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Lee & Ko

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

Introduction of reporting system for massive short selling positions

South Korea - June 5 2012 The Financial Services Commission (FSC) announced on March 14, 2012 that it would be introducing a reporting system, by way of amendments to the Enforcement Decree for the Financial Investment Services and Capital Markets Act, for massive short selling positions, pursuant to which investors will be required to submit reports with data on their short selling positions and changes in such positions whenever their short selling positions exceed a specified level

Amendment of the ICNA and the Korean Government’s plan to expand restrictions on the use and collection of resident registration numbers

South Korea - June 5 2012 The Act on Promotion of Information and Communications Network Utilization and Protection of Information, etc. (the “ICNA”) as amended will become effective on August 18, 2012

Enactment of the Green Building Creation Support Act

South Korea - June 5 2012 For purposes of setting a comprehensive and systematic foundation to vitalize green construction, the Green Building Creation Support Act has been enacted and will be implemented starting from February 2013

Appraisal right of a shareholder that failed to provide notice of its objection to the merger prior to the general shareholder’s meeting

South Korea - June 5 2012 On March 30, 2012, the Supreme Court held that, if the notice provided to shareholders for the convening of the general shareholder’s meeting (for purposes of approving a merger) did not contain information regarding the appraisal rights of shareholders and the procedures for exercising such appraisal rights, then a shareholder may exercise its appraisal right even if such shareholder did not notify the Company in writing of its objection to the merger prior to the general shareholder meeting (Supreme Court Decision 2012 Ma 11, March 30, 2012

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

Reporting of foreigners’ investments by types of securities

South Korea - March 25 2013 The Ministry of Strategy and Finance amended the Foreign Exchange Transactions Regulation on December 5, 2012 so that reporting by banks, brokers or