The Korean Special Act on Fine Dust Abatement and Management (hereinafter as “Special Act on Fine Dust”) entered into force on February 15, 2019. The law, primarily, focus is restricting producers of fine dust to reduce the fine dust level in Korea. The Special Act on Fine Dust defines different types of dust and enables officials to set certain fine dust reduction measures. Legal Definitions of Fine Dust The Special Act on Fine Dust provides definitions of “fine dust,” “micro-fine
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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
Continue readingThe Amendment to the Korean Pharmaceutical Affairs Act 2019
The Korean Pharmaceutical Affairs Act (hereinafter as “Pharma-Act”) was proposed by the Chair of the Health and Welfare Committee of Korea on December 27, 2018. The Pharma Act shall adds more cumbersome regulations on the foreign qualifications of pharmacists, increases the limits of penalty surcharges and shall change the system to transfer a Korean pharmacy businesses. This Amendment shall become effective in July 2019. The major amendments are detailed below. Key Highlights of the Korean Amendment to the Pharmaceutical Affairs
Continue readingNational Database of Training Programs for Overseas Medical Service Workers in Korea
The National Assembly of the Republic of Korea recently passed the bill Amending the Act on Support for Overseas Expansion of Healthcare System and Attraction of International Patients (hereinafter as “Amendment to the Act on Overseas Expansion of Healthcare”), which major goal is to establish and operate a national database of medical training programs for foreign medical service workers. The Amendment shall be in force at the end of 2019. History of the Korean Act on Overseas Expansion of Healthcare
Continue readingKorean Compliance Checklist for your Business in Korea
The following Korean Compliance Checklist is intended to provide, only, a basic overview of the necessaries for keeping the law and shareholders off your back. We, highly, recommend having a compliance audit performed – if you have not completed a compliance audit of your Korean business within the last three years. 1. Do you Have a Registered Company/Business? Operating in Korea is not as simple as just leasing an office. All businesses whether in the form of a corporation
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