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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2021 Issue 4
UPDATES
FSC Draws a Blueprint on the Future of Banking Business
On October 28, 2021, Mr. Seung-Beom Koh, Chairman of the Financial Services Commission held a meeting with the banking industry, including the heads of commercial banks and representatives from industry associations, other regulatory bodies and research institutions.
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Administrative Notice of Proposed Guidelines for Review of Information Exchange Cartel
The Korea Fair Trade Commission has completed gathering opinions on the "Guidelines for Review of Unfair Collaborative Acts Involving Information Exchange between Business Entities" during the public comment period that lasted from November 3 to 23, 2021.
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Government’s Commitment to Carbon Neutrality - Carbon Neutrality Framework Act, 2030 NDC, and Carbon Neutrality Scenarios
On September 24, 2021, the Carbon Neutrality Framework Act was enacted. Pursuant to the Act, the 2050 Carbon Neutrality Green Growth Committee approved a significant increase in the 2030 NDC to 40% and two scenarios to accomplish carbon neutrality by 2050.
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Implementation of Criminal Leniency Program for Cartel Cases and Strategic Considerations
Legislative Trends in Corporate Governance, Including Strengthened Disclosure Requirements under the FSCMA and FTL
Fractional Share Trading to be Allowed in Korea
Regulation on Online Financial Platform Services
New Financial Action Task Force Guidance Released on Virtual Assets and Virtual Asset Service Providers
New Amendment to Specify Unfair Uses of Data and Publicity Rights under the UCPA
En Banc Supreme Court Holds that Posting Links to Copyright Infringing Content Can Be Criminal Violation
Settlement Made Between the US and EU on Section 232 Tariffs on Steel and Aluminum
The Supreme Court’s Decision on the Number of Paid Annual Leave Days Granted to One-Year Fixed-Term Employees
Trends in Enactment and Amendments of Laws Regarding Promotion of Data Industry and Easing of Regulations on Location Information and Game Industry
CASES
Recent Court Decision on Denial of Employee Status for Consignment Sales Agents of Large Retail Stores
Since the Supreme Court’s decision in 2017 that recognized the employee status of consignment sales agents of department stores, there have been several disputes over the employee status of consignment sales agents of large retail stores.
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Decision Acknowledging Problems in Selecting Comparable Companies under Method 4 by Customs Service
CHUBB Group Acquires LINA Life Insurance Company of Korea
Scope of Debtor’s Damages Due to Creditor’s Delay in Receipt and Settlement Payment Pursuant to General Approximation Contract under the Defense Acquisition Program Act
NEWS
“Asia-Pacific Firm of the Year” and “South Korea Firm of the Year” – asialaw Awards 2021
At the fourth asialaw Awards, Kim & Chang was once again honored as the leading law firm in South Korea and the Asia-Pacific region.
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Only Korean Firm in the World’s Top 100 Law Firms Ranking – The American Lawyer’s The Global 200 (2021)
 
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This legal updates is provided for general informational purposes only and should not be considered a legal opinion of KIM & CHANG nor relied upon in lieu of specific advice. Recipients of this publication, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this publication without seeking appropriate legal or other professional advice.

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