The KFTC has fined 21 companies nearly 200 million won (USD 177,160) for failure to provide notice of mergers. In May, the KFTC reviewed all deals completed in 2011 as publicized on the Korean Investor’s Network for Disclosure and fined the companies for failure to notify 22 transactions that should have been notified. The fines follow the KFTC’s announcement in June that it would be doubling penalties for non-notification and, according to a statement issued by the KFTC, are intended to raise the awareness of companies regarding regulations on reporting and to make the inspection system more effective. Companies that fail to provide notice of a merger before it is completed now risk a fine of between 15 million and 40 million won (USD 13,287 – 35,432). The KFTC is particularly active in penalizing failures to provide notice of mergers, and typically imposes 10 to 20 fines annually. However, this is the first time the KFTC has actively initiated a search of the public disclosure system to uncover non-compliance with the merger control rules.