology (“ICT”) industry – has led to the introduction of new products and services that include health-related functions (“wellness products”). Read more INTERNATIONAL TRADE & CUSTOMS Ministry of Industry, Trade and Energy Amends Regulations on Export Control of Strategic Goods On July 20, 2015, the Ministry of Industry, Trade and Energy ("MOTIE") amended the Regulations on Export Control of Strategic Goods ("Regulations"). Read more CORPORATE Private Equity in Korea & Amendments to FSCMA – What You Need to Know SECURITIES Financial Investigators May Now Hold Judicial Police Powers BANKING Beyond Banks & Stricter Measures – Korea’s New Corporate Governance Law of Financial Companies FSC Proposes to Relax Rules Affecting Financial Holding Companies INSURANCE Financial Regulators Establish a Joint Initiative to Improve Insurance Sales Channels REAL ESTATE & CONSTRUCTION Real Estate Law Review – Amendments to FSCMA LABOR & EMPLOYMENT The Seoul High Court Rules in Favor of KB AutoTech in Two Ordinary Wage Cases TAX MOSF Submits Proposed Tax Law Amendments for 2016 to the National Assembly ENVIRONMENT Environmental Pollution Claims & Compulsory Liability Insurance – Why Companies Should Routinely Undertake Systematic Information Management and Classification Korea’s Environment Ministry Relaxes Recycling Approval System and Curbs Hazardous Waste Control TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Amendment to PIPA – Why Should Your Company Ensure Greater Privacy and Data Security Compliance? ENGINEERING & CONSTRUCTION DISPUTES Seoul Administrative Court Sets Precedent in Correcting the Wrongful Practice of the Public Procurement Service Administrator		NEWS SELECTED REPRESENTATIONS Korea’s Leading PEF Completes a USD 3.6 Billion M&A Transaction KB Financial Group Becomes South Korea’s Largest Financial Group, Strengthens Its Non-banking Sector Hyundai Motor Makes a KRW 110 Billion In-kind Contribution to Haevichi Hotels & Resorts Medica PEF Completes a USD 17 Million Convertible Note Acquisition How Kim & Chang Successfully Defended a Foreign Auto Maker in Lawsuits Over Fuel Economy The Seoul High Court Delivers Good News to POSCO, Korea’s Biggest Steelmaker South Korean Perishable Food Company, Pulmuone, Issues Its 64th Bonds Korea’s Largest Department Store Operator, Lotte Shopping, Makes Its Second Offshore Issuance of Privately Placed Bonds U.K. Life Reinsurance Company, Pacific Life Re Limited, Obtains Preliminary Insurance Business License in Korea Supreme Court Rules in Favor of Korea’s First Property Insurance Company, Meritz Fire, in the Ginseng Business Claim IGIS Asset Management Purchases 3 Lotte Mart Stores throughout Korea, Enters into Leases with Lotte Shopping Precedent and Persuasion – German Company Wins a Supreme Court Decision on Income Classification against Korean Tax Authorities Second Landmark Decision on Trade Dress Protection for a Store's General Appearance and Design Settlement Reached in the Civil Case Concerning One of Korea’s Highest-Grossing Movies, “Miracle in Cell No. 7” Korean Buyer Wins a KRW 25 Billion Arbitral Award European Buyer Wins a KRW 6 Billion Arbitral Award in an AAA/ICDR Arbitration in New York AWARDS & RANKINGS Tier 1 in all practice areas - IFLR1000 (2016) Outstanding in 11 practice areas - Asialaw Profiles (2016) Ranked No. 5 Asia Pacific Law Firm Brand - Asia Pacific Law Firm Brand Index 2015 Ranked 71st among the largest 100 law firms - The American Lawyer Magazine’s Global 100 (2015) Korea Law Firm of the Year - China Law & Practice Awards 2015 Only Korean law firm with recognized individuals on the 40 Under 40 List - Asian Legal Business 2015 SEMINARS Seminar on Main Recent Issues in Arbitration and Business Counter Strategies International Financial Law Association’s Seminar Mentoring Program on Legal Profession with Law School Students CISO Forum
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