Antitrust/Competition Consent Orders in Korea

in 2011, the Korean National Assembly passed, along with the Korea-U.S. FTA and related bills, a law that  allows the Fair Trade Commission of Korea (KFTC) to accept consent orders.  A consent order is similar, in many respects, to a nolo contendere plea. The consent order process has allowed the KFTC to punish without the admission of guilt to the company. This has lead to a decrease, in recent years, of a burden on the KFTC, more efficient enforcement proceedings, and has sped up many M & A deals – while allowing companies doing business in Korea to more adequately gauge the risk of a certain actions by the company. The disposition is similar, in a criminal matter, to a nolo contendere (no contest).  In short, the accused accepts the proposed punishment, however, doesn’t admit guilt. Thus, the company may save a little face and time, while the government is

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