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Lee & Ko

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2013 Korean tax law amendments relating to international taxation

South Korea - February 28 2013 On January 1, 2013, the tax law amendments were ratified by the Korean National Assembly. Most of the amendments took effect as of the same date

Payment of interim severance payment to be strictly limited starting July 26, 2012

South Korea - August 21 2012 Starting on July 26, 2012, the revised Employee Retirement Benefit Security Act (“ERBSA”) and its Enforcement Decree strictly limits the circumstances in which interim severance payments may be made

More demanding documentation standards for securities registration statement concerning derivatives linked securities - effective from March 1, 2012

South Korea - June 5 2012 The Financial Supervisory Service (FSS) has revised its Public Disclosure Documentation Standards (PDDS), with the result that more demanding documentation standards, including requirements for inclusion of more information concerning matters that may have a material impact on investor decision making, will now be imposed in connection with the filing of Securities Registration Statements (SRS) for derivatives linked securities

Mitigation on regulations regarding free gift sweepstakes

South Korea - March 25 2013 The Korea Fair Trade Commission ("KFTC") revised the Guideline on Types of and Criteria for Unfair Trading on Free Gift (hereinafter, "Gift

"In Korea, legal opinion letters obtained before commencement of formal criminal process are not privileged"

South Korea - August 28 2013 According to the Supreme Court of Korea, when a client receives a legal opinion letter from hisher attorney regarding potential criminal liability

South Korea’s Patent - Approval Linkage System

South Korea - May 29 2014 Although South Korea's new Patent- Approval Linkage System will not be fully implemented until 2015, there is already keen interest from global

"In Korea, legal opinion letters obtained before commencement of formal criminal process are not privileged"

South Korea - August 28 2013 According to the Supreme Court of Korea, when a client receives a legal opinion letter from hisher attorney regarding potential criminal liability

Consequences of altered use of a registered mark by licensees

South Korea - May 31 2013 On May 26, 2011, the Supreme Court, in Lacoste v. Crocodile International rendered a decision ordering cancellation of Crocodile International Pte

Comprehensive export of the Korean Medical System to Saudi Arabia

Saudi Arabia, South Korea - April 30 2013 Under the so-called "Medical System Twinning" project, Korea will make a comprehensive export of its medical service systems to Saudi Arabia. The

Severance benefit applicable to all types of workplaces starting January 1, 2013

South Korea - March 25 2013 Effective as of January 1, 2013, employers of a workplace with four or less employees are required also to pay severance benefit, in the amount equal