Anticipated Reforms to South Korea’s Fair Trade Law

In an effort to follow through on his populist promises, President Moon Jae-in and his administration have pledged to achieve “economic democratization” by rolling out changes to competition regulations and by strengthening the fair trade regulatory framework. These changes are likely to have a

Avoid the Fate of Equifax: Protect Your Customer’s Data

Equifax, Credit Agencies and Risk (mis-) Management Recently, one of the largest credit reporting agencies in the US, Equifax, joined the long list of companies that have been the victim of a major data breach. Equifax is now trying to explain how over 143 million Americans

Managing a Cross Border Crisis – Are You Ready?

Korean media has recently reported that the Prosecutor’s Office in Korea is investigating a claim that  McDonald’s Korea may have violated  food safety rules based on the allegation by a family that their daughter contracted  hemolytic-uremic syndrome ( “hamburger disease”) after consuming a hamburger at

South Korea’s New Fair Trade and Competition Regulatory Framework

President Moon Jae-in and his administration (the “Moon Administration”) have pledged to roll out changes to competition regulations as well as reinforce the fair trade regulatory framework in order to achieve his goal of “economic democratization”. Changes include: (i) strengthened enforcement measures that will include

When Protecting Trade Secrets in Korea- Be Proactive!

In Korea, it is vital that you take proactive steps to protect your trade secrets, especially when dealing wiht employees or former employees.  A properly drafted confidentiality agreement which contains a restrictive covenant can be an effective tool for preventing trade secret disclosure. But

Korea Amends Its Product Liability Statute

Korea Amends Its Product Liability Laws  Korea recently amended its product liability law. The amendment is effective as of April 19, 2018.  A short summary follows: 1. Punitive Damages The current product liability law limits the claim for the damages to actual damages incurred

Data Privacy Laws in Korea- An Update

Like some of its neighbors in Asia, South Korea has taken data protection very seriously and has implemented a general data protection law- the Personal Information Protection Act or “PIPA”. It amended PIPA in 2016 by adding additional regulations and requirements.

Software Protection Under Korean Law

Scope of Protection Software is protected in Korea as a copyrightable work in general under the Copyright Act (the Act) of Korea- having general provisions in Articles 101-2 through 101-7. This covers the protection of computer programs.

Mitigate Global Risk With Insurance

Entrance Gate of Sejong University, Seoul, Korea It is very apparent that companies and organizations operating internationally face unprecedented global risks.  Global risks are not only interconnected but have systemic impacts requiring systems that can help companies measure, foresee and understand them in an uncertain

Using Insurance to Mitigate Global Risk

It is very apparent that companies and organizations operating internationally face unprecedented global risks.  Global risks are not only interconnected but have systemic impacts requiring systems that can help companies measure, foresee and understand them in an uncertain and dangerous world. 

Managing Risk In Korea

Entrance Gate of Sejong University, Seoul, Korea Organizations always hope for sunny skies and calm seas when  conducting business. No one wants to be unpleasantly surprised nor exposed to rough weather, especially if such weather causes a  person or an organizations’ reputation, financial well being or its

The Importance Of Good Corporate Governance

Effective and transparent corporate governance has become popular in many countries due to recent scandals in many parts of the world.  In the US, WorldCom, Tyco and Enron come to mind. In fact, due to such scandals, the Sarbanes-Oxley Act (SOX) was introduced in

Data Privacy in the Asia Pacific Region

There is no doubt that privacy laws in Asia have become very important to businesses operating in the Asia Pacific region. Here is a brief summary of the privacy laws of several jurisdictions in Asia: 1. Australia– Australia’s privacy law was first enacted in 1988.