A franchisor's disclosure document may be de-registered or a fine may be imposed if this Yearly Franchise Report is not accepted by the Korean Fair Trade Commission within 120 days of the closing of the year.
The Yearly Franchise Report, in Korea, is intended to notify franchisees and prospective franchisees of changes in the operations of the franchisor.
Don't forget - file the update yearly.
Other articles on Franchise Law that may be of interest:
- Enforcement of Sales Promotions by Franchisors in Korea
- Distribution Agreements in Korea: Crawl before you Walk
- Dispute Resolution Clauses in Franchise, Joint Venture, Partnership Agreements in Korea
- Korean Franchise Law Basics: Korea's Act on Fairness in Franchise Transactions
- Covenants Against Competition in Franchise Agreement