Introduction The inaugural Korea Annual Review is being published at a pivotal time in the country's development.
Looking beyond Basel III Korean banks learnt lessons from the crash of 1997 and have impressive reserves of cash. An amendment to the Bank Act has been made to ensure compliance with Basel III, but the framework coming into effect next year does not seem to be causing too much concern among the country’s financial institutions
A difficult transition Korean accounting standards are now in line with international standards thanks to the adoption of the IFRS standards, but the transition has not been easy and some companies have seen their financial performance affected
How K-Exim and K-sure financed a petrochemical facility in Singapore The Export-Import Bank of Korea (K-Exim), Korea Trade Insurance Corporation (K-sure) and a group of 11 international commercial bank lenders raised financing for a US$2.5 billion greenfield petrochemical facility for Jurong Aromatics on Jurong Island, Singapore in June last year in a pioneering deal
Korea’s regulatory challenge Korea has long been viewed as a difficult market to enter, with laws that restrict room to manoeuvre. But as Korea’s rising status in the global economy becomes increasingly clear, authorities are grappling with how to best regulate – and deregulate – the market
Korea’s revised FISCMA threatens domestic banks Revisions to Korea's Financial Investments Services and Capital Markets Act (FISCMA) could lead to the cannibalisation of domestic banks, Korea's Financial Services Commission (FSC) has warned
Recent developments in Korean regulations By Stephane Park, senior foreign attorney, and Ie-Hwan Yoo, attorney, Kim & Chang
Foreign investors learn to love Korea After seeing some turbulence after the 2008 financial crisis, last year saw important developments in capital markets. Revised regulations have opened up new opportunities and foreign investors are becoming increasingly confident
KFTC maintains ever-watchful eye on conglomerates As one of the busiest competition authorities in the world, the Korean Fair Trade Commission continues its consumer-oriented approach and takes its monitoring of conglomerates one notch higher
Korea introduces its age of consent Provisions regarding consent orders were one of the notable features of the Korea-US Free Trade Agreement. Announced benefits include lightening the caseload of Korea’s Fair Trade Commission, the cutting of time and costs, and giving consumers a better deal. But will it catch on?
Ensuring a level playing field Korea Fair Trade Commission director general Joong-weon Jeong gives his assessment on the development of competition law in Korea, and throws a spotlight on the internal workings of one of the most aggressive fair trade commissions in Asia
Merger permission slips require KFTC signature With an increasing number of regulations being introduced to combat any anti-competitive consequences from the rise in global mergers and acquisitions, Koreas’ Fair Trade Commission has been escalating its merger control responsibilities. Companies engaged in such deals should take note
Governing increased corporate awareness As the Korean economy expands, the country’s companies are being made to realise the importance of meeting corporate governance standards – and not just in Korea
Changing the corporate mindset The ACGA’s Jamie Allen, secretary general, and Charles Lee, research director for North Asia, believe that corporate governance in Korea is heading in the right direction, but that real progress will require a change in culture
New rules on South Korea disclosure The Financial Supervisory Service (FSS) of South Korea has announced a new corporate disclosure system
Korean national pension service backs CSR South Korea’s National Pension Fund Operation Committee has amended the Guidelines for Voting of the Fund to deliberate on the independency of outside directors
Korean corporate governance: Recent changes By Sang-Il Park, senior partner, and Hyung-Soo Lee, senior associate, Hwang Mok Park
Go forth and multiply Korea’s dispute resolution lawyers have long profited from the ultra competitive nature of the country’s leading companies. As these companies increasingly seek growth opportunities overseas, the Korean Commercial Arbitration Board has amended its arbitration rules accordingly
Riding the wave of increased arbitration awareness Korean Commercial Arbitration Board international counsel Kayla Byun tells Katherine Jo about the increasing role played by the institution in resolving disputes in the region, and what its priorities are moving forward
Government encouragement leads to deal momentum Korea has been pushing local companies to pursue energy prospects overseas, leading to staggering deal amounts in both value and volume. But will this meet the government’s self-sufficiency ratio targets?
Korea’s future is away from oil and gas The Korean government has grasped the importance of weaning the country off its dependence on imported fossil fuels and developing LNGs, nuclear and renewable energy sources. Korean companies have the cash and research to experiment, but there will be no success without foreign help
Introduction of RPS and phase-out of FIT in renewable energy policy By Do-Yo Kim, partner, Jipyong Jisung
Keeping up to speed As new technologies emerge at an increasingly rapid rate, regulators are struggling to keep up with the pace of change. Foreign investors need to be aware of changes to the law
An evolving role David Waters is Korea regional counsel for IBM. He explains to Katherine Jo why his legal team has more than doubled in size since 2005 and what he looks for when recruiting law firms
Regulations place high barriers for foreign investors Already one of the most heavily regulated jurisdictions in the world, Korea’s extended privacy laws are giving multinational investors headaches. But for those that persevere the rewards are high
Regulators deal with battle between domestic and foreign businesses Government regulatory authorities have to strike a difficult balance when regulating a telecommunications sector that is tough for foreign businesses to enter and an internet sector that risks being dominated by non-Korean firms
A year of reform: Updates in IP, personal data protection and the media By Kwang Wook Lee and Sejung Lee, Yoon & Yang LLC
Korea’s trade union troubles Multiple trade unions can now exist within a single company. The move was designed to give employees more choice, but businesses leader have their doubts about how the system will work in practice
Moving beyond confrontation David Yu, general counsel of Diageo in South Korea, talks to Katherine Jo about how his company has managed to avoid conflict with the country’s famously strong unions and the challenges posed by new regulations
New pension plan rules to come into effect The retirement pension plan in Korea became available in 2005 when the Employee Retirement Benefit Security Act (ERBSA) came into force
KCC amendments call for diversification and flexibility The M&A market in Korea has made an impressive recovery during the global downturn. Extensive revisions to the Korean Commercial Code should facilitate innovation and further boost growth
Thinking creatively Peter Kang, division director at Macquarie Securities Korea, explains how the latest round of regulatory amendments have affected his role and explains what new deal structures may become possible
Overview and recent trends in Korean M&A By Jong Koo Park, senior attorney and Shin Kwon Lim, senior attorney, Kim & Chang
Substance over form aims to address loose regulations Korean courts hold that economic substance now overrules legal substance when addressing foreign companies’ use of holding companies in third countries for Korean acquisitions. Lone Star marks the first precedent in this ruling, but other cases will determine how Korea’s National Tax Service will treat such holding companies in the future
A man of many hats Samil PricewaterhouseCoopers tax partner Henry An tells Katherine Jo about some of the uncertainties and tax issues that have arisen as a result of Korea adopting International Financial Reporting Standards
