KOREAN LAW DEVELOPMENTS  
 
ANTITRUST
Proposed amendment of antitrust law to relax restrictions on interlocking directorates, combinations with special purpose companies, and certain types of consolidations
Proposed legislation would amend the Monopoly Regulation and Fair Trade Act to lift antitrust restrictions for various situations involving interlocking directorates, special investment vehicles and certain group consolidating transactions
 
Subcontracts statute amended to stiffen penalties for misappropriation of subcontractor’s technology
A large company that “misappropriates” technology of a subcontractor will be liable for treble damages, under an amendment to the Fair Transactions in Subcontracting Act
 
Selected recent major enforcement decisions of Korea Fair Trade Commission
 
BANKING
Amendment to foreign exchange law will impose levy for non-deposit foreign currency obligations
Prompted by persisting concerns of instability due to sudden in- and outflows of foreign capital, new legislation will allow regulators to impose on banks, and possibly additional financial institutions, a levy of up to 0.5% on the amount of non-deposit foreign currency liabilities
 
 
CORPORATE LAW
Korea passes major amendments to company law
Far-reaching amendments of the Commercial Code of Korea were promulgated on April 14, 2011, and will take effect on April 15, 2012. The changes to Korea’s company law will expand in several ways the options available to corporations in terms of equity and debt structuring, dividends and consolidation. Other important provisions clarify directors’ duties
 
TECHNOLOGY
New Industrial Convergence Promotion Act to expedite government clearances and provide stimulus for category-crossing innovations such as smartphones
The “Industrial Convergence Promotion Act”, passed in the National Assembly on March 10, 2011 and promulgated on April 5, 2011, includes several measures aiming to bolster development and commercialization of hybrid or “convergence” products, such as smartphones
 
TELECOMMUNICATIONS,
MEDIA & TECHNOLOGY
Comprehensive personal data protection law enacted
Korea has passed a comprehensive law for protection of personal information, extending confidentiality requirements across a broad spectrum of information handling. The long-awaited Personal Information Protection Act was promulgated on March 29, 2011
 
RECENT BKL WORK AND FIRM NEWS    
  • BKL handles sale of construction giant Hyundai
   E&C to Hyundai Motors for US$4.5 billion


• BKL advises in first Korean expansion into Japan
   homeshopping sector


• LG CNS forms IT services joint venture in Japan
   with SBI Group
   
  • BKL named “Korean Law Firm of the Year” by
   Chambers


• Arbitration “Win of the Year”, global Top 30
   ranking for BKL team


• BKL awarded Asia-Pacific “M&A Transaction of
   the Year” by Global Competition Review