Newsletter A Quarterly Update of Legal Developments in Korea
	December 2016, Issue 4
UPDATES ANTITRUST & COMPETITION KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard to Reinforce Consumer Protection On October 26, 2016, the Korea Fair Trade Commission announced that it would enforce its amendment to the Consumer Dispute Resolution Standard. The Standard provides the criteria for the resolution of disputes between consumers and enterprises for each product / service and/or type of such dispute. Read more TAX Now Effective in Korea: (1) Hong Kong Tax Treaty, and (2) Amendment to the Korea–India Tax Treaty Much earlier than expected, on September 12, 2016, the Korean government notified the Hong Kong government of the Korean National Assembly’s ratification of the Korea–Hong Kong Tax Treaty. On September 27, 2016, the Treaty entered into force. Also, on September 12, 2016, the amendment to the Korea–India Tax Treaty entered into force. Read more ENVIRONMENT Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight in Biocide Safety In the midst of growing public concern over the health hazards of certain household chemical products, concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics. In response to these public concerns, the Ministry of Environment initiated an exhaustive survey of biocides contained in household chemical products. Read more ANTITRUST & COMPETITION KFTC Announces Proposed Amendments to Its Leniency Guidelines KFTC Announces Two Proposed Regulations in Hopes of Preventing Unfair Trade Practices in Supplier-Distributor Transactions SECURITIES Financial Regulatory Authorities Jointly Announce Reform Measures for the Initial Public Offering System FSC Proposes Amendment to the FSCMA, Including Adopting Statute of Limitations for Imposing Regulatory Sanctions on Officers and Other Employees of a Financial Investment Company CORPORATE In Attempt to Reinvigorate Troubled Korean Companies, Government Introduces a 3-year Special Act INTELLECTUAL PROPERTY Korean Government Proposes Greater Protections for Trade Secret Holders LABOR & EMPLOYMENT Recent High Court Decision Denies the Status of a Union at a Formerly Single-Union Company as the Designated Collective Bargaining Channel Labor Ministry Publishes New Guidebook on Wage System Reform TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Korea Communications Commission Proposes Key Amendments to the Network Act KCC Proposes Key Amendments to the Location Information Act INSURANCE Does the Insurer Have to Pay Accidental Death Benefits for Deaths by Suicide If Statutory Claim Period Lapses? NEWS AWARDS & RANKINGS Ranked 68th among the largest 100 law firms - The American Lawyer Magazine’s Global 100 (2016) Ranked 10th among the largest 50 law firms based in the Asia-Pacific region - The American Lawyer Magazine’s Asia 50 (2016) 12 awards including "Korea Law Firm of the Year" - ALB Korea Law Awards 2016 Korea Law Firm of the Year - China Law & Practice Awards 2016 Tier 1 in all 15 practice areas - The Legal 500 Asia Pacific 2017 Tier 1 in all practice areas - IFLR1000 Financial & Corporate 2017 Outstanding in 17 practice areas - Asialaw Profiles 2017 Tier 1 in M&A in South Korea - ALB M&A Rankings 2016 National Law Firm of the Year - Asialaw Asia-Pacific Dispute Resolution Awards 2016 Leading Tax Advisory Firm - World Tax 2017 Best National Firm for Work-Life Balance - Euromoney Asia Women in Business Law Awards 2016		NEWS SELECTED REPRESENTATIONS Leading North Asian Private Equity Firm, MBK Partners, Sells 98.63% of Shares in One of Korea’s Oldest Mutual Savings Banks to Acuon Capital Consortium Led by Korea’s Jeonbuk Bank and JB Woori Capital Acquire Cambodia’s Phnom Penh Commercial Bank Korea’s KEB Hana Bank Looks to Expand into the Chinese Reinsurance Market with an Investment Subscription to Newly-Issued Shares of a Singaporean Subsidiary of a Chinese Investment Company Doosan Engineering & Construction Transfers Its Heat Recovery Steam Generator Business to GE for KRW 300 Billion Bain Capital and Goldman Sachs Acquire 60.39% Stake in Carver Korea A Multinational Pharmaceutical Company Gets First Generics Ban under Korea Patent Linkage Law Korean Supreme Court Renders Significant Decision on a Bank’s Duty to Explain Floating Rate-Based Loan Products Seoul High Court Partially Rejects the KFTC’s Decision on HomeShopping Channel’s Mobile Marketing Doosan Bobcat, a Unit of Korea’s Biggest Construction Equipment Maker, Listed on the Korea Exchange Woori Bank Undertakes Another Historical Offshore Issuance of Tier 1 Subordinated Notes Singapore-based Reinsurer, Asia Capital Re, Opens its Korea Branch Korea’s Mirae Asset Global Investment Acquires One of Amazon’s Buildings in the U.S. Tax Tribunal Decides that Investors of Foreign Funds are Beneficial Owners Korean Patent Court Rules that "Reasonable Expectation of Success" Must be Shown to Invalidate Medicinal Use Patents Korean Government Wins for the First Time in an ICSID Investor-State Dispute Against Netherlands-based Subs of IPIC Supreme Court of Korea Enforcement Decision Against the Denial of Enforcement of an ICC Arbitration Award in the Korean Courts Precedent Set: Restriction of All Public Bids on a Specific Public Institution by Limiting Bidding Participation is Against the Principle of Statutory Reservation
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