Republic of Korea (South Korea)

• Pages: 1-76

CHAPTER 20

REPUBLIC OF KOREA

(SOUTH KOREA)

South Korea-3

CONTENTS

A. OVERVIEW ............................................................................................................ 7

1. General Policies Underlying Competition Laws ......................................... 7

a. Introduction ......................................................................................... 7

b. Principal Objectives ............................................................................ 7

c. Role of Economic Doctrines and Analysis ......................................... 7

2. Overview of Applicable Statutes ................................................................. 7

3. Overview of Structure, Independence, and Jurisdiction

of Enforcement Agencies ............................................................................ 8

4. Overview of Structure, Independence, and Jurisdiction

of Judicial Authorities ................................................................................. 8

B. SUBSTANTIVE LAW .............................................................................................. 9

1. Horizontal Agreements and Practices ......................................................... 9

a. General Information ............................................................................ 9

b. Cartel Enforcement ............................................................................. 9

(1) Agreements Covered .................................................................. 9

(2) Enforcement Authorities .......................................................... 10

(3) Investigation Procedures .......................................................... 11

(a) Dawn Raids ....................................................................... 12

(b) Compelled Testimony under Oath ..................................... 13

(c) Compelled Production of Documents ................................ 13

(d) Interrogatories ................................................................... 13

(e) Wiretapping ....................................................................... 13

(4) Leniency Program .................................................................... 13

(5) Penalties ................................................................................... 15

c. Treatment of Intragroup Acts ........................................................... 16

d. Other Horizontal Practices ................................................................ 16

(1) Strategic Alliances .................................................................... 16

(2) Information Exchanges and Benchmarking ............................. 16

(3) Production and Specialization Agreements .............................. 17

(4) Standard Setting ....................................................................... 17

(5) Restrictive Covenants ............................................................... 18

(6) Purchasing Agreements ............................................................ 18

(7) Remedies and Sanctions ........................................................... 18

e. Joint Ventures and Competitor Collaborations ................................. 18

f. Other Defenses and Exemptions ....................................................... 19

2. Mergers and Acquisitions .......................................................................... 20

a. Transactions Covered ....................................................................... 20

b. Joint Ventures ................................................................................... 21

c. Notification and Procedure ............................................................... 22

(1) Jurisdiction ............................................................................... 22

(2) Filing Procedures...................................................................... 23

(3) Filing Fees ................................................................................ 25

(4) Initial Information Requirements ............................................. 25

(a) Mandatory ......................................................................... 25