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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2023 Issue 2
First Investigation Using Criminal Leniency Program – Indictment of 8 Companies for Involvement in Bid-Rigging Scheme
Recently, the Fair Trade Investigation Division of the Seoul Central District Public Prosecutors’ Office indicted eight companies and several individuals for their involvement in a bid-rigging scheme. This case marks the first time ever in which the PO launched a criminal antitrust investigation through the use of its Criminal Leniency Program without an initial criminal referral by the Korea Fair Trade Commission.
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Key Details of Bill for Protection of Virtual Asset Users
The Bill for Protection of Virtual Asset Users passed the plenary session of the National Assembly on June 30, 2023, and is expected to be enforced from the day one year has passed since its promulgation.
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Key Points of the Amended UCPA
An amendment to the Unfair Competition Prevention and Trade Secret Protection Act was promulgated on March 28, 2023 and will become effective on September 29, 2023.
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Recent Developments in KFTC’s Efforts to Regulate Dark Patterns
Upcoming Reform of Performance-based Bonus Policies for Financial Institutions
Recent Discussions and Trends on Corporate Governance Regulations
Announcement of National Basic Plan for Carbon Neutrality and Green Growth
Financial Services Commission Announces Detailed Plan on Big-Tech’s Online Insurance Product Comparison and Recommendation Services
Publication of US IRS’ Guidance on New Clean Vehicle Credit (Section 30D, Tax Credit Guidance)
Supreme Court Rules that Statute of Limitations in Claim for Damages Due to Illegal Worker Dispatch Relationship Is Ten Years
Regulations on Call Options and Refixing for Convertible Preferred Shares Issued by Listed Companies
NTS and MOEF Issue Ruling that Dispels Uncertainties Regarding Flat Tax Rate for Foreign Workers
Introduction of Measures to Strengthen Stability of Digital Services
Legislative Trends Related to Bill on Creating Fair Distribution Environment for Cultural Industries
Key Details and Implications of Recent SAPA Court Decisions
Changes in Major Regulations on Corporate Governance and Financial Structure of Venture Businesses and Unlisted Companies
Court Finds Directors of Listed Company Liable for Breach of Fiduciary Duty and Damages Compensation in Derivative Action Filed by Global Manufacturer
Listed companies A, B and C, belonging to the same company group, are controlled by the group’s chairperson through a circular shareholding structure, where Company A holds shares in Company B, Company B holds shares in Company C, and Company C holds shares in Company A.
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Supreme Court Rules that Waiver of Claims Signed by Former Employees Does Not Constitute a Waiver of Wages and Severance Pay in Advance
Advised on MBK Partners’ KRW 2.5 Trillion Acquisition of Leading Global Dental Scanner Developer Medit Corporation from UCK Partners
“Tier 1” in All Ten Practice Areas – Benchmark Litigation Asia-Pacific 2023
In the 2023 edition of Benchmark Litigation Asia-Pacific, Kim & Chang once again received “Tier 1” (top tier) rankings across all ten practice areas surveyed.
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Opening of Kim & Chang’s Indonesia Desk
“National Law Firm of the Year: South Korea” – IFLR Asia-Pacific Awards 2023
Korea Legal Insight 2023 - Digital Transformation
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