The business of Korea is business.

      

legal

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).

Lee & Ko, Lee & Ko

Feb. 5, 2020

legal

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:

Shin & Kim, Shin and Kim

Feb. 5, 2020

legal

Demystifying the Impact of the National Assembly's Passage of the Three Major Data Laws

On January 9, 2020, the National Assembly passed the amendments to the Three Major Data Laws, including the Personal Information Protection Act (PIPA), during the plenary session. We expect the Three Major Data Laws to become effective at the end of July 2020, or six months fr om the date of promulgation. As strict regulations have been one of the biggest barriers to data-driven businesses in Korea, the deregulatory measures provided by the passage of the Three Major Data Laws raise hope for a significant change for companies and institutions that use personal information.

Shin & Kim, Shin and Kim

Jan. 23, 2020

legal

IFRS17 and K-ICS – A Year in Review for 2019 and Proposed Amendments to the Insurance Business Act for Co-Insurance in 2020

In the ramp-up to 1 January 2022 with the implementation of the International Financial Accounting Standards 17 (IFRS17) as published by the International Accounting Standards Board (IASB) which replaces the earlier IFRS 4 accounting standards in conjunction with the roll-out of the Korean-Insurance Capital Standards (K-ICS) as announced by the Financial Supervisory Service of Korea (FSS), the insurance industry has faced many challenges including massive updates to their internal information technology to comply with both IFRS17 and K-ICS, modifications to actuarial methodologies, and changes to financial accounting. In this back-drop, it was alleged that most insurers in Korea faced a significant decrease in their Risk-Based Capital Ratio (RBC Ratio) with some insurers falling below the statutory minimum. The severity of the K-ICS accounting of liabilities led to K-ICS 2.0 (see below) which has alleviated some of the financial burdens to the insurers as they prepare for 2022. Pursuant to the Insurance Business Act and its subordinate regulations, the statutory RBC Ratio is set at a minimum of 100% while the recommended guideline by the FSS is 150% with a dire need of capital injection or other form of capital relief.

Lee & Ko, Lee & Ko

Jan. 23, 2020

legal

Seoul High Court Rules That Store Owners on Reseller Agreement May Not Be Considered as Workers under the Labor Standards Act

Recently, Shin & Kim's labor & employment attorneys won a case on behalf of its client against store owners, who executed a reseller agreement to carry out manufacturing and sales of clothing and leather products, among others, and subsequently sold those products in the department store. The store owners claimed that they should be deemed as workers protected under the Labor Standards Act (the LSA), and that accordingly, severance pay must be provided.

Shin & Kim, Shin and Kim

Jan. 15, 2020

legal

Major Amendment to the Personal Information Protection Act Passed by National Assembly

On January 9, 2020, amendments to Korea's 3 major data privacy laws (Three Data Laws), i.e., Personal Information Protection Act (PIPA), Act on the Promotion of Information and Communications Network Utilization and Information Protection (Network Act), and Credit Information Use and Protection Act (Credit Information Act), were passed at a plenary session of the National Assembly of Korea.

Lee & Ko, Lee & Ko

Jan. 15, 2020

legal

Major Amendments to the Credit Information Act Passed by National Assembly

On January 9, 2020, amendments to the Credit Information Use and Protection Act (Credit Information Act) were passed during a plenary session of the National Assembly. These amendments to the Credit Information Act (Amendments) were passed in tandem with respective amendments to the Personal Information Protection Act (PIPA) and the Act on Promotion of Information and Communications Network Utilization and Information (Network Act).

Lee & Ko, Lee & Ko

Jan. 15, 2020

legal

Korea Communications Commission Announces Guidelines on Fair Internet Network Use Agreement

On December 26, 2019, the Korea Communications Commission (the KCC) announced its Guidelines on Fair Internet Network Use Agreement (the Guidelines) to prevent unfair discrimination between large companies and SME's (small and medium-sized enterprises) in Korea and abroad, and to minimize risk of potential damage to users at the conclusion of Internet network use contracts. The Guidelines will become effective on January 27, 2020.

Shin & Kim, Shin and Kim

Jan. 15, 2020

legal

Act on Online Investment–Linked Financing and User Protection (aka P2P Financing Act) Promulgated on November 26, 2019

The Act on Online Investment–Linked Financing and User Protection (the P2P Financing Act) passed the plenary session of the Korean National Assembly on October 30, 2019 and was promulgated on November 26, 2019.

Lee & Ko, Lee & Ko

Jan. 8, 2020

2020

It’s 2020, Do You Know Where Your Meeting Attendees Are?

We know one thing: they are not at your meeting. That’s because in-person meetings aren’t what they once were: the only game in town. In 2020, along the curve of value for cost, meetings are are not just at the low end, they are downright abysmal.

Rodney J. Johnson, KBLA

Dec. 24, 2019

Filter by Author

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

It’s 2020, Do You Know Where Your Meeting Attendees Are?

We know one thing: they are not at your meeting. That’s because in-person meetings aren’t what they once were: the only game in town. In 2020, along the curve of value for cost, meetings are are not just at the low end, they are downright abysmal.

Dec. 24, 2019

Act on Online Investment–Linked Financing and User Protection (aka P2P Financing Act) Promulgated on November 26, 2019

The Act on Online Investment–Linked Financing and User Protection (the P2P Financing Act) passed the plenary session of the Korean National Assembly on October 30, 2019 and was promulgated on November 26, 2019.

Jan. 8, 2020