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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2023 Issue 3
Responding to Expanded SAPA Application Scope that Includes Smaller Businesses
The SAPA, which imposed the duty to ensure safety and health on businesses’ Responsible Management Personnel, became effective on January 27, 2022 and applies to businesses with at least 50 full-time employees. However, the scope of the SAPA will be expanded to cover businesses with fewer than 50 full-time employees starting from January 27, 2024.
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New Developments on Dual-Class Shares
The amended Act on Special Measures for the Promotion of Venture Businesses, which provides an exception to the one-share-one-vote rule set forth under the Commercial Code whereby the issuance of dual-class shares with multiple voting rights to a founder of an unlisted venture business would be permitted, was passed at the April 27, 2023 plenary session of the National Assembly and will take effect on November 17.
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Proposed Amendment to the Industrial Technology Protection Act
On June 28, 2023, the Ministry of Trade, Industry and Energy pre-announced proposed amendments to the Act on Prevention of Divulgence and Protection of Industrial Technology (the “Industrial Technology Protection Act” or “ITA”) which would broaden the scope of the application of the ITA and reinforce the regulatory framework.
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KFTC Proposes Amendment to Review Guidelines Regarding Greenwashing
KFTC Reviews Guidelines Regarding Determination and Verification of Same Persons
Improvement of Internal Control System for Banking Sector
Key Changes in Regulations of Listed Companies’ M&As, Corporate Governance and Corporate Finance
Amendments to Regulations on Method 4 to Enter into Force in 2024
Proposed Amendments to Lower Regulations of Act on the Promotion of Transition to a Circular Economy and Society
Selection of “National High-Tech Strategic Technologies”
Establishment of Joint Investigation Unit to Counter Virtual Asset Crimes
Amended Insurance Regulations Became Effective on July 1, 2023
UNCITRAL Adopts Code of Conduct for Arbitrators in International Investment Disputes
Entry Into Force of Foreign Subsidies Regulation of the European Union and Need for Preparation by Korean Companies
Supreme Court Abolishes “Social Norm Reasonableness” Standard for Disadvantageous Changes to Rules of Employment
Recent Supreme Court Ruling Clarifies Payment Priority for Overdue Rents Under Commercial Building Lease Protection Act
Introduction of Administrative Penalty for Market Abuse Behaviors and Implementation of Leniency Program
2023 Proposed Tax Law Amendments – Notable Items
Proposed Amendment to Enforcement Decree of the PIPA Integrating Online and Offline Regulations Entered into Force
Court Dismisses Consumers’ Damages Claim Regarding Revocation of Vehicle Certifications
In a case where vehicle consumers filed a damages action against certain overseas vehicle manufacturers and a Korean vehicle importer regarding revoked vehicle certifications, Kim & Chang successfully represented the manufacturers and the importer and had the Court dismiss the consumers’ claims.
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Supreme Court Sided With a Medical Device Importer in Confirming a Not-Guilty Verdict on Price Manipulation Charges
Korean Courts Confirm that Scope of a Pharmaceutical Compound Patent Covers Prodrug Forms As Well
Korean IP High Court Reaffirms that Foreign Clinical Trial Periods Should be Included in Patent Term Extension
Court Rules that Company’s Implementation of Unpaid Leave of Absence on Employees is Justifiable and that It is Not Obligated to Pay Business Suspension Allowance Under Article 46 of the Labor Standards Act
Kim & Chang Represents Accounting Firm in a Lawsuit Filed by Investors Seeking Damages for Alleged Negligence Regarding an Audit of a Non-Publicly Listed Company
“Outstanding” in All 24 Categories and 62 “Leading Lawyers” – asialaw 2023/24
Kim & Chang was named “Outstanding” in all 24 categories in the 2023/24 edition of asialaw, once again receiving the highest recognition across all surveyed categories. Moreover, 62 of our attorneys and patent attorneys were recognized as “Leading Lawyers.”
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“South Korea Firm of the Year” – Women in Business Law Awards 2023 APAC
“Tier 1” in All Eight Practice Areas – IFLR1000 (33rd edition)
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