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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2022 Issue 4
UPDATES
SAPA Indictments and Their Implications
Since the Prosecutors’ Office issued its first indictment for a violation of the Serious Accidents Punishment Act on June 27, 2022, it has issued indictments on three separate cases on October 19 and November 3, 2022.
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Financial Authorities Move to Strengthen Regulation of Corporate Restructuring
As companies have recently been seeking various business activities to restructure their corporate governance and business structures, there is a growing interest in the protection of shareholders and investors.
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User Protection and Regulation of Unfair Trade in the Digital Asset Industry
The following bills were proposed at the National Assembly in October and November 2022: (i) the “Proposed Act on the Restoration of Fairness in the Digital Asset Market and the Creation of Safe Trading Environment” and (ii) the “Proposed Act on the Regulation of Unfair Trade in Virtual Assets.”
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Review of Proposed Amendment to the Enforcement Decree of MRFTA
Measures to Innovate Bank Internal Controls
Recent Amendments to Regulations on Corporate Disclosure and Groups of Listed Companies to Protect General Shareholders
Implementing Climate Change Impact Assessment System for Carbon Neutrality
Establishment of Joint Expert Investigation Team for Environmental Crimes
FSC Announces Measures to Strengthen Penalties for Unfair Trade Practices in Capital Markets Sector
Financial Regulators Announce Plan to Improve Insurance Regulations and the Financial Supervisory Service Plans to Improve its Supervision and Audit System
US Commerce Department’s Additional Restrictions on Exports of Semiconductors to China Impact Korean Industries
Updates on Self-Rating Framework for Online Video Products and Trends in Online Platform Self-Regulation
Amendments to Set Forth Method of Selecting Employee Members of LMC and Majority Employee Participation Obligation
Implementation of Pre-Designated Operation System for Pension Plans
CASES
Court Decision Denying Inclusion of Incentive Payments as Wages
Kim & Chang’s Labor & Employment Practice successfully represented a foreign pharmaceutical company in a labor dispute. The court held that "Incentives" should not be deemed as wages under the Labor Standards Act.
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Recent Court Decisions on Compensation for In-Service Inventions
Korean Supreme Court Issues Decision Denying a Worker Dispatch Relationship Between Tier 2 Vendors and a Manufacturing Company
Duty-Free Shop Owner Successfully Obtains Court’s Judgment to Reduce Rent by 50% at Incheon International Airport Due to COVID-19’s Impact on Business
Supreme Court Determines the Tax Residency of a Dual Resident Based on Habitual Abode Standard
Supreme Court Rules on Whether Share Purchase Price may be Taxed as Deemed Dividends Based on Substance-Over-Form Principle
The Supreme Court Recognizes the Legitimacy of the Dismissal of Employees Hired by Unlawful Means
Hanwha Energy Raises AUD 150 million to Expand its Renewable Energy Business in Australia
NEWS
Only Korean Firm in the World’s Top 100 Law Firms Ranking
– The American Lawyer’s The Global 200 (2022)
For the ninth consecutive year, Kim & Chang ranked among the world’s top 100 law firms in the The American Lawyer’s “The Global 200” rankings.
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Winner of “Country and State Awards: Korea” for the 17th Consecutive Year
– Who’s Who Legal Awards 2022
“Korea Law Firm of the Year” for Ten Years in a Row
– ALB Korea Law Awards 2022
 
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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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