Ministry of Environment Announces Jan. 1, 2021 Effective Date for the Amended Enforcement Decree of the Resource Circulation Act
Korea’s Ministry of Environment (the “MOE”) announced that the amendment to the Enforcement Decree of the “Act on Resource Circulation of Electrical and Electronic Equipment and Vehicles” (the “Resource Circulation Act”) (this “Amendment”) will become effective on January 1, 2021.
Aug. 10, 2020
South Korea Set to Launch Corruption Investigation Office for High-Ranking Officials & Its Implications
Despite strong protests by the main opposition party and conservative groups, on January 14, 2020, the Korean National Assembly passed a controversial bill setting up an independent investigation agency dedicated to investigating corruption among highranking public officials (the Corruption Investigation Office, or the CIO). And on July 15, 2020, the Act on the Establishment and Operation of the Corruption Investigation Office for High-Ranking Officials (the CIO Act) is set to take effect.
June 3, 2020
COVID-19 Impact on Asset-Backed Securitization Transactions
The recent COVID-19 pandemic is expected to have a significant impact on the financial market and financial transactions, including asset-backed securitization transactions (ABS Transactions). This newsletter aims provide you with an overview of the issues relating to ABS Transactions resulting from the COVID-19 pandemic.
As ABS Transactions usually involve the execution of a large number of complex contracts by multiple parties, we believe it is important to assess the potential impact of COVID-19 on such transactions in advance to prepare for the inevitable changes and challenges that the market will face.
April 29, 2020
Korean Supreme Court Reaffirms Prior Ruling on Illegal Search Warrants
Recently, the Korean Supreme Court held that the seizure is unlawful if a government investigator only shows the cover page of a warrant when seizing an item, such as a mobile phone from a suspect, despite the suspect's request to see the other parts of the warrant.¹
This decision is in line with the Supreme Court's more recent trend of requiring stricter abidance of the criminal procedures.
April 28, 2020
COVID-19 : Government Measures to Compensate Landlords and Tenants
1. Government Order to Close or Shut Down Premises
A) Compensation Available under the Infectious Disease Control and Prevention Act (IDCPA)
April 22, 2020
Korea's Tariff & Trade Policy Responses to Mitigate Impact of COVID-19
With the continued spread of COVID-19 and the severe impact on the global economy, here in Korea, the domestic supply of personal hygiene and healthcare products is dwindling (e.g, face masks and hand sanitizers). Both exporters and importers in Korea have been significantly impacted.
In response, the Korean government has tightened the regulation on the supply and demand of healthcare products. Further, the government is in the midst of developing policies to support exporters and importers, mainly through tax relief measures, and the government is expected to announce additional support programs.
April 8, 2020
Act on Reporting & Use of Specific Financial Information Amended – Key Implications
Despite the high risks for misuse of virtual asset transactions for money laundering and terrorist financing, there has been an absence of legal framework to prevent such risks in Korea due to the anonymity of virtual asset transactions.
March 18, 2020
Korean Commercial Code Amended to Require Greater Transparency by Listed Companies When Convening General Shareholders Meetings
On January 29, 2020, the amendment to Article 31(3) of the Korean Commercial Code became effective, specifying what listed companies must include in its notification to shareholders when convening an annual meeting for the purpose of appointing directors and auditors (or audit committee members).
March 11, 2020
Legislative Development – Key Implications for Substantiating General Shareholders Meeting of Listed Companies
On January 29, 2020, the Enforcement Decree of the Korean Commercial Code (the Amended EDCA) was promulgated.¹
The Amended EDCA concerns improvements to corporate ownership and governance as a key challenge to be addressed as part of the plan for rapid achievement of a fair economy, which was announced by the ruling party and the Korean government after mutual consultation.
March 4, 2020
Customs-Related Amendments to Tax Laws for 2020
The recent approval of tax amendments for 2020 by the National Assembly of Korea included the following customs-related changes:
Feb. 5, 2020
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Items You Might Have Missed
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