Amendments to the Personal Information Protection Act and Credit Information Use and Protection Act Go into Effect
Amendments to the Personal Information Protection Act (‘PIPA’) and Credit Information Use and Protection Act (‘Credit Information Act’) that were promulgated on February 4, 2020 took effect on August 5, 2020, along with their respective implementing regulations that were also amended to reflect the changes in the two laws.
Aug. 10, 2020
Korea’s Recent Trends for Antitrust Enforcement in Response to COVID-19
The outbreak of COVID-19 significantly affected businesses across all industries during recent months. To regulate the businesses coping with sudden adjustments, the Korea Fair Trade Commission (the “KFTC”) has implemented various measures. Among them, we highlight the following.
July 13, 2020
COVID-19 Outbreak: Managing Legal Issues from the Korean Law Perspective
While Korea has had considerable success in containing and curtailing the first wave of the novel coronavirus outbreak (‘COVID-19’), the ongoing spread of the pandemic continues to disrupt the global economy, significantly impacting businesses and companies in all industries worldwide.
July 2, 2020
Latest Supreme Court Decision Sets New Standards for Inventiveness
Benefit of invention now a more important factor for inventiveness
June 11, 2020
Amendments to the Pharmaceutical Affairs Act to Strengthen Administrative & Criminal Sanctions for Data Manipulation Related to Applications for Regulatory Approvals
On April 7, 2020, an amendment to the Pharmaceutical Affairs Act (the 'PAA') came into effect to provide a statutory basis for administrative and criminal sanctions to be enforced against companies that have obtained regulatory approval for a drug product through deceitful or otherwise improper means.
May 5, 2020
Amended Act on Reporting and Using Specified Financial Transaction Information Now Governs Virtual Assets
The amendment to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter, the Specified Financial Information Act), which defines cryptocurrency as a virtual asset and focuses on a reporting system for cryptocurrency exchanges, was ratified in the National Assembly's plenary session on March 5, 2020.
March 18, 2020
Recent Decision by the Tax Tribunal Regarding Application of the Flat Tax Rate to Foreign Employees
Application of the flat tax rate to “a foreign employee who worked in Korea for a period which ended before January 1, 2014, and recommenced working in Korea after January 1, 2014” Lee & Ko recently obtained a favorable decision from the Tax Tribunal regarding a foreign employee who: (1) worked in Korea for a period of time which ended prior to January 1, 2014; and then (2) returned to Korea and started working in Korea again after January 1, 2014.
March 11, 2020
Brexit: The Imminent Crisis in the EU-UK Trade Negotiations and the Implications for Korea
It seems the UK is finally leaving the European Union (EU) – some six years after Prime Minister David Cameron promised a referendum on the UK's membership, and more than three years after the country voted to leave. As the House of Commons (the UK parliament) has finally approved the withdrawal agreement – after two failed attempts and two changes of government – Brexit has finally happened on January 31st. Or so we are led to believe.
March 4, 2020
Implementation of Pre-approval System for Cross-border M&A for Companies with National Core Technology
The Act on Prevention of Divulgence and Protection of Industrial Technology (the Act) provides for the protection of national core technologies held by Korean companies, research institutes, professional institutions and universities (each a Protected Entity) and prevention of their leakage.
Feb. 26, 2020
New Supreme Court Decision Constrains Patentee's Strategic Use of Correction Petition in Pending Patent Case
On January 22, 2020, the Supreme Court ruled, en banc, that if a petition to correct a patent specification or drawings is granted after the conclusion of the appellate phase of a patent invalidation action, the decision granting such petition cannot be a ground for retrial under Article 451, Paragraph 1, Subparagraph 8 of the Civil Procedure Act. In doing so, the Court reversed all prior Supreme Court decisions that remanded the case for a retrial based on the same ground (Supreme Court En Banc Decision No. 2016Hu2522).
Feb. 5, 2020
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New KBLA Tools for Business Warriors
One of the driving goals of KBLA in 2020 is to create and offer new tools to aid each member of the KBLA community in accomplishing their business goals.
We have a list of new, exploratory tools to bring out over the course of the year, all of which fall into one or more of three categories that mesh with the KBLA’s overall mission.
Oct. 29, 2019
A New KBLA for 2020
There are many changes coming to KBLA in 2020. We hope you’ll stay with us and experience all we have lined up. We think this is going to be the best iteration yet. Joining KBLA is a chance to support real change among business communities in Korea.
Nov. 19, 2019
Why Does KBLA Exist?
Korea needs foreign participation in the domestic economy like never before.
The world is changing and Korea is changing. Korea has new and existing challenges in rapidly weakening demographics, highly concentrated market structure, increasing protectionism, rising export similarity among competitors, low productivity growth, low domestic investment levels, and the rising importance of services. Most, if not all, of these things can be overcome through increased participation of the global business community in the Korean economy.
Nov. 24, 2019