Korean Data Privacy Act: Need for Compliance Audit for your Korean Company

The European Union General Data Protection Regulation (EU GDPR) focuses on the data security of personal data of users of the internet. As the EU offers a potentially lucrative market for online businesses for many Korean companies, South Korea was eager to amend its existing Act on the Promotion of IT Network Use and Information Protection of Korea (“Korean Network Act”) based, at least, partially on bench-marking of the EU GDPR. We suggest all companies, doing business in Korea, conduct via a professional in data privacy – a compliance audit. We suggest the professional has an understanding of not, only, Korean Law, but the law of the European Union as it relates to data privacy. Fines and criminal penalties for violation of data privacy laws have increased in Korea. Korean Network ActThe Korean Network Act was amended in December of 2018. Korea, the EU and other nations are in ongoing

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Korea Focuses on Greater Control over Imported Food – Amendment to the Special Act on Imported Food Safety Control 2019

The Special Act on Imported Food Safety Control was recently amended and shall strengthen the on-site inspections of foreign establishments, which already export food to Korea, as well as those, which apply for registration of the importation of overseas food. The Amendment was proposed in early April 2019 and shall become effective upon promulgation. We expect substantially heightened risk for importers and an increase in the price of many imported goods. Major Provisions of the Korean Amendment to the Special Act on Imported Food Safety Control Food from facilities overseas, which is produced, manufactured, processed, treated, packaged and/or stored, before being imported to Korea, shall be subject to inspections initiated by the Ministry of Food and Drug Safety. In addition, overseas facilities, which intend to import livestock which are slaughtered, manufactured, processed, stored and/or milk is collected, shall also be required to be inspected upon request of the Ministry of

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Release of an Arrested Vessel in Korea: Maritime Liens in Korea

We wrote an article about the Arrest of Vessels in Korean waters in a post last week.  The article is a useful guide for those considering arresting a ship in Korean waters.  The post may be found at: Arrest/Attachment of Vessels in Korean Waters: Maritime Liens for Creditors in Korea. This post describes how you may obtain the release of a vessel arrested in Korea waters.  The Korean Courts have put in place an efficient post-arrest procedure that, often, quickly allows the release of an arrested ship. Post-Arrest Procedures in Korea for Ships Arrested in Korean Waters In the post-arrest procedures in Korea, the burden is on the arresting party to establish that the order of arrest, initially granted, should not be vacated.   These hearings are often a tool to persuade a judge that the arresting party should post a security or the security should be increased.  In all but

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Safety Measures in Korean School Buses in Korea via the Amended Road Traffic Act of Korea

The Amendment to the Korean Road Traffic Act (hereinafter as “ Korean RTA”) is in force since March 2019 and shall generally increase the safety for children in school buses in Korea. The Amendment was a reaction to an accident that occurred with in school buses, including children, which got physically harmed or even died. An infamous incident involved a young child that left unattended in a bus and died because of, among other things, heat exhaustion. Korean RTA drastically changed, the following brief snippet is, only, the tip of the iceberg. If you are running a business that transports children, we, highly, recommend having your law firm in Korea walk you through this law. Two Highlights of the Amendment to the Korean Road Traffic Act 2019 “A driver of a school bus for children shall operate a device that verifies that the discharge of children from the bus has

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Korean Act on Special Cases Concerning the Establishment and Operation of Internet Banks

In September 2018 the Korean National Assembly passed the Korean Act on Special Cases Concerning the Establishment and Operation of Internet Banks (hereinafter as “Act on Internet-Only Banks”), which is in force since January 2019. The major facial intent of the Act on Internet-Only Banks is to “…encourage innovative enterprises to enter the financial market while laying the legal framework for the convergence of information and communications technologies (ICT) with financial services, and the creation of new economic growth drivers.” One of the main impetus for the Moon Administration related to this Act was to allow individuals and companies that may have a more difficult opportunity to obtain credit to obtain credit. The foregoing is, only, intended as a brief teaser and not anything more than to provide a basic understanding of this Act. Korean Act on Special Cases Concerning the Establishment and Operation of Internet Banks 2018 “Internet Banks”

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