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UPDATES
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Promulgation and Implementation of the Amended MRFTA
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The amendment to the Monopoly Regulation and Fair Trade Act was promulgated on February 6, 2024, to improve the merger review system, the hearing process of the Korea Fair Trade Commission and the corporate disclosure system.
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Amendments to Protect IP Rights Holders Under the Trade Secret Protection Act and Patent Act
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On January 25, 2024, the Korean National Assembly passed significant amendments to the Patent Act and the Unfair Competition Prevention and Trade Secret Protection Act that (i) increase punitive damages available for willful infringement of patents, trade secrets and certain unfair competition acts up to five times the actual damages, and also (ii) strengthen criminal sanctions for trade secret infringement.
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Amendment of FSCMA and Its Subordinate Regulations to Introduce “Prior Disclosure Regime” for Insider Trading
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On December 28, 2023, the National Assembly passed a proposed amendment to the Financial Investment Services and Capital Markets Act requiring executives and major shareholders of listed companies to disclose in advance large-scale share transfers. The Amended FSCMA will take effect on July 24, 2024.
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KFTC Announces Key Initiatives for 2024
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Highlights and Implications of FSS’s 2024 Audit Plan
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Recent Regulatory Trends in Corporate Governance Restructuring Transactions
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FSC Unveils Details of Corporate Value-Up Program
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Promulgation of the Act on the Capture, Transportation, Storage, and Utilization of Carbon Dioxide
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Promulgation of Amendments to Reform the Chemical Substance Management System
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Recent Trends in Virtual Asset Regulation
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Recent Amendments Strengthen Export Controls for Strategic Items to Russia and Belarus
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Employers No Longer Required to Notify Employee-Inventors to Acquire Previously-Assigned Invention Rights
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KCAB Enacts and Enforces “International Mediation Rules”
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2024 Customs Office Work Plan
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EU Launched First In-Depth Investigation Into a Foreign Subsidiary, Relating to a Public Procurement in Bulgaria, Against a Chinese State-Owned Company
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Key HR Amendments for 2024
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New Criteria for Determining Violation of Overtime Rules Pursuant to Recent Supreme Court Decision
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Supreme Court Ruling on Interpretation of “Intent to Occupy as Actual Residency by Lessor” as Grounds for Lessor’s Refusal to Renew Lease Under Housing Lease Protection Act
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Scope of the Serious Accidents Punishment Act Expanded as of January 27, 2024
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2024 Tax Law Amendments (Selected Items)
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