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Firm: Lee & Ko

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Greater Reforms for Promoting Work-Life Balance
Lee & Ko, November 2019

 On 1 October 2019 significant changes to the Gender Equality Employment and Work-Life Balance Support Act came into force, including to employees' rights to paternity leave and reduced working hours for child and family care...

Korean Tax Reform: Opportunities and Challenges for Foreign Companies and Investors
Lee & Ko, November 2018

The Korean Ministry of Strategy and Finance (‘‘MOSF’’) has finalized the changes to the Presidential Decree of Korean tax laws (‘‘2018 PD Amendments’’) which will be of particular interest to foreign companies with business and foreign nationals residing in Korea...

Supreme Court Says No VAT on Payments via Department Stores’ Mileage Points and Gift Certificates.
Lee & Ko, September 2016

Businesses often provide customer loyalty programs to their customers where certain redeemable bonus points are granted in proportion to their purchase amount in the form of either mileage points or gift certificates (collectively “Mileage Points”)...

Korea announced the revised regulation along with an administrative notice implementing the local and master file requirements as an implementation of the BEPS Action 13
Lee & Ko, June 2016

The Korean transfer pricing regime, governed by the Law for Coordination of International Tax Affairs (the “LCITA”) and its Presidential Decree was amended to implement the new transfer pricing documentation requirements in line with Action 13 of the OECD BEPS project...

Korean High Court Overrules the KFTC’s decision in Strike by Physicians
Lee & Ko, June 2016

Strike by the Korean Medical Association physicians leads to the Korea Fair Trade Commission sanctions. In March 2016, the Korean Medical Association (the “KMA”), an association of more than 100,000 Korean physicians, won a decisive victory over the Korea Fair Trade Commission (the “KFTC”) when the Seoul High Court entirely overruled the KFTC’s sanctions against the KMA in connection with a general strike of member physicians organized by the KMA...

Enactment and Promulgation of the Act on Integrated Control of Environmental Pollution-generating Facilities
Lee & Ko, March 2016

Starting in 2017, the pollution controls applicable to businesses in the 20 industries with the most significant environmental impact will be gradually integrated to streamline the licensing/approval systems, and the existing licenses and approvals will be subject to periodic review by the Ministry of Environment...

Declared Unconstitutional: 30 Days' Advance Termination Notice Now Required even for Employees Employed for less than 6 months
Lee & Ko, December 2015

On December 23, 2015, the Korean Constitutional Court, in a unanimous decision, declared Article 35(3) of the Labor Standards Act ("LSA") unconstitutional for being a violation of basic employment rights and the principle of equality. Article 35(3) states that the 30-days' advance termination notice pursuant to Article 26 of the LSA is not required when terminating employees who have been employed for less than six (6) months...

Seoul High Court Rules that International Marketing Fees are not Dutiable Royalties
Lee & Ko, October 2015

In a typical cross-border distribution, franchise, or license arrangement, the Korean party- the distributor, franchisee, or licensee- is often obligated not only to pay royalties to the foreign party but also to contribute funds toward the international marketing efforts of the foreign party...

The Tripartite Commission Agreement - A Step towards Labor Reform in Korea?
Lee & Ko, September 2015

On September 15, 2015, the Economic and Social Development Commission, a consultative body comprising of representatives from labor, management and the government (the "Tripartite Commission"), unanimously resolved in favor of the "Agreement for Labor Market Structural Reformation" (the "Tripartite Agreement") in an attempt to revitalize and provide much-awaited reforms to the Korean labor market...

Recent Legislative Developments Regarding Cloud Computing and Outsourcing of Data Processing
Lee & Ko, September 2015

A. Act on the Development of Cloud Computing and Protection of Users to Take Effect in September The Act on the Development of Cloud Computing and Protection of Users (the "Cloud Computing Act"), which was promulgated on March 27, 2015, is scheduled to take effect on September 28, 2015. Some of the major provisions of the Cloud Computing Act, which has been designed to provide a framework for promoting the use of cloud computing and protect users of cloud services, are summarized below. 1...

Supreme Court: Termination of Employee Possible Despite Minimal Amount of Damages Sustained by Employer Due to Employee's Wrongdoing
Lee & Ko, August 2015

Recently, the Korean Supreme Court upheld an employer's decision to terminate a manager of one of its 250 retail stores located throughout Korea. The manager was found to have falsified inventory data, improperly used corporate cards, moved goods without authorization, and violated the company dress code. However, at both the regional and central Labor Relations Commission ('LRC'), the LRC held in favor of the manager...

Amendment to the Personal Information Protection Act Passed in the National Assembly on July 6, 2015 - Adoption of punitive damages, statutory damages provisions
Lee & Ko, July 2015

On July 6, 2015, the Korean National Assembly passed a bill containing several amendments to the Personal Information Protection Act (the "PIPA"). This bill (the "Amendment Bill") combines a number of major provisions from 9 previous different bills - e.g., one introduced in 2013 and eight proposed in 2014 following the massive data breach of three major credit card companies that occurred in January 2014 (the "Credit Card Company Data Breach")...

Passage of the Governance Structure of Financial Companies Act
Lee & Ko, July 2015

BACKGROUNDThe National Assembly of Korea passed the Governance Structure of Financial Companies Act (the "Act") on July 6, 2015...

SWEEPING DEREGULATING AMENDMENT OF FSCMA - Listed Companies Allowed to Again Issue Bonds with Detachable Warrants and Regulations Eased for Private Equity Funds
Lee & Ko, July 2015

On July 6, 2015, the National Assembly passed a sweeping amendment of the Financial Investment Services and Capital Markets Act ("FSCMA")...

Korean Supreme Court's New IP Rulings - SUPREME COURT RECOGNIZES PATENTABILITY OF DRUG ADMINISTRATION METHODS AND DOSAGE REGIMES
Lee & Ko, May 2015

On May 21, 2015, the Korean Supreme Court held en banc that administration methods and dosage regimes for a pharmaceutical product can be patentable features of medical inventions in a negative scope confirmation case involving a patent directed to a low-dosage formulation of entecavir...

Amendment to the Credit Information Act Promulgated on March 11, 2015
Lee & Ko, March 2015

In response to the massive data breach of three major credit card companies that occurred in January 2014, a number of amendment proposals regarding the "Utilization and Protection of Credit Information Act" (the "Credit Information Act") were proposed and after merging of and deliberation on those proposals, an amended version of the Credit Information Act (the "Amended Act") was promulgated on March 11, 2015, and are scheduled to take effect on September 12, 2015...

The Kim Young-Ran Act: A Renewed Focus On Eradicating Corruption in Korea
Lee & Ko, March 2015

In response to the increasing public discontent regarding corruption, on March 3, 2015, the Korean National Assembly passed the Act on the Prevention of Improper Solicitation and Receipt of Money and Goods, more commonly known as the "Kim Young-Ran Act" (hereinafter the "Act"), to be effective as of September 2016...

The South Korean Communications Commission's Guidelines on Data Protection for Big Data
Lee & Ko, March 2015

On December 23, 2014, the Korea Communications Commission ("KCC") announced the "Big Data Guidelines for Data Protection" ("Guidelines"). The Guidelines set forth certain standards that information and communications service providers ("ICSPs") are recommended to comply with when processing big data containing personal information of their service users...

Korean Supreme Court Sets Up New Standard for Claim Construction of Product-by-Process Claims
Lee & Ko, February 2015

THE KOREAN SUPREME COURT PROVIDES CLARITY ON PRODUCT-BY PROCESS CLAIMS 1. Patentability of Product-by-process claims A. Summary of Decision Patentability of product-by-process claims shall be based solely upon the product itself, in which the structure or characteristics/property of the product is specified by the claim limitations including the process to make the product. (Korean Supreme Court Case No...

Reclassification of Telecommunications Industry
Lee & Ko, December 2007

Reclassification of Telecommunications Industry to Introduce Comprehensive Telecommunications Services...

Light Rail Transit Projects in Korea: Case Study of Two International Projects
Lee & Ko, September 2007

In July 2007, Seoul Metropolitan Government announced an ambitious plan to build seven new light rail transit systems by 2017. The light rail transits will be implemented as Private Participation in Infrastructure (PPI) projects at the total cost of about W4.73 trillion (approximately US$5.08bn)...

Change of Telecom Regulatory Policy of Korea Upon the Recent Development of Telecom Technolgy
Lee & Ko, September 2007

Telecommunications industry in Korea is regulated by special laws and regulations, including the Framework Act on Telecommunications, the Telecommunications Business Act (“TBA”), and the Radio Waves Act. Especially in relation to promotion of utilization of information and communications network and privacy, the Act on Promotion of Utilization of Information and Communications Network and Protection of Information, etc. is applicable in Korea...

 

 

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