Negotiating With Koreans- Cultural Considerations
Bryan Hopkins writes on changing cross cultural values and their impact on business negotiations.
Jan. 27, 2021
Proposed Pharmaceutical Affairs Act Amendment Regarding Patent-Approval Linkage System
On August 20, 2020, the Ministry of Food and Drug Safety (‘MFDS’) announced a proposed amendment to the Pharmaceutical Affairs Act (‘PAA’) aimed to address certain deficiencies in the Patent-Approval Linkage System that went into effect in 2015. Key features of the proposed amendment may be summarized as follows.
Aug. 27, 2020
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
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Korea’s KFTC At the Crossroads Between Antitrust and Intellectual Property
The KFTC’s recent amendment of its IPR Guidelines is a signal to the world of its increasing sophistication and aggressiveness.
June 9, 2016
Sanjo’s “Silent Spring”
Confucius saw music as a device for self-cultivation, a vehicle of self-expression, a force of social stability, a political tool, and a medium of communion between man, nature, and supernatural powers. Psy brings us “Hangover.”
June 9, 2016
Like It Or Not, Korean Companies Face E-Discovery Issues Even In Arbitration
Though changes in the US Federal Discovery Rules as well as case law such as Zubulake have escalated the Electronically Stored Information ( ESI) costs as it relates to electronic discovery or discovery of ESI documents and information (E-Discovery) in the US, Korean companies have remained relatively complacent about it until the Dupont v Kolon case.
June 29, 2016