Korean 2019 Antitrust & Competition Law Reform Trends

Korea Fair Trade Commission Gets Serious in 2019 The Korea Fair Trade Commission (“KFTC”) has ramped up its regulatory enforcement beyond what was considered normal under past administrations.  This enforcement philosophy permeates much of the legislative amendments being sought in the

Korea’s Cryptocurrency Update – 2019

Korea’s cryptocurrency environment still remains cloudy as ever. Although the Korean government has taken steps to regulate the use and sale of cryptocurrency by proposing six bills in the National Assembly, it remains to be seen which regulations will finally be implemented.

Picking the Right Korean Law Firm

Picking a law firm in Korea has been the topic of a number of articles and books. In Chapter 30 of his book, Doing Business in Korea, Tom Coyner describes the trials and tribulations of picking the right

South Korea: Data Protection Update

South Korea has taken data protection very seriously and has implemented a general data protection law: the Personal Information Protection Act, PIPA. Amended in 2016, PIPA places strict requirements on data privacy in sectors such as IT networks, credit card information, cloud

A Director’s Duty of Care in Korea

Like directors in the US and elsewhere, directors in Korean companies have fiduciary-related duties. Such duties are set forth in the Korean Commercial Code and include: Duty of Care as a prudent manager Duty of Confidentiality Fiduciary Duty

Korea’s Cryptocurrency Issues Remain

Though Korea’s fascination with cryptocurrencies continues, it remains to be seen whether the latest proposal will put a damper on cryptocurrency exchanges.  Recently, regulators announced policies to rein in the trading of cryptocurrencies over concerns that cryptocurrencies have been ballooning

The Many Obstacles to Blockchain Adoption

With the boom in Bitcoin and other blockchain-based cryptocurrencies, industries of all sorts are seeking ways they can apply blockchain to automate transactions. As a cryptographic technology that provides for the validation of information without human input or review, blockchain has the potential to

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

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.