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UPDATES
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Responding to Expanded SAPA Application Scope that Includes Smaller Businesses
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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
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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
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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
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KFTC Reviews Guidelines Regarding Determination and Verification of Same Persons
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Improvement of Internal Control System for Banking Sector
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Key Changes in Regulations of Listed Companies’ M&As, Corporate Governance and Corporate Finance
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Amendments to Regulations on Method 4 to Enter into Force in 2024
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Proposed Amendments to Lower Regulations of Act on the Promotion of Transition to a Circular Economy and Society
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Selection of “National High-Tech Strategic Technologies”
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Establishment of Joint Investigation Unit to Counter Virtual Asset Crimes
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Amended Insurance Regulations Became Effective on July 1, 2023
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UNCITRAL Adopts Code of Conduct for Arbitrators in International Investment Disputes
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Entry Into Force of Foreign Subsidies Regulation of the European Union and Need for Preparation by Korean Companies
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Supreme Court Abolishes “Social Norm Reasonableness” Standard for Disadvantageous Changes to Rules of Employment
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Recent Supreme Court Ruling Clarifies Payment Priority for Overdue Rents Under Commercial Building Lease Protection Act
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Introduction of Administrative Penalty for Market Abuse Behaviors and Implementation of Leniency Program
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2023 Proposed Tax Law Amendments – Notable Items
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Proposed Amendment to Enforcement Decree of the PIPA Integrating Online and Offline Regulations Entered into Force
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