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Companies established after the amendment becomes effective must set up a retirement pension system within one year.
The KORUS FTA is considered as the most ambitious bilateral free trade agreement entered into by both Korea and the U.S.
The Korea Fair Trade Commission reported its future plans to closely monitor any cartels or unfair trade practices.
When some overseas transactions could pose a serious risk to national security, various measures will address the risk.
An amendment to the Internet Address Resource Act ("IARA") providing protection of domain names in Korea was announced on June 9, 2009, and will be effective as of September 10, 2009. The major provisions of the amendment are as follows.
IP5, the five major intellectual property offices including the European Patent Office ("EPO"), the United States Patent and Trademark Office ("USPTO"), the Japan Patent Office ("JPO"), the State Intellectual Property Office of the People’s Republic of China ("SIPO"), and the Korean Intellectual Property Office ("KIPO"), announced that they are seeking to standardize patent examination. Applications filed with IP5 account for about 77% of the worldwide patent applications.
By Ae-Ryun Rho
Mr. Sang Ryule Han, the Commissioner of the National Tax Service ("NTS"), announced a plan for the NTS to newly introduce the "Horizontal Monitoring System" in 2009 during an award ceremony held by the EU Chamber of Commerce in Korea on December 10.
By Ae-Ryun Rho
On December 3, 2008, amendments to the enforcement decrees for the Bank Act and the Financial Holding Company Act respectively were promulgated, resulting in the relaxation of the test for a "non-financial business operator" ("NFBO") whose ownership of a bank or bank holding company is restricted.