On December 29, 2017, the National Assembly passed the amendments to the Fair Agency Transactions Act (“Agency Act”), Fair Transactions in the Franchise Business Act (“Franchise Act”), and the Fair Transactions in Subcontracting Act (“Subcontracting Act”).
The passage of these amendments reflects the current administration’s strong desire to fix the practice of abuse of superior bargaining position. Tackling the abuse of dominant market position practice has been one of the key policy goals of the current administration. Sang-Jo Kim, chairman of the Korea Fair Trade Commission (“KFTC”), has expressed the KFTC’s strong intention to speed up this process, emphasizing that prohibition of abuse of market dominant position is fundamental to “economic democratization.”
Key Changes:
...
Please visit http://www.kimchang.com/frame2.jsp?lang=2&b_id=88&m_id=81&mode=view&idx=18027&page=1 to read the full article.