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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2023 Issue 4
UPDATES
Recent Updates on Financial Authorities’ Short Sale Regulations
The Financial Services Commission resolved that all short sale transactions be banned from November 6, 2023 to the end of June 2024. In addition, the Financial Supervisory Service launched the “Special Short Sale Investigation Team” for its industry-wide investigation on short sale violations.
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New Subcontract Price Linkage System Takes Effect
A new price linkage system was introduced through amendments to the Enforcement Decrees to the Fair Transactions in Subcontracting Act and the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises, which are under the purview of the Korea Fair Trade Commission and the Ministry of SMEs and Startups, respectively.
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Amendments to ITA to Prevent Leakage of National Core Technology and Trends for Future Amendments
The Ministry of Trade, Industry and Energy announced proposed amendments to the Act on Prevention of Divulgence and Protection of Industrial Technology (the “ITA”) in the second quarter of last year, which expanded the scope of regulated national core technologies.
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Reflecting on 2023 and Anticipating Key Issues Ahead in 2024
Regulatory Trends in Corporate Governance Restructuring Transactions
Regulatory Trends on Corporation Law and Operation of Shareholder Meetings
New Measures to Stimulate Korean Emissions Trading Scheme
MOE to Improve Environmental Impact Assessment System Through Active Administration
Guidelines for Strengthening Financial IT Stability
US Department of Commerce Announces Further Amendments on Semiconductor Exports to China
Proposed Amendment to KCC Enforcement Decree to Prevent Reduction in Insurance Companies’ Distributable Profits Adopted at Cabinet Meeting
Key Amendments to Customs Laws Included in 2023 Tax Law Revision Bill
Beginning of Transitional Period for CBAM from October 1, 2023
Reform Plan and Proposed Amendment to Laws for Relaxation of Industrial Complex Regulations
Key Issues and Implications of Appellate Court’s Decision on the Criteria to Define “Construction Project Owner” Under the Amended OSHA
Supreme Court Sets Forth Specific Standards to Determine Presence of Economic Rationality with Respect to Payment of Trademark Royalties for Purposes of Application of Domestic Transfer Pricing Rules
Details of Measures to Strengthen Stability of Digital Services and Legislative Trends Regarding Act on Fair Distribution Environment of Cultural Industries
CASES
Kim & Chang Successfully Defends Mobility Service TADA Against Alleged Violation of Passenger Transport Service Act
Socar, Inc., a provider of car-sharing services, and VCNC, Inc., a software developer, jointly developed a mobile application called “TADA” and offered the “TADA Service,” which is a combination of a car rental service and driver referral service.
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Supreme Court Finds That Location of Passenger Information Display Systems in Subway Cabins Constitutes a Fundamental Part of Agreement
Court Rules That Applying Lower Salary Scheme to Non-Fixed Term Contract Employees Converted to Regular Employees is Not “Discrimination” Pursuant to Article 6 of Labor Standards Act
EQT Partners’ Acquisition of SK Shieldus
Korean Courts Enforce Generic’s Obligation to Pay Royalties in Exchange for Data Provided Under Joint Development Agreement
NEWS
Ranked “Band 1” in 18 Areas, 85 “Leading Individuals” - Chambers Asia-Pacific 2024
Kim & Chang obtained a “Band 1” ranking in 18 practices in Chambers Asia-Pacific 2024, receiving the most “Band 1” rankings among Korean law firms. The guide also recognized 85 of our professionals, the highest number among Korean law firms, as “Leading Individuals.”
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“Korea Law Firm of the Year” for Eleven Years – ALB Korea Law Awards 2023
Winner of “Country Firm of the Year: South Korea” for the Eighteenth Consecutive Year – WWL Awards 2023
Ranked in the World’s Top 100 Law Firms for the Tenth Consecutive Year – The American Lawyer’s The Global 200 (2023)
 
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