Newsletter A Quarterly Update of Legal Developments in Korea
	December 2017, Issue 4
UPDATES ANTITRUST & COMPETITION KFTC Announces Plan to Eliminate Technology Misappropriation On September 8, 2017, to promote joint growth of enterprises of all sizes and their collaborative efforts, the KFTC and the ruling Democratic Party of Korea held a consultation conference to step up efforts to eliminate unfair demands of technical information and/or misappropriation of technology by large conglomerates against small and medium-sized enterprises. Read more INTELLECTUAL PROPERTY Amendments to the Patent and Design Protection Acts Now Effective, Key Changes That May Affect You Several amendments to the Patent Act (“PA”) and the Design Protection Act ("DPA"), which passed the National Assembly on March 2, 2017, went into effect on September 22, 2017. Read more ENVIRONMENT Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical Substances Continuing its policy to enhance the safe control of chemical substances, the Ministry of Environment ("MOE") has been making legislative efforts to further heighten regulations of chemical substances. Read more CORPORATE Korean Supreme Court Finds No Wrongdoing in a Derivative Suit Filed with the Sale of a Company’s Shares in an Affiliate to the Controlling Business Group’s Family Member ANTITRUST & COMPETITION KFTC Implements a Penalty Compelling Submission Requests to Reinforce Its Investigative Power BANKING & SECURITIES FSC Continues to Strengthen Corporate Governance-related Regulatory Measures to Tighten Financial Companies’ Internal Controls and Risk Management FSC Amends Financial Institution Audit & Sanction Rules INSURANCE Insurance Regulation Amendment Addresses Issuance of Hybrid Securities and RBC Issues FSS Announces Its 2018 Reorganization Plan TAX Supreme Court Issues Important Decision on Permanent Establishment Issues Relating to Foreign Private Equity Funds LABOR & EMPLOYMENT Ministry of Employment and Labor Plans to More Aggressively Police Companies Engaging in Illegal Dispatch Arrangements Ministry of Employment and Labor Responds to Frequently Debated Labor Issues on Better Protecting the Three Fundamental Labor Rights for Persons in Special Types of Employment TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Amended Privacy Regulations Now Effective, Requiring Changes to Consent and Request Forms Ministry of Science and ICT Proposes a Major Modification to the Regulatory Framework for the Telecom Industry NEWS SELECTED REPRESENTATIONS Hyundai Mipo Dockyard Acquires 7.98% Stake in Hyundai Robotics E-Land Retail Sells Its Home & Living Business to Korean Private Equity Giant MBK Partners for KRW 643.5 Billion Kakao Partners with Global Private Equity Firm TPG to Establish Kakao Mobility Bain Capital Private Equity Acquires South Korea’s Botox Maker, Hugel, for KRW 473 Billion Gwangju High Court Broadens the Application of the Employers’ “Good Faith Exception” Defense, Dismissing Employees’ Claims for Additional Allowances KFTC Renders No-violation Decision on a Franchiser Accused of Shifting Cost of Reward Points to Franchisee Stores Celltrion Healthcare, Distribution Arm of Celltrion, Korea’s Leading Biopharmaceutical Company, Makes Its Historic Debut on the KOSDAQ		NEWS SELECTED REPRESENTATIONS(Cont.) Malaysian Subsidiary of Lotte Chemical Lists on the Malaysian Stock Exchange in Bursa Malaysia’s Biggest IPO in Over Two Years Mirae Asset Completes Its Fourth Major Overseas Property Investment of 2017 in Frankfurt, Germany for KRW 360 Billion Supreme Court Sets Precedent, Ruling on the Administrative Powers of the Public Procurement Service on Bid Restrictions Supreme Court First Recognized Inventiveness of an Enantiomer as a "Selection Invention" with a Qualitatively Different Effect Seoul High Court Sets Precedent, Clarifying Restoration and Defects Liability Associated with Restored Lands Korean Court Recognizes the Importance of the Nationality of an Arbitral Tribunal Chair from a Neutral Country in International Arbitrations AWARDS & RANKINGS Kim & Chang Named “Asia-Pacific Firm of the Year” - Asialaw Asia-Pacific Legal Practice Awards 2017 Kim & Chang Remains Korea's Top Law Firm in the Asia-Pacific - The American Lawyer's Asia 50 (2017) Kim & Chang Still Among Largest Asian Law Firms and Biggest in Korea - ALB Asia's Top 50 (2017) Kim & Chang Wins "Korea Law Firm of the Year" for the Fifth Consecutive Year - ALB Korea Law Awards 2017 Kim & Chang Breaks Own Market-leading Record with Top Firm and Individual Lawyer Rankings - Chambers Asia-Pacific 2018 Only Korean Law Firm to be Top-ranked in All 16 Practice Areas Surveyed - The Legal 500 Asia Pacific 2018 Kim & Chang Beats Its Own Market-Leading Record, Achieving Highest Rankings in All 18 Practice Areas - Asialaw Profiles 2018 Kim & Chang Again Brings Home Highest Number of Wins Among Korean Firms - Asian-MENA Counsel Firms of the Year 2017 PRO BONO Second Law Academy of 2017 at Gyeongsan Multicultural Family Support Center Making and Donating Kimchi to the Community Delivering Coal Briquettes to Low-income Families and the Elderly Living Alone in a Tenement Housing Area in Seoul
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