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KIM&CHANG A Quarterly Update of Legal Developments in Korea Newsletter
2024 Issue 3
UPDATES
Prior Disclosure of Insider Transactions Becomes Mandatory for Listed Companies
An amendment to the Financial Investment Services and Capital Markets Act was promulgated on January 23, 2024, to require the prior disclosure of insider transactions.
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Implementation of Amended MRFTA Enforcement Decree and Administrative Fine Notification to Promote Fair Trade Voluntary Compliance Programs
A set of amendments proposed by the Korea Fair Trade Commission, which were intended to encourage companies to adopt a fair trade voluntary compliance program in accordance with the Monopoly Regulation and Fair Trade Act, went into effect on June 21, 2024.
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Key Contents of Proposed Amendment to English Arbitration Act and Implications in International Arbitration
A bill aimed at amending the English Arbitration Act 1996, the primary legislation governing arbitrations in England, Wales and Northern Ireland, was introduced into the House of Lords on July 18, 2024.
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Implementation of Amended Merger Control Administrative Guidelines
New FSC Chairman’s Supervisory Plan for Real Estate PF
New Developments on Dual-Class Shares
Announcement of Plans to Develop Laws, Institutions and Infrastructure to Foster the Used Battery Industry
Government’s System Improvement Plan in Response to WeMakePrice and TMON Incident
Enforcement of Recent Amendments to Public Notice on Trade of Strategic Items – 34th and 35th Amended Public Notices
FSC and FSS Held Second Insurance Reform Conference
Korean Supreme Court Clarifies Meaning of “New Chemical Entity” for PTE Eligibility
2024 UFLPA Strategy Update and Key Implications
Recent Supreme Court Decision Determining Whether Employees Were Engaged in Managerial or Supervisory Work
Amendments to Enforcement Decree of Industrial Cluster Act: Easing Regulations on Industrial Complexes, Including Asset Securitization (Real Estate Financing)
Recent Changes to Korean Short Sale Rules
2024 Proposed Tax Law Amendments – Notable Items
Korea Communications Commission to Conduct Investigations Following Periodic Status Reviews of Location Information-Related Service Providers
Developments in Revitalizing Aerospace Industry: Impacts of Establishing KASA and Proposed Amendment to Space Development Promotion Act
CASES
Recent Decisions Denying Employer Status and Obligation to Engage in Collective Bargaining With Third-Party Union
The NLRC has recently ruled that “department stores in this case are not required to engage in collective bargaining with the trade union (composed of sales employees from the tenant stores) as such department stores are not considered employers under the Trade Union and Labor Relations Adjustment Act.”
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Tax Tribunal Rules That Difference Between Expenses Prepaid by Importer to Dealer for Free Warranty Repairs and Expenses Reimbursed by Overseas HQ Cannot Be Added to Customs Dutiable Value
Kim & Chang Wins First Lawsuit in Korea Addressing Obligation to Purchase Loans Pursuant to Loan Management Agreement With Online Investment-Related Financial Business Entity
IP High Court Reverses IPTAB’s Decisions, Finding Validity of Crystalline Form Patents in Agrochemical Field
Glenwood Private Equity’s Acquisition of SK pucore
NEWS
Ranked “Tier 1” in All Eight Practice Areas – IFLR1000 (2024)
Kim & Chang once again received “Tier 1” rankings in all areas surveyed for Korea in the 2024 edition of IFLR1000. Additionally, 54 of our attorneys were recognized as leading lawyers in their respective practice areas.
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“Outstanding” in All 24 Categories and 65 “Leading Lawyers” – asialaw 2024
151 Professionals Selected as “National Leaders” – WWL: Korea 2024
 
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